This is the November 2016 Ventura Condo Market Update
Ventura Condo sales this November, 2016 was way up from the number of Ventura Condos sold last November.
Nineteen Ventura Condos sold in November 2016 compared to nine last year. However, we see that the median price actually dropped by 2.61% in November 2016 compared to last year. This means more lower priced Ventura Condos sold this year vs last year.
Please note in this November 2016 Ventura Condo Market Market Update, I use the terms condos and townhomes interchangeably. Here locally, the most common term used is condo.
Inventory of Ventura Condos is just 38. This number represents the Ventura Condos for sale without accepted offers on them at the time of this writing.
Ventura Condo owners thinking of selling, now is a great time to list your Ventura Condo, limited inventory and rising interest rates are compelling reasons to list now.
If we look at this inventory number of 38 Ventura Condos (at the time of the original post) and we see that we sell on average 22 Ventura Condos in a month and if no other Ventura Condo comes on the market our inventory would drop to almost zero.
This puts our Months of Supply of Ventura Condos in a seller’s market because we have just under a two month of supply of condos. The days on market for an average Ventura Condo is 57 days.
Generally speaking a low supply and high demand drive up prices of items and Ventura Condo prices are no different, but we are not seeing the rates of price appreciation sky rocket. With interest rates still historically low, it is still a good time to purchase a Ventura Condo.
It is also important to point out that the lower price range of Ventura Condos is very competitive.
If one is looking to purchase in this particular price range, one needs to be fully pre-approved and ready to go as condos in this attractive price range often get multiple offers or a good offer within days that is accepted by the seller.
However being pre-approved with all your financial ducks in a row is sound advice for those looking to purchase a condo in any price range.
You can read the full November 2016 Real Estate Market Update for
Ventura Condos in my personal blog at this link Ventura Condo Price Report November 2016.