Napa Valley Market Trends

2002- Real Estate Market Report
Napa County, California

Reflecting continuing adjustment from the record "hot" market of 2000 when the average market time for homes was just 53 days, properties in 2002 sold in an average of 92 days.  This was substantially the same as last year's 96 "days-on-market" figure.

What is interesting is that although there were fewer new listings in 2002-- just 2632 as opposed to 2746 the previous year,  completed sales were up sharply from 1615  to 1823.

The average sales price of all types of property--single family, condos, farms and ranches, mobile homes, lots, agricultural land and multi-family--was up approximately 10.5% over the previous year:  average sales price in 2002 was $472,772 as opposed to $423,272 in 2001. 

Even in the residential sales market, this increase held to about the same:  average sales price of a home in Napa County increased from $434,538 in 2001 to $474,678 in 2002.   But the median sales price showed a greater increase--from $319.000 to $369,000, reflecting a shift in the market towards the higher-end homes.

Homes in the Napa area sold well, even beating the total number sold in the hot market of 2002:  1193 closings in 2002, versus 1151 closings in 2000.  Yountville also posted nice gains, going from 29 home sold in 2001 to 41 in 2002.

However, other major population areas showed a decline in the total number of home sold from the previous year:

St. Helena:  95 in 2002, 101 in 2001
Calistoga:  65 in 2002, 71 in 2001
Oakville: 1 in 2002 (a $4,950,000 sale!) vs. 3 in 2001

American Canyon, Circle Oaks, Pope Valley and Angwin retained approximately the same volume of activity.

To review the individual city statistics in a three-year comparison, click here.
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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