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.

Ready, Able…& Unwilling?

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…

Just Listed – Open Sunday 1-4pm

Exclusively Offered at $340,000

306 Los Altos Drive, American Canyon

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!

A Look Behind…and Ahead

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:

• Home sales rose almost 20% year-over-year as a total of 164 were sold in the city, a 27 unit jump up from 2014;
• The median home price for a single family home rose 6.9% to $435,000;
• The median days on market (the length of time it took a home to sell) was virtually unchanged at 45 days on market.

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.

Home of the Week

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.

American Canyon Home Sales Dip in October

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.

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.

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.

Don’t Break the Bank on Home Remodels!

This week’s infograph from CAR looks at the Top 10 projects with the highest rate of return at point of sale.  Do you know what doesn’t make the top 10? Completely renovating your kitchen. Another item that doesn’t appear? Tearing out all of your carpets and spending thousands of dollars on hardwood floors. 

What is there? Try switching out your front door with a mid-range replacement…101% return on investment.  For your front door!!  What else does CAR come up with? Minor kitchen remodel at a mid-range level (79% ROI)…Don’t get me wrong, I love gourmet kitchens with Bosch ranges, but the return on investment just isn’t there.  If that’s what you want for your own home than great! Do it.  However, if you’re getting ready to sell I would encourage you to hold off (unless you plan on taking the industrial dishwasher with you).

This is especially true for those in the American Canyon market where many of the homes look the same on the outside. Minor tweaks like landscaping the front yard or simple renovations (e.g. having a different front door), a clean home, and a good negotiator are ultimately what will get you the highest possible price for your home.  And who doesn’t want the highest possible price?

American Canyon/Napa County Q1 2015 Update

American Canyon Real Estate continued to surge forward in Q1. Home sales increased by 20% from 2014 Q1. The number of homes on the market also increased substantially at a 157% increase. The median home sales price increased to $383,000 (or up 2.9% from 2014 Q1). Overall, the market is strong and healthy.

The bulk of the home sales have been west of 29, with a number of homes coming and going quickly and with multiple offers. The difference between sales price and list price is holding steady at almost 100%.

The American Canyon market has taken a collective breath for the first 2 weeks of April. The number of homes for sale has dropped to between 12-15 at any given moment in time. It’s looking more and more likely that the Fed won’t raise the rates this June; even if they do, it’s unclear as to whether or not it will have any significant impact on interest rates (still below 4%!!).

One item to note, very few homes in Waterton, the Preserve or Vintage Ranch (comparatively speaking) have gone on the market this year; it is these homes that generally drag the entire market upward. It will be interesting to see how many owners decide to cash out with rising prices. Already, the market is seeing $700,000 and $800,000 homes for sale again. The question is whether or not they will sell.

American Canyon Home Sales Increase in March

American Canyon home sales increased in March by 55% year-over-year.  Sales also increased by 27% from February. Median home sales price rose 14% year-over-year to $383,000.  Most striking is the number of homes on the market in American Canyon (currently 16) and how quickly many of the new homes are going.  Most homes in the city are going at or over asking price with multiple offers within 2 weeks.  This type of fast-paced activity has not been seen in the last couple of years.

The current median list price for a home is $572,000. Even excluding the three $1M+ properties, the median list price is $500,000.  Homes in the Rancho del Mar subdivision are currently going on the market in the mid-$300,000’s; on Cookie Hill the list price is rapidly increasing (multiple offers are the driving factor) and will soon be at or near $400,000.  Vintage Ranch is seeing a wide range of home prices, ranging from high $400,000’s to low $800,000’s depending on the size and location. The Preserve is still a bit of a wild card, but there is currently one home in contract at a list price of $579,000 and a home over on Lark Ct recently sold for $560,000.  Expect to see prices continue to push close to $600,000 in the Preserve, with last year’s Reedgrass Ct and Wetlands Edge homes as good comps.

It appears that American Canyon is benefiting from a lack of inventory in Napa.  It’s also historically been more affordable than it’s neighbors to the North and a more desirable commute location.  With a looming Town Center, and miles of open space, hiking trails and parks, the City is slowly transforming itself into one of the more desirable areas to live in the North Bay.