American Canyon 3Q Recap

The American Canyon housing market remains strong. Despite a drop in the median sales price for the second straight month, for the 3rd Quarter overall, home prices rose 1.4% over all. The number of homes sold did drop 11.7% quarter over quarter; this continues a worrisome trend throughout the Bay Area that shows an ongoing lack of inventory.

Even though interest rates have gone up in the last couple of weeks, they are still extremely low at 3.45% for a 30-year fixed rate mortgage. There are 21 homes on the market in American Canyon, at an average list price of $528,797 with average days on market at 70.

American Canyon Weekly Update – 8/18

A quick look at the American Canyon Real Estate Market shows that it is continuing to ride on Solano County’s strong coat tails. Homes are going into contract almost as quickly as they are coming onto the market. 24 homes are currently for sale for an average list price of $626,079 which is actually down $50,000 from the week before. Mortgage rates are hovering right around 4% and appear to be settling.

In other community news, the City Council held two meetings last week: Friday & Sunday.  On Friday, the City Council heard an update on the City Housing Plan. I will post more information about the hearing once it becomes available.

Additionally, the City Council met at Roberto’s cafe Sunday afternoon at the request of Holy Family Catholic Church.  The entire council met in order to disseminate additional information about the proposed water rate hike. This was not an official Council Meeting.

American Canyon July Numbers are Hot!!

I just finished running the numbers for July for American Canyon and the numbers are out of this world! 

The median home sales prices is up 25% year-over-year!! and up 22% from last month. The units sold is up almost 20% year-over-year and the days on market is down year-over-year. All of this shows signs of a continued recovery by the American Canyon home market as it marches towards pre-recession prices.

Right now, the American Canyon market is being buoyed by an increasingly unaffordable Napa market and an amazingly strong Vallejo-Fairfield market, the second hottest market in the country in June.

At the end of July, the Fed announced that they were not prepared to immediately raise the short term interest rates which has helped to keep interest rates low on a 30-year fixed mortgage. Current rates from bankrate.com show a 3.85% rate, down .19% from last week. A 15 year is at 3.02% (down .13%) and a 5/1 ARM is at 3.05% (down .08%).

There are currently 22 homes for sale in American Canyon, including a couple of diamonds in the rough.  In particular, 118 Carmel Drive which is being offered at $328,000 and listed by Silvia Gomez with RE/MAX Gold Elite. Tax records show as a 3/2, but the has 4 beds. Located in the Rancho del Mar subdivision, it is right in the middle of Community Park I & Gadwall Park.  Rancho del Mar is an up-and-coming neighborhood.  With older homes, the prices are still a little depressed compared to the rest of the City, but there are many young families moving into the area and fixing them up.  Great starter homes they look like they’ll keep their value as housing prices continue to rise.

American Canyon 2015 2Q Market Update

The American Canyon Real Estate Market continued its solid, 2015 pace during the second quarter. Overall, the median home price rose 19.2% year-over-year and rose 13% quarter-over-quarter.  Buoyed by the torrid Vallejo-Fairfield market which is now (according to N.A.R.) the second hottest market in the country, American Canyon home prices continue to rise while length of time on the market continues its dramatic decline. From a high of 97 days on market as recently as February, the days on market in the area is down to 40.  According to Bankrate.com, the average 30-year fixed rate is hovering around 4.14%. With rates expected to increase to 5% by the end of the year, once seemingly fickle buyers are starting to pounce. For its size, American Canyon still has modest inventory but the levels are remaining stable at around 20 homes for sale at any given time.  Look for a continued strong market in the City through the rest of the year.

American Canyon RE Market Remains Strong

The American Canyon Real Estate Market continues to remain strong, despite low inventory in the City. It enjoyed it’s second straight solid quarter.

The median home sales price held steady month-to-month at approximately $460,000. The median home sales price rose 5.7% year-over-year. The American Canyon market is getting a significant boost from the Fairfield/Vallejo markets which are currently the second hottest market in the country.

At the beginning of the third quarter, there are 18 listings on the market for an average list price of close to $701,000.  In addition, homes are selling at close to list price, many times with multiple offers. Days on market has plummeted since February, dropping from 97 to 44.

