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.

 

114 Rio del Mar – Just Listed

Welcome to 114 Rio del Mar!

Offered at $370,000 and exclusively listed by Richard Peterson with BHHS Drysdale Properties.

Large 3 bed, 2 bath, 1537±sf bungalow in Ranch del Mar. Wide open kitchen and large family room with exposed beams. This house is great for entertaining. Home situated on 0.18 acres and has a huge backyard with a built-in brick BBQ. Newer roof and sewer lateral. Home has a water filtration system. Close to Hwy 29 and shopping.

American Canyon January Market Update

The American Canyon real estate market got healthier in December as the number of homes sold nearly doubled and the median sales price rose 17.5% month-to-month.

AC Median

The $490,000 median home price reflects increased first time home buyer demand. This past summer and fall there were fewer big houses on the market driving down the overall average list price and median sales prices. Inventory is a huge concern as of late and American Canyon is no exception. MLS only shows 17 homes on the market. A number of these properties are currently used as a business (group homes for individuals diagnosed with a development disability) or are zoned community commercial. That leaves fewer, true single family residential homes on the market.

AC Sold Pending

This lack of inventory is good for homeowners as they continue to build equity. The city isn’t quite back to 2007 prices but it’s close. If there is a continued lack of inventory look for home prices to go well beyond the expected 5-8% increase this year. The spring selling season will tell us a lot about what the rest of the year will look like.

I’ve Got a House Crush…

American Canyon edition!

I actually have a couple of homes that I’m eyeing for the right buyer. The first is 442 Lucina Drive in Napa Square. It’s rough…it’s really rough even at $469,000. The bedrooms are a little small but the living space has a ton of potential. There is a small family room with fireplace immediately off to your left as you walk through the door. This gives way to a formal dining room and wet bar. The kitchen is massive but has enough wasted space that it makes you want to channel your inner Chip & Joanna…take out a wall and add an island. Here’s a quick video of the living area. It’s listed by Debora Graftaas w/ Homes 4 All Realty, Inc. Contact me now to set up a showing.

Next up on my mini tour was 233 Newberry offered at $529,500 and exclusively listed by Verna Mustico with Mustico Realty in Vallejo.

I love this part of American Canyon, perhaps even more than Rancho Del Mar. It’s just a long half-block from Donaldson Way Elementary, the Rec Center and another short jaunt to the middle school. Standard 3 bed, 2 bath, 1600±sf home.

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The carpet needs to be replaced and the kitchen could use some updating (I know…white tile counters should never have happened). Nevertheless, the layout of the home works well and there is a fantastic flow throughout the house. The bedrooms – including a well proportioned master suite – are nestled in the back of the home allowing for some privacy. The slider off of the master bedroom could be replaced by French Doors. The outside of the home is spectacular. It appears that there are several mature fruit trees and there is so much space…the tax record shows .18 acres but the lot feels larger.

I had some friends who lived on Crawford Way with a similar layout. They had their main family area in the living room to the left as you walked in with the TV and couches, etc. They turned the family room off the kitchen into more of a studio (he is an artist) but one could easily turn it into an office or small gathering area if so desired. The best part, though, was definitely the outside. They had enough room for two patio tables, a large grill and a dry bar. This back yard is easily the same size.

If you’re interested in seeing either of these two homes – or any home in American Canyon, Napa or Solano Counties – contact me today: 707.853.0797 | rich@napasolanohomesforsale.com

 

Lic# 01931815

Thinking about selling?

Almost every home needs a little bit of staging to get things ready for market. Whether it’s decluttering or bringing in all new furniture, there is always work to do. Some times it is just a bit of sweat equity.

Outdated-Unwanted

The white ceramic tile countertops in the kitchen is the item that I hear about the most from buyers. Thinking about selling? Contact me today and we can talk about a marketing plan that will sell your home for the highest possible price.

3 Karen Drive – Just Sold

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Front of house

3 Karen Drive closed escrow last week and welcomes brand new homeowners to the gated community.

The home was sold by the original homeowners who had lived there since 2001. The home boasted 3 bedrooms, 2.5 baths and was 1700±sf. It had Corian countertops and a ceramic tiled entry way. A spacious living area gave way to a cozy family setting with fireplace and breakfast bar.

Just Sold – 209 Landana St

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I am excited to welcome a new family to the neighborhood…my neighborhood to be exact. Just half a block down from my home, 209 Landana St in American Canyon sold for $460,000. I was able to negotiate a credit towards closing costs and repairs for my clients prior to close of escrow.

This darling 3 bed, 2 bath home is in the heart of Rancho del Mar. It was completely gutted and rehabbed. Newer roof, all new floors, updated bathrooms and an absolutely exquisite new kitchen. I love that the company that redid this home took out the wall between the kitchen and the living area. It was beautifully done. Add a pool and you have a couple of very, very happy first time home buyers.

2018 American Canyon RE Market Prediction

The American Canyon real estate market looks to remain strong in 2018. With fantastic schools, rising interest rates and likely continued lack of inventory you can expect the home prices to continue to rise. Most prognosticators expect the national market to continue to rise 5-8% and I don’t see any reason why American Canyon should see a similar increase.money-coins-stack-wealth-50545

The median home sales price for 2015 was $452,000 (164 units sold), in 2016 was $474,000 (167 units sold), and so far in 2017 it is $515,500 (142 units sold). The number of sold units is fairly consistent although 2017 will be slightly lower. Still, this is a far cry from the 292 units sold in 2011 at the height (or is that bottom) of the recession. Thankfully the median sales price is significantly higher than the $282,000 in 2011 as well.

As Vallejo City Unified continues to struggle with its image, families in Vallejo continue to move across the county line for perceived better schools. American Canyon has a darling of a high school and programs in the middle school that continually win awards along with superior elementary schools. It doesn’t look like there will be any slow down in the influx of parents looking for a better landing spot for their kids.

Active homes on the market are still hard to come by in American Canyon. There is no significant new construction coming up any time soon and homeowners are staying longer and longer in their homes. There is no reason to believe that there will be an increase in inventory over the next year unless investors start dumping properties.

Thinking of selling or buying your home? Contact me today.

December 2017 Market Update

Dec 2017 Price

OMG! The median sales price and the average sales price in November plummeted in American Canyon…by a lot.  And there are only 20 homes for sale. And the number of homes sold dropped by 1/3 year over year…and…and…and…

It’s easy to get caught up in the hysteria of the market place and feel like the sky is falling out from under us…which it isn’t. The median price dropped 17.5%± because we’re starting to see a lot of the smaller, older homes come onto the market. Of the nine homes that sold last month, six were in Rancho del Mar or Canyon Creek. Last year, only three of 14 homes were in the Rancho subdivision.

I am seeing one major trend right now: Rancho del Mar is pushing the bottom of the market upwards at a fast pace as investors start to flip homes that they’ve had as rentals since the recession. These homes are (or appear to be) turnkey and buyers are flocking to them. However, buyers are more discriminating than in the past couple of years. Sellers have to do more than put lipstick on a pig; remodels have to be well done or the buyers are willing to walk away.

There are 17 homes that should close escrow soon (if they haven’t already) so I expect December to be a YUGE month. It will be interesting to see how things start to shake out as we look towards another year of rising house prices.

Dec 2017 Sold Pended