Newsletter
Quick Take:
February brought some mixed results for North Bay homeowners. Napa County single-family homes saw the largest decline, selling for a median of $840,500 (-20.9% YoY). Marin County homes dipped 5.7% to $1,602,500, while Solano County fell slightly (-5.4%) and Sonoma County remained basically flat (+0.1%).
The condo market showed more volatility. Napa condos dropped 54.9%, Marin fell 33.5%, Solano declined 13.4%, and Sonoma dipped 5.4%. Keep in mind—condo sales are smaller in volume, so medians can swing more dramatically month to month.
The supply squeeze continues across the North Bay. Single-family home inventory now sits at 1,634 units, down nearly 48% from last year. Condos are even tighter at 247 units (-38.7% YoY). New listings are lagging as well, down 46% for single-family homes and 47% for condos. Despite these challenges, sales activity is holding steady—single-family sales are flat year-over-year, and condo sales are actually up 8%. This combination of limited supply and steady demand keeps the market competitive for buyers.
Even with price adjustments, homes are selling more quickly than last month in most counties. Marin County single-family homes saw the biggest improvement, selling in just 22 days (-64% MoM). Sonoma homes sold in 44 days (-32%), and Solano in 42 days (-21%). Napa was slower at 80 days (+27% MoM).
Year-over-year, results are mixed: Sonoma, Marin, and Solano homes are taking slightly longer to sell, while Napa homes are actually faster. Condo sales were volatile: Marin condos are taking longer (+231%), while Solano condos moved faster (-17%).
Looking at Months of Supply Inventory (MSI), the North Bay is largely a seller’s market:
Single-family homes:
Condos:
Low MSI numbers mean sellers are in control, and competition is strong, especially for single-family homes.
The North Bay market is tight, competitive, and favors sellers, particularly for single-family homes in Marin, Sonoma, and Solano. Prices are down in some areas, but supply is still limited, and homes are moving quickly. Condos have a bit more balance, but overall, sellers hold the advantage heading into spring, and buyers need to be ready to move fast if they want to land a home in this market.
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