It’s been a minute since I’ve taken a look at the weekly numbers, and I wanted to start up again. To be honest, perhaps the most startling thing is that they really haven’t changed all that much. The number of homes on the market are strikingly consistent. I took kind of a big picture look last Tuesday, but wanted to get back to a more granular level this week, especially at American Canyon.
There is a small undercurrent of pocket listings going into contract so far this year, and it’s somewhat surprising. While there’s always a number of intergenerational homes that sell within the families, this year is a little bit different. There have already been 4 pocket listings having sold. While that number might not seem like a lot, there were only 5 homes sold off MLS in the previous three years combined. As inventory remains tight, it appears as though buyers’ agents are getting more and more savvy…employing a bit of hustle, if you will.
American Canyon is still an extremely fast market. So fast, in fact, another home came off the market since I ran the numbers 1.5 hours ago. I’m still trying to wrap my mind around 251 Cantada Way selling for $1.1M cash. It’s big, yes, but otherwise unremarkable. And by that, I mean that it looked pretty much the same as every other big home over in Vintage Ranch. And so having 234 Sorrento Lane come to the market at $1.149M might not be so amazing.
The median sales price in American Canyon YTD is $715,000 or 17% above last year’s torrid pace. For March, the median sales price was above $800,000 and the current median list price is $815,500. Does this mean that American Canyon is becoming a luxury market? I know that Canyon Estates certainly hopes so. They’ve only sold 6 lots out of 35…and I’m entirely sure that those are closed properties. But, I’m getting away from myself.
With 427 Northrup Lane on the market at $949,000 it certainly looks like American Canyon is headed in that direction. I think that I wrote a few weeks/months ago that the announcement that Watson Ranch homes coming on the market would spur homeowners on the west side to list. So far the numbers don’t show that happening. Sales and listings are both on par with last year. I’m looking forward to seeing how this pans out. It will be an interesting summer and fall, for sure.