Home Sales for Ventura County Best in a Decade

A home-buying frenzy fueled by low interest rates and a strong economy pushed sales in Ventura County this year to levels not seen since the housing boom a decade ago, analysts reported.

“It’s the best year since 1988, that’s for sure,” said John Karevoll , financial editor for Acxiom/DataQuick, a statistical research service. “And next year looks just as good. We have activity in all categories and all communities. There is nothing ominous that we can see.”

Through the first 11 months of this year sales for detached single-family homes and condos were up 25.6% from 1997 and prices had surged 8.8%.

Among Southland counties, Ventura was second only to San Diego in leading the regional real estate rebound. Orange County was third.

Sales are projected to reach 14,550 homes and condos for all of 1998, up 66% from seven years ago when the real estate market hit bottom, Karevoll said.

Not since 14,523 dwellings sold in 1989 has the market been so hot. The price of a typical Ventura County house has now rebounded from a low of $189,000 in 1995 to $223,000 this year.

“Home values still have not reached the 1989 peak,” Karevoll said. That was $228,000. “But it’s virtually a certainty we’re going to regain all that lost value in this coming year because interest rates are so low.”

“The average price here is up 12% to 15%,” said Jim Keith, president of the Conejo Valley Assn. of Realtors. “Next year is going to be very strong, too. We’re not going to see the appreciation we did this year, but there is still a great deal of demand out there.”

Local real estate agents are optimistic since the fuel that fires the housing market is the mortgage interest rate, which is expected to stay low.