Happy Friday! I hope that this email finds you safe and well and in good spirits. It was a busy 2020 in real estate and experts predict that the market is not slowing down in 2021. In Napa, multiple offers are the new norm. I closed a home in December which had 5 offers and we were in contract within 5 days of it being listed. Be ready to act fast in today's market.
2020 was quite a year: pandemic, unemployment, financial hardships, new ways of working, people moving to less densely populated areas, dreadful fires, an anxious presidential election, interest rates reaching historic lows, stock markets reaching new highs, and finally, with vaccines beginning to arrive, some hope for a return to normality. In spite of all of this, after an initial crash in activity, the real estate market went into hyper-drive (with a few interruptions due to fire), with median home sales prices hitting new peaks.
The real estate market has been fast and furious with supply not able to keep up with demand. Predictions for 2021 are for more of the same: low interest rates and high demand with prices expected to appreciate at a slightly slower rate than we saw in 2020. Read the experts top 10 predictions for real estate here and if you are considering a move in 2021 don't hesitate to reach out.
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For quite some time now the Napa market has been characterized by a low supply of inventory and high buyer demand. In December, the months supply of inventory indicator was at a 1.1 month supply, 50% lower than last year at this time. That is great news for sellers and reflected above in the 54% reduction in average days on market and 18% increase in median sales price. The good news for buyers is that interest rates continue to hit record lows and are projected to remain low through 2021. According to Freddie Mac & the National Association of Realtors rates for a 30-year mortgage are forecasted to hover around 3.075% in 2021 (compared to 3.125% this year) making homes more affordable.
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Calistoga Avenue Historic District
3 Bed | 3 Bath | $999,000
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4 Bed | 2 Bath | $679,000
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4 Bed | 2.5 Bath | $1,095,000
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3 Bed | 2 Bath | $799,000
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Fieldwork Brewing to replace Cru at Oxbow Public Market
Fieldwork Brewing Company will move its taproom to the larger space now housing Vineyard 29’s Cru Tasting Lounge at the Oxbow Public Market Annex this spring.
The new site is north of The Fatted Calf and Model Bakery and next to the Napa Commons.
In addition to a larger interior space, the new location will allow Fieldwork to create an expanded outdoor “beer garden” to accommodate additional customers, music and other programming.
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Napa Restaurant Week
This year to
Visit Napa Valley will promote all restaurant takeout/delivery offerings in each of Napa Valley’s towns to encourage the local community to get takeout from restaurants throughout the valley. Napa To-Go highlights Napa Jan 18-24, Yountville Jan 25-31, St. Helena Feb 1-7 and Calistoga Feb 8-14.
A group of local restaurants produced a video Save Napa Valley Restaurants, about Napa Valley Restaurant Week(s).
See #NapaValleyRestaurantWeek #napatogo or www.visitnapavalley.com.
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Oasis by Hoopes
Animal lovers will rejoice in Yountville, where wines are accompanied by an animal sanctuary and regenerative farm. The outdoor space, which opened in October 2020, is dotted with airstreams, lounge areas made with recycled materials, a farm stand (with produce for purchase), as well as rescued chickens, pigs, and goats. Check out Napa's newest Oasis!
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Prop 19
Now that Prop 19 passed so what does that mean for you? Click here to take a look at the CALIFORNIA ASSOCIATION OF REALTORS® Quick Guide about Prop 19
for a breakdown of the changes on tax breakdown portability, the impact on intergenerational transfers to children or grandchildren, when the law goes into effect, and more!
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2021 Design Trends
Over the course of 2020 our living rooms have transformed from refuge into multifunctional spaces that now emphasize work, education, entertainment, and hospitality. So as we wrap up what has certainly been one of the most challenging years in modern history, we asked designers what they are forecasting as the top design trends for 2021. A neutral palette, relaxed seating, state-of-the-art entertainment equipment, and substantial dining tables are just a few of the trends that have emerged from all these days spent at home...read on for more.
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Refinancing? There's still time.
"If you haven’t gotten around to refinancing just yet, it looks like you still have some time. Most experts expect mortgage rates to stay low for quite a while — through 2021 and beyond, actually."
Read More
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© Compass 2021 ¦ 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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