Homes Sales Up From 1995, Level for 1996
Ventura County home sales rose sharply in July, but the nearly 41% rise compared with the same month last year is mostly attributed to unusually poor sales in July 1995, according to a report released Monday by TRW-REDI Property Data.
By contrast, last month’s home sales are slightly lower than the previous month--864 homes sold in June--in what analysts say is a continuing sign of a lackluster real estate market.
“Today’s numbers look pretty good when compared with 1995, which was not a good year,” said Nima Nattagh, a TRW-REDI analyst. “But we are still trailing behind 1994.”
In July, 855 homes were sold in Ventura County, up from 608 in the same month in 1995. But 864 homes were sold in June of this year.
Meanwhile, the average price of homes edged up slightly from $224,513 in July 1995 to $232,798 in July 1996, a 3.7% increase. Average home prices have been stable for the past year, Nattagh said.
Home sales for the first seven months of the year remain slightly lower than during the same period in 1994, but the numbers should even out by year’s end, Nattagh said. “I don’t think we should call this a recovery,” he added.
Ali Akbari, an economics professor at Cal Lutheran University, said last month’s figures are an indication the real estate market is likely to continue lagging behind the overall economic recovery.
“At this point, although interest rates are appealing, there is no sudden increase in the numbers of people committed to signing escrow papers,” Akbari said. The lackluster performance of the housing market is likely to continue through the end of the year, he said.
Consumer confidence, which was badly shaken during the recession, remains low and will only be restored by long-term positive news about the economy, Akbari said. Until confidence is regained, home sales will remain low, he said.
“It will take a long time of low inflation and low mortgage rates and good economic news,” Akbari said.
But Akbari said he is hopeful that a recovery in the real estate market is not far in the future.
“I am optimistic that by the first quarter of next year we may see better housing-related news,” he said.
Real estate agents echoed his views.
“I don’t think the market has recovered as much as we are led to believe,” said Debbie Rodgers Teasley, a district manager with Coldwell Banker Town and Country in Moorpark, which operates in Simi Valley and Moorpark. “Our numbers have improved over last year by about 27%. We are doing moderately well, but we would like to do even better.” The number of foreclosures countywide is still high, which indicates people are still struggling to pay their mortgages, she said.
Those who are buying are looking for good value, Teasley said.
“If a home is priced right, and it is in good condition, it can still get a lot of offers.”
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Ventura County House Sales
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July 1995 July 1996 Number Average Number Average City/ZIP code of sales price of sales price CAMARILLO 93010 47 $228,277 76 $240,118 93012 19 $275,632 23 $300,114 93066 2 $471,250 5 $380,700 FILLMORE 93015 6 $147,917 14 $144,464 MOORPARK 93021 40 $248,026 63 $242,395 OAK PARK 91301 29 $259,284 22 $278,841 OAK VIEW 93022 5 $172,500 6 $179,000 OJAI 93023 18 $236,083 21 $299,881 OXNARD 93030 37 $171,723 61 $196,133 93033 27 $157,813 21 $142,571 93035 18 $203,111 29 $286,411 PORT HUENEME 93041 13 $132,462 21 $139,881 SANTA PAULA 93060 14 $156,143 28 $157,131 SIMI VALLEY 91307 1 $450,000 1 $595,000 93063 53 $185,701 86 $203,545 93065 68 $203,587 62 $217,215 THOUSAND OAKS 91320 26 $272,210 46 $242,848 91360 53 $212,279 48 $242,391 91361 17 $308,412 21 $366,476 91362 30 $379,966 60 $369,970 VENTURA 93001 23 $293,286 37 $202,556 93003 36 $192,236 51 $176,804 93004 26 $200,458 29 $200,071 COUNTYWIDE *608 $224,513 855 $232,798
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* The ZIP codes for several houses bought in Ventura County were unavailable.
Source: TRW-REDI Property Data
