Median Home Prices Rise 4% in February

The ongoing resurgence in Ventura County home prices--seen recently in homes priced higher than $300,000--has trickled down to mid-priced and entry-level homes, according to a report released Thursday.

The county’s median home price has risen to $200,000, up 4% from the median value in February 1997.

Last month, 726 homes were sold in Ventura County--a 12% increase over the same month last year, according to a report compiled by the real estate research firm Acxiom/DataQuick in La Jolla.

The figures cover new and resale single-family homes, as well as condominiums.

The biggest news in February’s numbers is the rise in prices among lower-cost homes, said John Karevoll, an Acxiom/DataQuick analyst.

For example, in Santa Paula, the average price of a home jumped more than 24% to $153,000, compared to February last year. By contrast, there was only a 6% rise in the median price in Santa Paula between November 1996 and November 1997.

The trend of rising prices showed up in the city of Ventura, too. In the 93001 ZIP Code, the median price rose 48% in the past year. In the 93003 area, prices rose 10%. Both areas had declines between 1996 and 1997.

“We’ve been expecting the recovery to migrate to the ‘meat and potato’ market, and now the most affordable ZIP Codes are seeing price increases comparable to the high-end areas,” Karevoll said.

Increasing at a rate of 6% to 7%, entry-level home prices are rising at twice the pace that Realtors had expected, said Theresa Berenger, a board member of the Simi Valley-Moorpark Assn. of Realtors.

“The recovery is definitely trickling down,” she said. “And for the entry-level home, the prices are moving up very quickly.”

This is creating a seller’s market, which is not good for the first-time buyer, Berenger said. Homes that sold for $130,000 last year are now selling for as much as $170,000, she said.

“These prices are going to force that first-time buyer into a condo or townhouse instead of a single-family home,” she said. “Luckily, the interest rate is staying down if they are set on financing a house.”

Despite the high price tags, homes are still selling--and fast, Berenger said.

“I’m seeing them go in one day, which has been very rare in recent years,” she said.

Karevoll said the continued trend of increased home prices is a result of a steadily growing economy, combined with low unemployment and interest rates. But the road to recovery is not over, he said.

The numbers still do not match the levels prior to the recession of the early 1990s.

“We’re not back yet,” Karevoll said. “The Bay Area is, but Southern California has a way to go.”

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Ventura County House Sales

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February 1997 February 1998 Number Average Number Average City/ZIP Code of sales price of sales price CAMARILLO 93010 56 $240,000 33 $206,000 93012 27 $205,000 46 $212,000 FILLMORE 93015 6 $139,000 N/A N/A MOORPARK 93021 36 $218,000 53 $210,000 OAK PARK 91301 17 $202,000 23 $243,000 OAK VIEW 93022 7 $263,000 4 $181,500 OJAI 93023 17 $173,000 20 $245,000 OXNARD 93030 50 $178,000 44 $220,000 93033 29 $121,000 43 $145,000 93035 20 $213,000 28 $180,000 PORT HUENEME 93041 22 $121,000 23 $138,000 SANTA PAULA 93060 11 $123,000 12 $153,000 SIMI VALLEY 93063 50 $168,000 56 $206,000 93065 67 $167,000 97 $218,000 THOUSAND OAKS 91320 35 $220,000 46 $228,000 91360 55 $223,000 49 $238,000 91361 13 $295,000 19 $301,000 91362 52 $254,000 37 $255,000 VENTURA 93001 20 $166,000 20 $246,000 93003 33 $154,000 38 $170,000 93004 24 $185,000 35 $193,000 COUNTYWIDE 647 $192,000 726 $200,000

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Source: Acxiom / DataQuick Information Systems