Archive for October, 2009
Abracadabra!
October 4th, 2009 Categories: Weekly Real Estate Activity In Ventura County
Today when this term is used it is hoped that something will be created out of nothing. This ancient Aramaic roots (Avrah KaDabra) means “I create as I speak”.
Well over the last week the real estate market in Ventura County did an “Abracadabra” and the down trend that had been in place for two months reversed itself and start upward with some conviction I might add.
As can be noted in the table below the market had been laboring over the last two months showing significant downside build up.
However over the last week this appears to have turned. True it is only a week but by saying the magic words “abracadabra” things changed and hopefully what is being created is a sustainable upward trend in the real estate market (at least that is what happens in magic shows).
The following weekly table shows the continuation of lower listings, but sales jumped higher as did prices. The variance between list price and average sales price increased significantly as well. The County overall is showing itself to be a seller’s market but there are spots (Santa Rosa Valley; Ventura and Oxnard beaches; and Ojai/Oak View) are buyer markets.
Overall sales comparison to 2008 continue to slide with the area showing a 12% sales growth year to year for the period ending October 3, 2009.
Let’s keep our fingers crossed that the hic-cup experienced in August and September, 2009 was just that and from here on out the market is upward.
The numbers will tell us in the coming weeks. Stay tune.
The government in its recent reports suggest that there are a great number of people now being assisted in the mortgage area. In my travels I haven’t yet come across a person that has been assisted by the government in the varies programs that they presented since March, 2009.
That being said mortgages are still difficult to get and most of the larger banks are no friend to those seeking mortgage loans. This will eventually change once the write-offs have been taken and the foreclosures have run their course. This should take about another 6 months and then maybe sanity will appear in the mortgage world.
Your comments are welcomed.
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