Archive for November, 2009
Getting LEGS????? Maybe!
November 4th, 2009 Categories: Real Estate News
The Ventura County real estate market once again reversed course to the upside in October,2009.
It appears that the real estate market wants to get legs BUT other economic issues stand in the way.
The table below shows that approximately 75% of Ventura County home sales have occurred in the price range below $ 500,000, with 2955 single family homes selling between $ 200,000 to $ 400,000.
Investors and 1st time home-buyers took advantage of prices and tax credits.
There was a niche market of properties selling between $ 1,000,000 to $ 1,500,000. This represented approximately 4% of the sales in Ventura County.
The following table shows price trends in the County. Of significance is apprciation in Ventura County approximated 16% for the 1st 10 months of 2009. The monthly price increase between September and October, 2009 approximated 7%. Not bad for a one month period.
It is too early to say that the trend in real estate is up. Since March, 2009 it has been basically sideways. The October uptick may suggest that despite the local and national economic woes real estate may do its own thing.
The September, 2009 down tick may have been a hic-cup in the overall trend but it does suggest that one be cautious before reading anything into the market. It may have been a warning.
Even with the warning one would expect that with high unemployment; lack of new job creation; new taxes on the horizon both Federal and State; the increase in State tax as a loan for the next several months; lack of consumer confidence…all of these singularly and collectively will temper the real estate uptrend.
BUT as of now it looks like the market wants to get LEGS!
Your comments are welcomed.
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