Home Sales Continue to Gather Steam in County
Home sales in Ventura County continued to rise in October, confirming predictions that a broad-based recovery in the real estate market which began early this year is gathering momentum.
The number of homes sold in the county rose 7.6% in October compared to the same month in 1995, and the median price of a home remained unchanged, according to a report released Tuesday by DataQuick Information Services.
“We are in the midst of a very strong but measured recovery in the real estate market,” said John Karevoll, a DataQuick analyst. “Prices are doing OK and the volume is up.”
The upswing in home sales was felt in cities throughout the county, with the exception of Fillmore and Santa Paula. And even in the two Santa Clara Valley cities, a slight decline in home sales was offset by a rise in the price of a typical home.
Overall, 891 homes were sold in the county in October compared to 857 in September and 828 in October of 1995. The number of homes sold so far this year has risen by 13.3% compared to the same 10-month period in 1995.
Analysts and real estate agents agree that low interest rates, competitive prices and a recovering economy have contributed to a healthier real estate market.
“Our interest rates are just superb this month,” said Chris McClintock, president of the Conejo Valley Assn. of Realtors. “We had had a slow rise [in interest rates] in the springtime, and now they are back down.”
Mortgage rates for a 30-year home loan are just over 7.5%, McClintock said. “That, in particular, helps first-time home buyers. Those rates mean a whole lot to them,” she said.
After a recession, consumer confidence usually lags, but continued good news about the economy and the job market has helped revitalize the real estate market, McClintock said.
“The economy is better, the interest rates are down, so people are thinking, ‘We better buy before the economy falls apart,’ ” said Bobbi Courselle, who heads the Realtor association in Ventura, where home sales surged nearly 33%.
A dramatic 44% drop in the median price of a home in a portion of Ventura ranging from the west end to the Ventura Keys should not be a cause for concern, Karevoll said.
“That decline in price does not mean there is a decline in value,” he said. “What it means is that a lot of condos and a lot of entry-level homes were sold in that ZIP Code.”
A similar shift in market mix is the reason for a 30% drop in median home prices in the 93035 ZIP Code in Oxnard, Karevoll added.
Courselle confirmed that there was an increase in sales at the low end of the housing market in Ventura.
And after years of stagnation, the market for residential investment properties such as duplexes is beginning to see some activity, Courselle said. “It is indicative that [the] whole general market is getting better,” she said. “I am encouraged because all the figures this year have been really good.”
After an annual slowdown during the holidays, Courselle said, she expected the market would pick up in the first quarter of 1997.
At least one local economist was more reserved in his outlook.
“I am cautiously optimistic,” said Ali Akbari, an economics professor at Cal Lutheran University. “People believe it is the end of the downsizing and have begun purchasing more homes. But I don’t think this the beginning of a robust cycle that will lead to an increase in the value of real estate.”
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Ventura County House Sales
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October, 1995 October, 1996 Number Average Number City/ZIP Code of sales price of sales CAMARILLO 93010 32 $190,000 61 93012 45 $206,000 43 FILLMORE 93015 19 $141,000 9 MOORPARK 93021 42 $246,000 58 OAK PARK 91301 16 $229,000 14 OAK VIEW 93022 9 $155,000 11 OJAI 93023 22 $215,000 24 OXNARD 93030 51 $170,000 63 93033 47 $130,000 34 93035 38 $236,000 42 PORT HUENEME 93041 27 $126,000 30 SANTA PAULA 93060 16 $125,000 9 SIMI VALLEY 93063 62 $180,000 72 93065 94 $193,000 90 THOUSAND OAKS 91320 49 $222,000 46 91360 40 $201,000 49 91361 17 $284,000 22 91362 61 $263,000 58 VENTURA 93001 22 $297,000 36 93003 43 $159,000 48 93004 31 $192,000 44 COUNTY LINE / CANYON AREA 90265 -- -- 2 COUNTYWIDE 828 $190,000 891
Average City/ZIP Code price CAMARILLO 93010 $189,000 93012 $227,000 FILLMORE 93015 $153,000 MOORPARK 93021 $220,000 OAK PARK 91301 $219,000 OAK VIEW 93022 $185,000 OJAI 93023 $164,000 OXNARD 93030 $176,000 93033 $121,000 93035 $164,000 PORT HUENEME 93041 $112,000 SANTA PAULA 93060 $142,000 SIMI VALLEY 93063 $173,000 93065 $203,000 THOUSAND OAKS 91320 $236,000 91360 $183,000 91361 $311,000 91362 $244,000 VENTURA 93001 $165,000 93003 $166,000 93004 $182,000 COUNTY LINE / CANYON AREA 90265 $199,500 COUNTYWIDE $190,000
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Source: DataQuick/Acxiom
