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How Flat Can This Ventura County Real Estate Market Get?
Chris B Johnson, REALTOR®, SFR®, CDPE®, CHS® Buying A Short Sale
Sales Flat in February, Median Price Falls 2.3 PercentCash Sales 25.3 Percent of Total Sales, Highest Since March 2014
Cash Buyers Still Plentiful Despite High Prices
“California’s real estate market went into early hibernation starting in October 2015,” said Madeline Schnapp, Director of Economic Research for PropertyRadar. “On a year-over-year basis, sales have been remarkably flat. That’s good news because the California real estate market continues to shrug off broader national and global financial turmoil.The bad news is that resilience has translated into flat markets for the foreseeable future.”
“Lack of inventory and high prices continues to stifle activity”, said Schnapp. “Our October 2015 headline, ‘Flat is the New Black’, looks more and more likely for the rest of 2016 as economic growth slows and real wages remain stagnant.”
Flip Sales. This past February, flip sales gained 7.6 percent for the month and were up 15.9 percent over the past 12 months. Flip sales accounted for 4.0% of total sales, the highest since March 2014. Despite the monthly increase, flip sales are typically lower in January and February in response to seasonal forces that impact the overall real estate market. Flip activity will likely increase ... more
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