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September 2020 Market Update

The American Canyon Real Estate Market is Bananas!!

That’s a technical term that I’ve picked up in my 10-plus years in real estate…As of Wednesday morning, there were only 13 active homes for sale with the median list price at $655,000 and the median days on market at 14 days. At the end of August, the amount of time it would take to sell through the entire active inventory in American Canyon is less than a month. That is absolutely crazy! Do you think that there may be some pent-up buyer demand?? A 33% drop in active inventory from last year and historically low interest rates make this a super competitive market.

There was a glut of homes placed on the market in May as soon as the industry started to open up again.

The median sales price is up 13.6% from this time last year and for the three month average from the beginning of June through August is up 8% from a similar period last year.

Long-term trends show median home sales price continuing to rise.

The main push upwards is in McKnight Acres, Victoria Faire, and Napa Meadows. Homes that were selling in the $580,000’s or $590,000’s in summer 2019 are now solidly in the $620,000 – $650,000 range. It remains to be seen whether this upward pressure will hold or if we’ve hit our affordability limit. 

The forces pushing McKnight Acres, et al, upwards haven’t hit Rancho del Mar…yet. With a few exceptions (116 W Carolyn Dr & 31 Alta Loma) there are few homes selling above $500,000. Homes in Rancho are older (this was the first major sub-division in town and was built out in the 1950’s) and typically have not been updated. They’re also smaller and many of the homes sold in the last 6 months only have 1 bathroom. Still, homes are – on average – selling for more than they did a year ago.

Do you have specific questions about your neighborhood? Send me an email or call me today: (707) 853-0797. Although I specialize in American Canyon, I serve almost all of the North Bay. Contact me for a detailed comparative analysis of your home.

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