Monday Morning Coffee Break: Ventura County Real Estate Doing’s For Week Ending May 24, 2008
May 25th, 2008 Categories: Weekly Real Estate Activity In Ventura County
Ventura County real estate continues to show signs of having turned to the upside.
Over the last week there has been a decline in listings (inventory); sales continue to increase (although it slowed the last two weeks when compared to prior weeks); the number of days on the market for sold properties continues to average three (3) months; and the variance between list price and average sales price for sold homes continues to hover around -5.0 %.
Homes priced from $ 300,000 to the low $ 400,000’s appear to be selling the fastest. Conejo, Simi and Moorpark appear to be the highest sales area. Fillmore continues to show prices sliding downward.
The overall National real estate market as noted in referenced article, Quarterly Changes To United States Real Estate Landscape indicates some softening in a number of areas but California, Arizona and Florida continue to be areas of aggressive sell offs.
Close to home Santa Barbara County continues to have difficulties.
However the National real estate market shows appreciation growth of 2 % to 4% for most parts of the country. In fact the media is starting to print some positive articles about real estate in general. Compared to a few months ago this is a turn around. So it appears that with the exception of California, Arizona and Florida real estate is OK.
Fuel and food prices will exact a toll on real estate sales but overall it should be relatively small.
Mortgage rates continue around 6%. Banks continue to implement strict guidelines for borrowers who are refinancing or buying. 60% of banks have tighten standards on prime mortgage paper. Non-traditional and sub-prime standards have increased to 80%.
Sellers should refer to the following articles to guide them in the preparation of their properties before listing. These are:
- Brown And What Other Colors May Mean In The Home
- Fix The Little Things To Sell Your Home And Add Value
- Buyers Love Neatness
- Having Difficulty Selling Your Home? Try…….
For any of your real estate needs do give me a call. Have a safe Memorial Day.
Article comments are welcomed.
