County Housing Sales Jump 27% in April
Paced by growing demand at all price levels, Ventura County housing sales jumped a whopping 27% in April, according to figures released Thursday.
But last month’s sales leap, which comes after several months of strong sales and a 20% increase in March, is only the beginning, analysts say.
“These numbers are the continuation of an increasing trend that will continue into August and possibly last until the end of the year,” said John Karevoll, an analyst with the real estate research firm Acxiom/DataQuick, which produced the report. “There’s nothing we can see that will stop this.”
County housing sales figures for April are the strongest so far this decade, according to the report. Median prices also continued their steady growth, rising to $207,000, a 2% improvement over last year’s figures.
This spring’s sales boom is sweeping up houses in all price ranges.
“It’s a very broad-based market,” Karevoll said. “Right now it’s quite balanced.”
The report, which breaks down the sales of new homes, previously owned homes and condominiums by ZIP Code, showed strong sales in cities across the county.
In central Thousand Oaks, sales grew 50.8% and median prices increased nearly 4.9% to $234,000 contrasted with the same period last year. In east Ventura, sales leaped more than 55% and median prices grew by nearly 14.6% to $204,000.
Simi Valley is one of the hottest of the hot markets, according to the report. Housing sales in the western portion of the city grew from 78 last year to 132 this year, a 69% jump. Median prices increased by 8% to $203,000.
“Everyone in sales is really happy right now,” said Chris Lev, president of the Simi Valley/Moorpark Assn. of Realtors. “The houses are all moving.”
Moorpark, where sales fell from 75 houses in April 1997 to 45 houses last month, was one of the few cities to post a sales decline, but Lev attributed the slide to dwindling supply.
“Houses are selling fast,” Lev said. “Inventory is low, and there are a lot of buyers out there. We’re getting multiple bids.”
Lev said the sales and price increases are in line with what Realtors are seeing across the surging Southern California real estate market.
The last time real estate sales had such high numbers was 1988 and 1989, but the booming--some say irrational--market during those years ended with a dramatic downturn that sent sales and prices through the floor for much of this decade.
A repeat performance of that boom and bust cycle is unlikely, said analyst Karevoll, because conditions today are different.
“It was an unsustainable frenzy back then,” he said. “We’re nowhere near a frenzy. People are still buying within their means.
“There’s still a bit of caution out there,” Karevoll added. “I think the recession really traumatized people.”
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Ventura County House Sales
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April 1997 April 1998 Number Average Number Average City/ZIP Code of sales price of sales price CAMARILLO 93010 82 $229,000 92 $222,000 93012 58 $218,000 64 $238,000 FILLMORE 93015 6 $151,000 6 $180,000 MOORPARK 93021 75 $207,000 45 $211,000 OAK PARK 91301 28 $236,000 35 $284,000 OAK VIEW 93022 NA NA 14 $180,000 OJAI 93023 24 $272,000 27 $220,000 OXNARD 93030 66 $170,000 91 $155,000 93033 41 $122,000 40 $121,000 93035 42 $175,000 49 $183,000 PORT HUENEME 93041 26 $106,000 24 $112,000 SANTA PAULA 93060 16 $138,000 23 $149,000 SIMI VALLEY 93063 81 $178,000 125 $187,000 93065 78 $188,000 132 $203,000 THOUSAND OAKS 91320 77 $205,000 77 $239,000 91360 61 $223,000 92 $234,000 91361 17 $333,000 32 $341,000 91362 88 $289,000 90 $314,000 VENTURA 93001 30 $147,000 44 $168,000 93003 48 $186,000 77 $164,000 93004 38 $178,000 59 $204,000 COUNTYWIDE 974 $203,000 1,238 $207,000
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Source: Acxiom / DataQuick Information Systems
