What is going on in the housing market during Covid 19?

The housing market has seen some incredible fluctuations since February but Napa real estate and homes for sale in St. Helena, CA have ridden the wave fairly well. Despite lots of bad news regarding the larger economy (in September we had almost an 8% unemployment rate in addition to uncertainty over more federal stimulus funds), our local real estate market and the Bay Area, in general, have been on a rebound. Due to the high number of highly educated/skilled workers in the Bay Area who can afford a home, the market bounced back fairly quickly after the beginning of the pandemic was over. Initially, buyers were very skeptical about buying a home between March to May, and many homeowners that were looking to sell pulled their home off the market entirely given that the situation was unpredictable. This caused not just inventory of Napa real estate to build, but high levels of inventory across many parts of the nation. Homes for sale in St. Helena, CA were no exception either. With that in mind, there was a huge sales increase in July and August with new Condo listings in particular outpacing buyer demand. Surprisingly, the increase in Condo inventory does not seem to have driven prices down significantly.

The total inventory of homes for sale decreased in August, but the number of homes under contract rose. This lead to a very competitive market for buyers as many people were still looking to purchase a home. July and August saw incredible sales growth, making values for Napa real estate and homes for sale in St. Helena, CA come back fairly quickly.

With this in mind, it is very probable that home prices will remain stable with the typical wintertime slowdown coming regardless of the pandemic. Homes for sale in St. Helena, CA have the benefit of being in one of the most desirable places to live in the entire state. In the midst of poor economic news, it is solace that Napa real estate and the housing market, on the whole, has been an anchor in this economic storm we are weathering.

If you are looking to buy a home for the first time or expand to a larger space be sure to contact your local realtors at St Helena Real Estate and let them find the perfect place for you.

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