Sales of Homes in East County Rise in August
Home sales continued to rise in parts of eastern Ventura County during August in what analysts said is a sign of a healthy real estate market.
But with a sharp drop in the sales of new and existing homes, the city of Ventura bucked the trend, and the total numbers of homes sold countywide last month fell short of that reached in the peak month of August 1995, according to figures released Wednesday by DataQuick Information Services.
Overall, the number of homes sold in the county dropped from 1,020 in August 1995 to 964 last month, a 5.5% decline.
But the drop is not very significant in view of the fact that August 1995 was an unusually strong month, said John Karevoll, a DataQuick analyst. By comparison, August sales are up 6% from July and 4% from June.
Coupled with a 4.2% rise in the median home price, the sales figures are a further sign that the county’s real estate market continues to recover, Karevoll said.
So far this year, the number of homes sold is up 14.7% from the same eight-month period last year.
In Ventura, real estate agents were surprised by the figures but said rising interest rates could have contributed to the sharp drop in sales.
“We are definitely experiencing a calming compared with the activity we had during the first two quarters of the year,” said Nancy Amorteguy, vice president and branch manager for Prudential-Jon Douglas Co. “I frankly don’t know why.”
Interest rates have been creeping up, Amorteguy said, and every time they do, potential buyers drop out of the market. The year-to-date sales at her office are up 42%, she added.
Bobbi Courselle, president of the Ventura Assn. of Realtors, also said she was surprised.
“My business is up, and everyone I talk to says business is up,” she said.
In Moorpark and Simi Valley, where the increase in sales was most dramatic, buyers are flocking to homes on both the low and high end of the market, according to Vicki Gemette, president of the Simi Valley and Moorpark Assn. of Realtors.
“We have seen a definite upsurge in our higher-priced homes,” Gemette said. “There is real excitement out there.”
New high-end tracts in Wood Ranch and on the city’s east end are attracting buyers from out of town, she added.
Debbie Rodgers Teasely, a district manager with Coldwell Banker Town & Country in Moorpark, whose office sells homes in Simi Valley and Moorpark, said good deals are still available in the two cities.
“It’s possible to get a good buy on a home with exceptional square footage,” she said. “And there is quite a bit of inventory.”
But Gemette said the large number of brand-new tracts is making it harder to sell older homes.
The county’s recovering economy is likely to further strengthen the real estate market during the last four months of the year, Karevoll said.
“This is probably going to be the strongest year since 1990,” he said. “We are going to edge up 1994 by 2% or so.” This year’s gains come after a particularly weak market in 1995.
With no sharp changes in home prices or interest rates, the housing market is stable and healthy, Karevoll said.
“The comfort level for consumers and mortgage providers is as high as it has been for many years,” he said. “People are not scrambling to get in or out of the market. Things seem to be in balance.”
(BEGIN TEXT OF INFOBOX / INFOGRAPHIC)
Ventura County House Sales *--*
August, 1995 August, 1996 Number Median Number Median City/ZIP code of sales price of sales price CAMARILLO 93010 58 $190,000 59 $206,000 93012 60 $188,000 44 $216,000 FILLMORE 93015 10 $145,000 12 $139,000 MOORPARK 93021 50 $211,000 71 $212,000 OAK PARK 91301 41 $243,000 34 $268,000 OAK VIEW 93022 9 $142,000 4 $155,000 OJAI 93023 19 $219,000 24 $194,000 OXNARD 93030 48 $171,000 58 $184,000 93033 46 $132,000 39 $125,000 93035 44 $195,000 39 $176,000 PORT HUENEME 93041 33 $121,000 31 $118,000 SANTA PAULA 93060 24 $138,000 12 $145,000 SIMI VALLEY 93063 75 $173,000 79 $181,000 93065 82 $185,000 111 $191,000 THOUSAND OAKS 91320 64 $231,000 59 $224,000 91360 76 $191,000 75 $210,000 91361 23 $313,000 31 $300,000 91362 86 $293,000 81 $268,000 VENTURA 93001 31 $190,000 17 $160,000 93003 52 $177,000 44 $165,000 93004 89 $214,000 40 $194,000 COUNTYWIDE 1,020 $190,000 964 $198,000
*--*
Source: DataQuick/Acxiom
