Housing Sales in County Rise 11.4%

Home sales in Ventura County last month promised a strong finish to an already strong 1999, as buyers continued snapping up houses in numbers and at prices not seen in the month of November for a decade.

Last month, 1,217 homes were sold in the county--up 11.4% from November 1998, according to a report by Acxiom/DataQuick, a statistical research service.

The county’s median home price rose to $241,000 from $231,000 the previous year. The median is the price at which half the homes sold for less and half sold for more.

“I’m expecting a pretty strong December,” said John Karevoll, an analyst at the research service. “It’s a very good market. The numbers right now could keep on going for a long time.”

The figures include new and resale homes as well as condominiums.

The higher prices came despite fixed mortgage rates remaining at about 7.5% last month, about 1% higher than November 1998, but well below the decade high of about 10% in 1990.

Increased sales were spread about evenly around the county, with remarkably high spikes in the eastern half of Thousand Oaks and in Santa Paula.

In the 91362 ZIP Code of Thousand Oaks, which includes the upscale North Ranch neighborhood, the number of homes sold skyrocketed from 49 in November 1998 to 96 last month, and median prices rose nearly 10%, to $341,000.

In Santa Paula, the number of houses sold more than doubled from 19 to 39. That large jump might be explained by lower prices, which dropped by 10.5%, to $137,000. More people are choosing Santa Paula as an affordable place to buy a home in a county where prices have been accelerating, experts said.

“For a lot of people who want a three- or four-bedroom house, Santa Paula or Oxnard are the places to go,” said Pat Patterson, president of the Ventura County Coastal Realtors Assn.

Camarillo was another area of strong growth last month. In the city’s east side, sales rose 34.1%, to 59 homes, and prices jumped 23.5%, to $263,000. In the west, sales grew a comparatively steady 9.7%, but median prices climbed 29%, to $271,000.

Newbury Park and midtown Ventura appear to be particularly tight markets, with fewer houses selling. In Newbury Park, the number of homes sold dropped 28.3%, to 86, and prices rose slightly to $307,000. That might be attributed to the Dos Vientos neighborhood, where more upscale homes are lifting average prices.

In the west end of Ventura, the number of homes sold fell 18.4%, to 31, as prices increased 12.4%, to $235,000.

Few areas incurred a drop in prices, except the Westlake area of Thousand Oaks, where median prices dropped substantially, from $425,000 to $324,000.

Although last year was considered a banner year for home sales, especially after the sluggishness of previous years, local real estate agents are saying 1999 is expected to be the most profitable year for real estate in some time.

“Houses are selling in less time,” Patterson said. “It’s definitely been as good or better than last year.”

Analysts say 1999 statistics could possibly rival the sales pace of 1989, which had a frenzy of home buying before a market slump one year later. The difference this time: Barring calamity, the current trend appears sustainable.

“People feel like if they don’t buy today they can buy a year from now,” Karevoll said. “The sense of overwhelming urgency of 10 years ago isn’t there. It’s awfully healthy.”