The one question that remains is whether or not the City can maintain this rapid increase in prices.  My sense is that as the Town Center project continues to move towards completion and there are additional infill developments sprinkled along Hwy 29, prices will begin to even out, but they will hold which will be good for all.

Why Move to American Canyon?

I love this City.  There is a sense of community here that I think is hard to find in less intimate locales.  Sure, we don’t have a town center (yet), but who needs a Main Street any way (technically there is one!)?! Yes, a few more shopping choices would be nice, but I used to say the same thing about Davis which had a thriving downtown..hell, I used to say the same thing when I lived on Capitol Hill in Washington, DC (it was a drag having to go all the way across the city to Georgetown to do any shopping…I complained about having to go to Georgetown!!).  My point is that it’s easy to talk about what a community lacks.  But what American Canyon has – as far as I can tell – is something special. Don’t know about the community? Well, here you go:

American Canyon is located in southern Napa County, nestled in between rolling hills to the east and the Napa River to the west.  It was incorporated in 1992 and is the second largest city in the County. It brands itself as the Gateway to the Napa Valley, and it has one of the largest wine warehouses in the world. The City currently stands on a precipice as it decides how to grow over the next 20 years. 

American Canyon has one of the most diverse communities in the Bay Area. Almost 50% of households in American Canyon are families with children under the age of 18. Community is important to its residents.  As American Canyon continues to transition and grow, making sure that the City retains its small town feel is very important to those who live here.  Last week I found myself sitting in between two former mayors at the Canyon Cafe and there was a third sitting in the booth behind me. It is difficult to go to the store and not run into someone that you know…and we all kind of like that! There are a number of thriving community organizations within the city: Kiwanis, Lions, AYSO, Little League, American Canyon Youth Football, the American Canyon Community & Parks Foundation, the Senior Club, and others.

There are three elementary schools in American Canyon: Napa Junction, Canyon Oaks and Donaldson Way.  All schools in American Canyon are part of the New Tech Network and focus heavily on project based learning (or PBL). Napa Junction recently became a magnet school that is geared towards STEM subjects.  The middle school boasts an award winning drama department and robotics team; in additional, American Canyon Middle School recently was awarded the State Superintendent’s Gold Ribbon School Award.  American Canyon High School is the pride and joy of the City.  Architecturally stunning and significant, it was named one of the 30 best high schools in 2013, and it has strong music, leadership and sports programs.

It is a growing city, and the possible development of a Town Center promises to bring an exceptional amenity currently missing. It is a city that thrives on community (if not civic) engagement. Neighbors still (largely) know each other and greet each other in the morning.  It is a community built on open space and opportunity; an opportunity to raise families in a safe and inviting environment; an opportunity to connect with other individuals who have similar passions through the Mom’s Club, the American Canyon Community & Parks Foundation, the new Bocce Ball League, free swim at the Park & Recreation Center, or any other number of community organizations. It is still a small town community and regardless of how it grows, will remain one.

Housing Sales to rise 5.8% in 2015

According to Fannie Mae, housing prices are expected to rise 5.8% this year.  The increase will come mostly from resale of existing housing stock rather than new starts. According to Fannie Mae’s Economic & Strategic Research Group, sound economic fundamentals will grow the economy 3.1%.  This uptick will help to drag the national housing market upwards.  On a more local level, we are seeing homes in the $250,000 – $350,000 leave almost as quickly as they come onto the market.

There are currently 22 homes on the market in American Canyon at an average list price of $537.406.

As of February 5, 9 homes sold in American Canyon.  This is down by 2 homes year-over-year but, and this significant, inventory is up almost 300% year-over-year.  There were only 8 homes on the market this time last year.  At this point, the American Canyon real estate market looks very healthy starting out the year.

Home prices throughout Napa County rose for the year, almost back to pre-recession levels. However, the market seriously leveled off beginning last summer – prior to the earthquake.  The big question is whether the County (in general) and American Canyon (in particular) can continue the same pace of home valuation through the upcoming year.  In a panel discussion presented by Pacific Union in October 2014, leading economists felt that Napa County home prices would continue the upward trend (5-7%) through 2015 and then level off for the next two years through 2017.

