Monday Morning Coffee Break: Ventura County Real Estate Doing’s For Week Ending April 26, 2008
April 27th, 2008 Categories: Weekly Real Estate Activity In Ventura County
Ventura County real estate continues to strengthen. Over the last week listing decreased; sales increased; the number of days sold homes were on the market, decreased.
Single family home sales have increased from an average of 329 homes per week in January to 549 homes sold last week alone. Since January, 2008 through 26 April, 6864 homes have sold in Ventura County. This was the total number of homes sold for all of the year 2007.
In four months we have equal or exceeded last years total homes sold in Ventura County. Why isn’t this information being reported in our local or regional papers? Maybe Ventura County is on a separate planet.
Inventory has decreased to 8 months backlog (comparing the total actual listings to total of homes sold). In January, 2008 the backlog was 14.1 months. This approximates a 45% decline in single family homes inventory over the last 2 months.
The variance of list price to sales price is approximately 5%. The largest variances for this past week were in the Santa Rosa Valley and Fillmore.
The proposed 1/4 point cut in the discount rate this week will have no impact on fixed rates in general. Fixed rates continue to hover around 6% despite the Federal Reserves aggressive actions.
Banks are not passing the rate reductions to the consumers. Banks are listening to a different drummer.
Credit card and auto loan defaults appear to be other areas that the banks are attempting to shore up at the expense of home refinancing and new home loans.
New home buyers (as mentioned last week) will be almost none existent in the market place over the next 6 months to a year. Lenders are looking for higher credit scores (FICO score of 700 or more), higher down payments, and strong debt to income ratios (about 36%-38%).
Living cost for food and fuel are added factors which will keep 1st time home buyers out of the market.
Based on recent statistical data expect significant upward pay adustments throughout the County. Individuals pay has not kept up with housing, fuel and food costs. This will be adjusted over the next year.
County fees (they are not called a tax) may increase to offset budget short falls.
Many States are now increasing real estate property taxes significantly to cover budget short falls.
Call me to discuss your real estate needs.
Do let me know what you thought of this weekly post.
