Napa County Real Estate Market Rebounds Dramatically
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Enormous Jump in Market Activity
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The housing market came roaring back in June, as low mortgage rates and increased economic activity helped push sales of previously owned homes up 20.7%, nationally, from the prior month. Despite the ongoing health and economic crisis, the Napa County real estate market staged a remarkable recovery in June from the steep year-over-year declines in March and April with pending sales increasing 37% over last year. Napa is showing particularly high demand as buyers seek refuge from city life, larger homes and outdoor space.
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Demand for high-end homes, in particular, has been very strong across the Wine Country and the Bay Area as a whole. More affluent buyers - the demographic least affected by COVID-19, unemployment, and also having the greatest financial resources - have been jumping back into the market to a greater degree than other segments.
The first chart below illustrates the rebound in buyer demand, as the number of listings accepting offers in June 2020 soared well above last year's levels.
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In a fascinating shift, the Bay Area markets with the largest year-over-year increases in the number of listings accepting offers in June 2020 were the 4 "outer" Bay Area counties: Monterey (up 61%), Santa Cruz (58%), Sonoma (47%) and Napa (37%). These are huge jumps. These 4 also have among the lowest population densities in the Bay Area. The more urban counties saw much more modest y-o-y increases: San Francisco (6%) and Alameda (7%).
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Bringing the Outdoors In? Think Faux
Faux greenery has come a long way and can be a great option to fill in spaces that need a little "living" color. What better time than summer to bring the outside in and create your own indoor oasis.
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Considering Selling? Consider This...
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There were 21% fewer homes for sale this June compared to 2019 according to the Bay Area Real Estate MLS
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With fewer homes for buyers to choose from there is a greater likelihood of bidding wars/multiple offers
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The number of listings in Napa accepting offers in June 2020 was up 37% over last year
- Mortgage rates reached an all-time low in July: 2.98%
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DID YOU KNOW?
Homes sold in an average of 59 days in the 2nd Qtr of 2020 - six days more quickly than last year - with many homes receiving offers within days.
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Three New Stores Opening at First St this Summer
Cest La Paire Footwear: sells high end shows, boots and handbags from Sam Edelmen, Vine Camuto, The Flexx USA & more. Relocating from Yountville.
Tay & Grace: contemporary clothing boutique. Relocating from Yountville.
Honey Whiskey Boutique: fashion forward styles with an eye toward modern, youthful looks.
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St. Helena Drive-In
The Cameo Cinema has created a drive-in movie theater with support from the City of St. Helena, the Chamber of Commerce and the Cameo Cinema Foundation. The drive-in features a state-of-the-art, 30-foot outdoor screen with 4K digital projection. Only 45 tickets (cars) will be sold per show. All shows in July are sold out, so if you want to attend, buy your tickets for August now.
Tickets are $30 per car or $35 per car with a jumbo popcorn, and you must buy tickets in advance through Cameo Cinema. The drive-in theater is in the rear south parking lot of Gott’s Roadside, 933 Main St. behind closed Yao Wines and next to the car wash off Charter Oak Avenue. Enter from Charter Oak. The lot opens at 8 p.m. Movies start at 8:45 p.m.
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Support Our Area Restaurants
at Feast It Forward
Feast It Forward has started an outdoor dining series, “S.O.A.R,” standing for “support our area restaurants”.
Taking place every Thurs-Sun until Nov. 1, this pop-up experience supports chefs and restaurateurs who have been affected by closures & reduced service.
The parking lot has been covered in AstroTurf to create a temporary outdoor open-air dining garden. This area will safely fit 10 picnic tables (more than 6 feet apart) for guests to enjoy lunch and dinner service based on the vendors’ requested hours and menu. Feast it Forward is open from 12-8 p.m. Thurs-Sat & Sunday 12-5 p.m. Monday and Tuesday it is open by appointment only.
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Pianist and singer Rose Winters plays Saturday, Aug. 1 on the patio at the Andaz hotel from 5 to 9 p.m.
Winters has embraced her adopted hometown of Napa. With her sassy blues, heartfelt R&B, current hits and classic rock, she pours out her heart and soul with energy and fun (and a repertoire of a thousand songs). She’s sure to play your favorites.
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Mortgage rates reached an all-time low in July: 2.98% and rates are projected to remain low throughout 2021. If you are thinking of buying now is a great time.
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6 Ways to Tell If a Home Has Good Bones
Structural, electrical, plumbing, and mechanical systems are all important but so are things like location, floor plan and natural light. A good reminder of things to take into consideration when touring homes.
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2 Bed | 1 Bath | 841 sq ft + Bonus Unit
$799,000
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3 Bed | 3.5 Bath | 4174 sq ft
$2,595,000
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Robert Craig Affinity Vineyard Estate
4 Bed | 3.5 Bath | 8 planted acres
$3,990,000
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3 Bed | 1.5 Bath | 1636 sq ft
$869,000
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© Compass 2020 ¦ All Rights Reserved by Compass ¦ Made in NYC
Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. Equal Housing Opportunity.
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