In case you missed it, there is a lack of inventory right now. One of the reasons why may be that the more affluent aren’t so interested in moving right now.
According to the latest infographic from CAR, many affluent individuals are holding off on buying until they find exactly what it is they want…
Come home to the Napa Valley! Delightful 3 bed, 1 bath, 1550± sf home in the heart of Rancho del Mar in American Canyon. Large, rustic addition with exposed beams creates a generous, inviting and open living space. Great for entertaining! Large backyard with mature fruit trees: plum, fig and pears. Blocks away from parks, schools, freeways and shopping. Experience all that American Canyon has to offer!
Last week Pacific Union released it’s 4 Quarter update for Napa County. Lack of inventory is still driving housing prices up.
Here’s the complete Q4 Market Pulse from Pacific Union:
The California Association of Realtors (C.A.R.) just put out another 
One Cool Thing last night, and to me,
this time, the numbers are staggering.
According to the infographic, the cost of a complete renovation to your home…after purchase! is a little over $263,000. That is almost the median sales price on a single family home for the US in November!
With that type of expense, thankfully 93% of homeowners hired outside, professional, help. I’m assuming that the other 7% had their contractor’s license!
Most home buyers know that it’s difficult to find “the perfect house.” However, with a little extra time talking to your agent before you buy, you can prevent the latest high cost of housing. It’s important to tell your agent everything that you want in a home. In short: Build Your Dream House. The more that you ask for, the more that we can go out and get the home that you want.
Happy New Year! The state of the American Canyon Real Estate Market is strong!
That’s the short version of the look back to the 2015 AC market. A bit longer look shows this:
The number of months of inventory dropped 60% from November to December and there is now less than one total month of inventory on the market. This brings us to our look ahead…
Currently there are 17 homes on the market with 3 new listings. Most projections for Napa County have home prices rising in the 7-10% range. I see no reason why this won’t hold true in south county as well.
One of the leading drivers of the continued, steady home price increase is the paucity of homes on the market. Many leading economists with Zillow, NAR and elsewhere, expect this trend to continue. However, as can be seen in the 2015 American Canyon home sale numbers, that is starting to loosen as well.
Economists expect a continued loosening of the credit market allowing for more buyers. However, it’s worth remembering that in an LA Times article last year, the so-called Millennials are the most frugal generation since the depression. Expect them to wade gently into the home buying market for a little while longer.
320 Kent Way – Listed by Elizabeth Olcott of Keller Williams, this 4 bed, 2 bath is on the market at $435,000. It’s situated on the corner of Kent and Northampton; great location that is walking distance to schools and parks. The kitchen and family room make for great open space. The family room opens up into a sun room and a pool in the back. A great venue for entertaining.
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.
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.
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 av
erage 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.
Just sold, 452 Corcoran Drive, Unit 1, Vallejo (represented buyer).
Vallejo is the 4th hottest market in the country right now and has been in the top 20 for the past four months. The median sales price is up 20% year-over-year for July and has risen for 3 straight months! Great investment opportunities abound, don’t miss out on this market!
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.
Your Napa Valley Home 