Happy New Year, Everybody!
The returns are still coming in for last year in Napa County (in general) and American Canyon (in particular) but it was another strong year price-wise, although the number of units dropped dramatically in American Canyon year-over-year. In 2013, 198 units were sold in the City, compared to 136 homes sold in 2014 which is an approximately 30% drop in home sales. However, the median sales price in American Canyon rose 11.2% to ~$409,000 in 2014.
It was an odd sales year for American Canyon. First, as this chart above shows, beginning in January and continuing through April (and most of May as well) there was a severe shortage of homes on the market in the City. This lack of inventory caused housing prices to surge heading into summer (particularly in regular sales).
As housing prices started to increase, a wave of homes crept back into the market. The number of homes for sale jumped from four in April to 12 in June and July and continued to increase from there. One statistic that had a lot of realtors concerned about the city was the amount of sales versus the number of homes on the market throughout late summer heading into November. The number of homes sold dropped each month from July (11) to October (7). There was a rebound in November although the median sales price held relatively constant from September through November.
Overall, the American Canyon market appears to be on solid footing. There is a healthy cross-section of inventory currently on the market. Homes are still coming onto the market and are still being sold even in December (traditionally a very slow time for Real Estate). Most economists believe that housing prices will continue to increase by 5-7% this year which should be good news for homeowners.
I, for one, am looking forward to seeing what the housing market brings to my city over the coming year. It should be very interesting indeed!
Your Napa Valley Home 