July 31, 2014

Q2 2014 Wine Country Market Update – Napa & Sonoma Valley

by Latife Hayson

An exciting second quarter report recently compiled by Sotheby’s International Realty Wine Country’s Broker, Jeffrey Gibson, revealed that as we reach the second half of 2014, market growth in wine country is the most powerful we’ve seen in years.

Per the Bay Area Real Estate Information Service, overall sales of single-family homes in wine country priced above $500k experienced significant increases. While each area did see an increase; St. Helena lead the pack with a 64% increase in sales volume in 2014 in comparison to the second quarter of 2013.

In terms of average sales price for single-family homes in the wine country market, there was also extreme growth. Again, St. Helena experienced a substantial 45% increase, climbing from $1,240,989 in the second quarter of 2013 to $1,795,247 in 2014. Napa enjoyed a 26% increase and Healdsburg a 25% increase this quarter in comparison to 2013.

wine country market updateSonoma Valley Market Summary:

–       Limited inventory equaled high demand for homes priced below $500,000 and above $1,000,000

–       Average sales prices of single-family home climbed 8%, from $790,403 in 2013 to $851,602 in 2014

–       Homes priced $1,000,000 or more experienced a 10% growth while homes less than $500,000 saw a 13% increase

–       Closed sales decreased as average sales prices increased particularly in the $500,000 or below sector – a 29% decline

 

City of Napa Market Summary:

wine country market update–       20% increase in sales volume in comparison to the second quarter of 2013

–       Total of $166,638,620 in volume

–       Average sales price climbed 26% in comparison to quarter two of 2013

–       The average single-family home price for the second quarter of 2014 was $715,187

–       Number of closed sales increased for single-family homes priced at $500,000 or higher

–       55% climb in homes selling for more than $1,000,000 in comparison to 2013

–       Homes priced in between $500,000 and $1,000,000 experienced a 22% increase

St. Helena Q2 2014 Snapshot:

–       45% increase in average sales price from quarter two of 2013

–       13% increase in number of closed sides from 2013 to 2014

–       A whopping 64% increase in closed volume from the second quarter of 2013 – $37,229,668 vs. $61,038,408

Healdsburg Q2 2014 Snapshot:

–       25% climb in average sales price versus 2013 – $735,737 in comparison to $921,094

–       -16% decline in the amount of closed sides when comparing the second quarter of 2014 with the second quarter of 2013

–       Overall 5% increase in total of closed volume in the second quarter of 2014

Take a look at more in-depth details of this market report by clicking here. You’ll see that one of my Healdsburg listings is featured! Continue following my blog for continuous wine country market updates. We’ll make sure to publish a Q3 update as it becomes available.

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