Ventura County Real Estate Doing’s for Week Ending July 26, 2008

July 27th, 2008 Categories: Weekly Real Estate Activity In Ventura County

Well what do you know. Finally some recognition that the real estate market is turning around.

And from the print media no less.

Just passed by the House and Senate and awaiting the Presidents signature is the homeowners housing rescue plan.

As previously mentioned this bill is too little, too late. Yes it may help a few people but it certainly will help Freddie Mac and Salle Mae and give local political entities monies to buy “distressed”, “abandoned”, or whatever you want to call it, properties.

What the bill focuses on is the governments extension of social management. Of real concern are monies allocated to local governments to purchase and rehabilitate foreclosed homes.

In the small print, if citizens are not vigil, local governments can exercise eminent domain under the guise of “rehabilitation”, “abandoned” or “distressed”. It will not be called that but watch and you will see local governments exercise eminent domain citing “beautification” and “earth green” and any other limerick that suits their purpose.

This bill reminds me of a cartoon I saw recently. The cartoon showed a sign reading: “Stupidity Night. Pay full price and get in free.”

Ventura County Focus:

The Summer doldrums were evident this pastweek in Ventura County. Listing decreased slightly; sales decreased slightly as did days on the market for sold homes (72 days versus the prior weeks 81 days). The variance between average list price and average sales price of homes sold settle in at -3.8%, a decrease from the previous weeks -5.2%.

Comparison: July 26, 2007 through July 26, 2008

This next chart is rather revealing. This chart is a comparison of sales in the year 2007 versus 2008 for the same period (ending July 26 of both years).

Mentioned on many occasions on this web site was the fact that Ventura County has done very well on the downside of the real estate market.

Comparing July 26, 2007 with July 26, 2008, sales have decreased over the year from 3,995 (in 2007) to 3,464 (in 2008).

Of critical note is that the average sales prices of homes sold decreased approximately 16%.

Homes average sales price in 2007 was $ 810,022 and in 2008; the average home sales price in 2008 is approximately $ 740,754.

Areas with the highest decrease in home sales prices are Ventura (-21.8%); Oxnard (-31.1%); Fillmore (-30.6%); and Santa Paula (-24.3%).

Also mentioned periodically was that anything owned along the beaches is better than gold.

The Ventura beach area home valuesincreased but sales decreased when compared from 2007 to 2008. Ventura beach prices increased 43%over the last year for properties in the Ventura Beaches area. Prices in the year 2007 averaged $1,279,144; prices in 2008 averaged $ 1,828,969.

Oxnard beach properties price variance between 2007 and 2008 settle in at -10.2% less on a year to year comparison.

The Santa Rosa Valley area values from year to year comparisons was -9.7%.