Monthly American Canyon Market Recap

The American Canyon real estate market is fast and you better not wait too long or you’ll miss out completely.

My listing at Rio del Mar sold at $415,000 which was $45,000 above asking. There were 4 total offers. It’s at the entrance of the Rancho del Mar subdivision and boasted a huge back yard and an additional 500±sf of living space. It has some foundational and drainage issues which dragged the original list price down but which made the offers all that much more remarkable. Last fall a home on the other side of the creek in the 100 block of Los Altos struggled to sell at full price (~$400,000) even though it was turnkey. What a difference 6 months make.

Higher end homes are not selling quite as fast but there is definitely still a market for them. This is good news as the original investor in Canyon Estates continues to look for someone to develop them. I still think that a $1M home in the AC will be difficult without something happening with Broadway and/or Watson Ranch.

Even though there were double the amount of homes on the market year-over-year for March, the inventory still fills tighter than it has been for a while. Homes priced in a traditional first time home buyer price range are still going fast. Overall, there is only a little over a month’s worth of inventory (the amount of time it would take to sell all active homes). This data backs up the “feeling” that we are in a fast market right now.

AC Months of Inventory

What this chart doesn’t show is that of the 19 homes on the market, at least 7 are either businesses or should be looked at as commercial potential – especially those along Broadway/Hwy 29. If you’re interested in one of the many properties for sale along Broadway, make sure that you talk to Brent Cooper over at the City before you start trying to put up a development that the property isn’t suited for…those non-conforming homes are a big issue.

The good news for buyers is that the median selling price for a home in American Canyon has stayed relatively stagnant over the first quarter. AC Median Avg SoldI am continuing to see Rancho del Mar homes drag down the home prices in McKight Acres, Napa Square, Napa Meadows, etc. The Rancho homes that are selling for a premium (mid-to-high $400,000’s) are turnkey and recently remodeled. Sellers in the mid-market that aren’t willing to do the same are taking a hit on it and the homes are lagging…there’s a lesson here if sellers and listing agents are willing to listen.

 

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