Both the number of sales and the median sales price dipped dramatically in October. According to stats gathered from BAREIS, the number of American Canyon sales dropped to seven (7) for the month, down 10 units from the previous month.
The drop in sales is similar to years past, however, with such a robust housing inventory (for American Canyon) it is a bit of a surprise. Pending home sales also dropped (9.1%) from September and were down 33.3% year-over-year.
However, in a sign that the American Canyon Real Estate Market remains healthy, the number of new homes on the market jumped by 50% from last month and 38.5% year-over-year. The American Canyon Market was recently named the 31st hottest market in the country and really, does not seem to be cooling off.
While the median home sales price dropped significantly month-to-month, it was still up 2.6% year-over-year. This puts it right in line with leading economists who expect rising prices to increase approximately 3% across the nation in 2016. I think that may be underestimating the overall strength of the American Canyon housing market as sellers are continuing to push the limits on their pricing, and appear to be successfully hitting their mark.
Home of the Week
Without a doubt, the home of the week is Suzi Hersom’s (Coldwell Banker, Brokers of the Valley) listing at 434 Northrup Ln. Listed at $594,950, this home is one of a kind. The home has great light, no real rear neighbors, updated kitchen and even has a wet bar. This home is perfect for entertaining or just laying around with the family. It is located in the Napa Valley Unified School District and is set at the end of a quiet cul-de-sac. Contact me to schedule a showing, it won’t last long.