Ventura County Home Sales, Prices Jump in December

Ventura County appeared to ignore signs of an impending economic downturn in December, racking up higher prices and sales in a housing market that, because of extremely tight inventory, seems to be immune from nationwide slowing.

A housing slowdown “could easily bypass California,” said Mark Schniepp, director of the California Economic Forecast Project, who specializes in the local economy. “It’s because of the housing [shortage].”

The median price for homes in Ventura County jumped 6.5% from December 1999 to $263,000 last month, and the number of homes sold climbed 7.4% to 1,476, according to a report released Friday by DataQuick Information Systems, a La Jolla-based research firm.

The year 2000 proved to be stable for home sales, though not quite matching the banner year of 1999. Last year, about 15,318 homes were sold, down slightly from 1999’s 15,666. The median price was up 8.8% to $259,000 from $238,000, an increase that economists said resulted from the law of supply and demand.

The California housing market lately seems to be impervious to other economic indicators, and one analyst suggests it’s because the state paid its dues in the last recession after years of speculative building. Demand has since caught up.

“What’s just as interesting as what’s going on is what’s not going on. I, and everyone else who does numbers, am constantly asked when the slowdown is going to roll in, and I can’t find it,” said John Karevoll, the analyst who prepared the report. “We certainly have a number of strong months ahead of us. I have a feeling the slowdown will bypass California to a large degree.”

The sales figures include new and resale homes, as well as condominiums. The median price is the point at which half the homes sold for more and half sold for less.

Real estate agents concurred with analysts’ assessments of tight markets, and said buyers are jumping to get in.

“There’s some junk selling for $210,000 and the next day it’s sold,” said Charlene Clark, an agent at Century 21 La Carre in Simi Valley. “People are desperate to get something reasonable, and are willing to put $20,000 or $30,000 into renovating.”

Places like Fillmore and Santa Paula have become hot spots for sales because they are among the few areas where prices remain reasonable and homes available.