Autumn markets around the Bay Area have seen significant shifts, but with wide variance in the magnitude of these changes between counties. So far, Napa County has seen much less dramatic changes than other local markets such as Santa Clara and Sonoma Counties.
Homes that sell have generally continued to sell relatively quickly, and median sales prices are higher on a year-over-year basis. Supply and demand statistics have been more stable in Napa than in many other markets, though the number of price reductions has recently climbed. T
he fact that other regions are seeing considerable shifts to cooler markets – at least over the past few months – may signify further adjustments to come in Napa as well. On the other hand, other Bay Area counties often saw much more frenzied markets in recent years.
Time will tell: Short-term fluctuations are not uncommon and need to be substantiated over the longer term. Many standard statistics are lagging indicators and take time to reflect changes on the ground. They will bear watching in coming months.