American Canyon January 10th Real Estate Update

There are currently 21 homes for sale in American Canyon with a median list price of $497,000.  There haven’t been any recorded sales listed in MLS since the beginning of the year, but it is clear that the South County market is starting to hop.  Last year there were fewer than 10 homes on the market at this time.  That’s a 100% increase in inventory year-over-year. With interest rates as low as 3.5%, it’s just a great time to buy.

There are 4 open houses in American Canyon this weekend:

• 23 Karly Ct ($399,950) listed by Marcia Hadeler with Coldwell Banker Brokers of the Valley. 3 bed, 2 bath approx. 1840 sf. It’s in Vintage Ranch close to the high school, Canyon Oaks and shopping.  It’s open from 12-2pm Saturday and 1-3pm on Sunday.
• 42 Castelina Circle ($495,000) listed by Tricia Soliz with Alain Pinel. 4 bed, 3 bath approx. 2370 sf. Via Bellagio. It’s open from 1-4pm Saturday and Sunday.
• 223 Carolyn Dr ($285,000) listed by Jonathan Hirai with Astound Realty. 3 bed, 1 bath approx 1070 sf.  Rancho del Mar subdivision. It’s open 1-2:30pm on Sunday.
• 1085 Donaldson way ($389,000) listed by Jeanine Eckland-Gomes with Heritage Sothebys. 4 bed, 2 bath approx 1460 sf. Located on Cookie Hill. It’s open from 2-4:30pm on Sunday.

Seven new homes on the market this week:

• 223 Carolyn Dr @ $285,000
• 326 Rio del Mar @ $291,040 (REO)
• 1085 Donaldson Way @ $389,000
• 23 Karly Ct @ $399,950
• 42 Castellina Cir @ $495,000
• 140 Theresa Ave @ $499,000
• 10 Stonecreek Dr @ $499,000

Return of the Napa Tour!

It has been back to business as usual this week as agents come out from hibernation otherwise known as the Holidays. It was a robust tour for the first week of January (17 homes!) which is really nice to see.  There was also a diversity in the homes on tour today which is important to see.  Town homes, million dollar estates, and single family residences were all on display today.  There were two homes that really stood out for me today.

First was 9 Huntington Ct, listed by Jill Levy with Heritage Sothebys for $1,395,000.  It’s hard to talk about a million dollar home being undervalued, but it is.  It sits on over 1/2 acre backing up to Browns Valley Road.

With a dramatic entrance (I will be honest, I’m a sucker for columns!) outside and inside, this custom built home is a true masterpiece.  More columns! a vaulted ceiling and French doors with a view to the backyard invite you as you come into the home. It has an inviting, open lay out with room for entertaining, but not so overwhelming that one can’t snuggle up with a good book and feel cozy. It has a gourmet kitchen that looks out into the main living area with ample room for everyone to gather around despite your best intentions.

Kitchen

Backyard

The backyard has its own built in kitchen with multiple water features to help deaden the noise from Browns Valley Road behind (which isn’t all that bad to begin with). There is definitely some unique coloring and wall paper throughout the home, but these shouldn’t be a deterrent at all. It is a great home with a great feel.  If you like entertaining, this is a great buy.

Second was the town home on Cayetano in Oak Creek Village, offered at $515,000 through Mary Trumble with the Wine Country Group Better Homes & Gardens.  I was so taken with this home that I did a quick post on Facebook earlier. This is a 2 bed, 2 bath home, ~1750sf. It has a cute front yard that wraps around to the back.  The back deck that leads to a gate to the community pool. There are, essentially, two master suites – one down stairs and one upstairs. Walk through the bathroom of the master suite to a loft overlooking the entire living area; perfect for an office. It has an updated kitchen and a dining nook.  It feels very private which is a great plus.

Contact me today to take a look at these two properties or to get a list of available properties in the Napa Area: (707) 853-0797

And We’re Off!

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!