What’s Happening In Napa Real Estate Today! February sales were down slightly from January, in contrast to last year when February's sales were significantly better than January's. But that’s not bad news. The lower sales can be attributed to fewer low-end foreclosures. Last year we were awash in low-end foreclosures and this year there are only a few, so naturally there are fewer sales in that price range. Normal sales in February were up (that’s good news!), short sales were down, and REO sales remained the same--and like I said, sales in total were down. Sales by price category changed little from January's sales. However, when compared to a year ago, sales in the lower price ranges dropped significantly, again reflecting a reduced inventory of homes for sale in the lower price ranges. I think it's important to note that in January there were only nine sales over $500,000 in Napa. That was true in February also. Homes sales above $500,000 continue to be weak which probably means that home values in that price range are going to continue to decline. If you want a personal assesment of the market and how it affects your property or property you want to buy, just give me a call at 707-226-1400 or email me at naparealty@aol.com.
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Are Home Values Rising? Yes and No. In the lower price ranges, let’s say under $300,000, values have actually recovered quite a bit thanks to multiple offers on most properties and shrinking inventory. In the $300,000 to $500,000 range, values are stable and there is good activity. For homes over $500,000, and especially over $800,000, there is little activity, and it appears that values may still be coming down. The reason is that there are fewer buyers. Those with money are sitting tight and those who need to borrow either find the rates too high or they have a difficult time qualifying for the loan. If you would like a personal assement of the market, just email me or call me. If you want to buy a home, or need to sell your home, call me. Let’s look at your specific situation. Together, we’ll make it happen—and unlike dealing with the large companies, you’ll always get my personal attention. Dave Johnson 707-226-1400
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