In the context of the terrible fires we’ve seen in recent weeks, a real estate report may seem trivial, but we have clients still trying to make buying and selling decisions, and we feel it remains our job to try to deliver straightforward data on the market.

The first chart: Comparing the second week of August (before the fires) and the fourth week (deep in the crisis), the number of listings that went into contract in Napa fell by a handful, but, as illustrated below, in the full month, August hit a multi-year high. Sonoma County fell a little more in late August – a 22% decline – but its activity is already starting to tick back up.

Market indicator: Percentage of listings accepting offers within the month – a clear illustration of a very high demand market.

Year-to-date house sales volumes and median house sales prices in selected communities of Napa and Sonoma Counties:

Median house sales prices around the Bay Area in summer 2020:

Long-term median house sales price trends:

A breakdown of home sales by era of construction:

A snapshot measure of how many listings were typically active on any given day of the specified month: The number of listings on the market remains low by historical standards.

Active listings on the market in late August broken out by price segment: As illustrated, Napa has an outsized inventory of very, very expensive homes and estates. These numbers change constantly with new market activity.

Active luxury home listings in late August, broken out by city: As compared to the size of its overall market, St. Helena has one of the biggest percentages of luxury and ultra-luxury home listings in the Bay Area.

Bay Area luxury home markets: Year-over-year summer sales volumes and percentage changes. Napa County saw a substantial 67% increase in sales over the number in summer 2019.

Market indicator: Price reductions are low, another illustration of high buyer demand.

The lower the Months Supply of Inventory (MSI), the stronger the demand as compared to the supply of listings. Most of the market remains firmly in “seller’s market” territory by this measure: Demand for homes under $1,500,000 is particularly strong. Though higher price homes have significantly higher MSI figures, the readings are actually quite low by historical standards.