Ventura Real Estate Market Update

It is time for an update on the real estate market in Ventura. I am happy to report that the Ventura real estate market is improving. But before I give you that information, let me tell you what is happening on a national and statewide level.

Nationally, homes sale prices are up by 2 1/2%.

• Standard and Poors reports that 14 of the 20 major market areas have seen sale prices increased.
• Case-Shiller reports price increases for the first time in three years.
• Case-Shiller also reported that, nationally, prices are reversing from the downward trend and that the real estate market has fully turned the corner.
• The NATIONAL ASSOCIATION OF REALTORS® (NAR) reports that resale home sales have risen for the past four consecutive months.
• The U.S. Department of Commerce reported that new home sales were also up, increasing by the largest percentage in eight years.

Statewide, the California Association of Realtors® reports that the California real estate market has not seen this much activity since December 2000.

• Home sales have been on a steady increase since late 2008.
• June sales were up by 20.1% over the same period last year.
• New home sales were up by 11%.

Ventura County sales and median sales prices are also on an upswing.

• The California Association of Realtors® (CAR) report shows the number of resale homes sold in Ventura County is up by 14.8% from a year ago.
• CAR also reported that the median sales price increased by 6.8%.

A good indicator of the strength of the real estate market is the average number of days a home is on the market before it sells. Homes in Ventura County with prices under $600,000 are selling on an average in less than 90 days! Homes in the $700,000 - $800,000 range are taking slightly longer. Homes over $800,000 and up to $3,000,000 range are averaging 6 months to over 13 months to sell.

Normally, 90 days on the market would indicate that the Ventura real estate market has moved into to a sellers market. The truth is we are not quite there yet. Foreclosures are still affecting the market. But, sellers are in a much more favorable position than they were just a few months ago. One final caveat regarding days on market. The average days a home is on the market is strongly influenced by location, condition and pricing.

Buyers, time is running out! You need to take advantage of the current market conditions because they will not be there for long.

• If you have been waiting for the bottom of the market, it has come and gone; today's affordable pricing is already changing.
• The historic low interest rate of 4.75% is gone as well. However, interest rates are still low (5.2%), but for how long is anyone's guess.
• The California Home Buyers Tax Credit has already used all of its allocated funds and is no longer available.
• The Federal First-Time Home Buyers Tax Credit program will be ending soon (escrow must be closed by November 30, 2009).
• The inventory of homes is shrinking. So, the choices you had a few months ago have also passed you by.

Contact us today so we can help you get into the Ventura home of your dreams today!

Dave and Pat Zumbrun - The Z Team, Ventura County real estate