Ventura County Real Estate Market Update
We have steam rolled the month of January and are already heading full steam ahead into February. Therefore, it is time for a market update! First of all, welcome to February. Still at the beginning of the year, let’s talk a little about how the year ended in real estate.
As of the end of 2016, Ventura County held an average of 58 days on the market for single family homes with a median sales price of $630,250. Most importantly, we ended the year with home sales up, giving us a great start into 2017. So let’s see how we are doing now. What we know about the current trends in real estate is that mortgage rates are still desirable, yet plan to increase some. If we see a stable growth in our economy, we may see interest rates increase even more. This may drive people to lock in the rates where they currently are and increase demand. It can also make it home ownership harder to achieve for some. What we know about home ownership is that it remains the American dream and most people want to achieve home ownership at some point during their life. That being said, we are really looking at the millennials (ages from 20’s to 30’s) to start buying homes soon. With young people graduating or getting into new job fields with a pay increase, the demand for houses will go up. This is true when people have an increase in personal income and employment.
How will our County hold up?
This is a great question. A lot of news reports are about the state or the nation. As of November, Ventura County produced within the top 2 for number of sales. Second only to San Fernando Valley. November was a great month for home sales. Leading into 2017, we can expect to see increased interest rates, which can make it harder for buyers to achieve affordable home ownership. We expect to see a small increase in homes on the market at the beginning of the year, however, demand may be higher than supply. That goes for new construction homes, as well. The median home sales price is projected to increase by over 4%, home sales are expected to increase, and of course, the interest rates are expected to rise, for the state of California.
This Ventura Restaurant Week- Live Local, Eat Local information has been brought to you by: Dave and Pat Zumbrun, Your Ventura County real estate specialists.
Also posted at www.thezteam4re.com
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79-East-Highland-Drive
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