LIV Sotheby’s International Realty (LIV SIR) just released the first Micro Market Report (MMR) for 2019, analyzing the real estate market for Ventura County. Positive results were reported for each of the areas, with each city and neighborhood presenting different levels of demand. The Micro Market Report compares January through June 2019 results to the same timeframe in 2018, for single-family homes and attached dwellings in the residential areas the brokerage serves.
Collectively for Ventura County, there are clear opportunities available for buyers and sellers. For buyers, the 14.9% increase in average days on market means there is more time granted for real estate decisions. Also, the average price decreased by 2.2% overall to an average price of $687,640 in 2019. For sellers, the practically flat change in new listings means that the inventory is not increasing by much and more listings would allow more options for buyers (hopefully resulting in sales at or close to the original list price).
Looking at the different cities and neighborhoods of Ventura County, there are some notable performances for 2019 compared to 2018. Carpinteria reported a record-breaking 546.7% increase in highest sold price to $24,250,000 in 2019 compared to $3,750,000 in 2018. Another astounding increase in highest sold price was for Santa Barbara, with a 317.2% increase to a $70,000,000 sale in 2019 from a $16,778,000 sale in 2018.
Ojai is a quaint, quiet, and private area that is more secluded and exclusive. A major draw to the Ojai area is apparent with an astounding 213% increase in the highest sold price for East End Ojai to a $8,450,000 sale in 2019. Ojai features some of the best hiking trails in California and parts of Ojai even provide views of the Ventura County coastline from the top of the rolling hills.
Beyond those extreme increases in performance, many areas witnessed healthy increases in average sold price, average price per square foot, and in the number of properties sold. Downtown Ventura, the beloved beach town with a metropolitan twist, reported a notable 19.4% increase in average price per square foot.
These performances are great news for sellers, as homes are moving off the market at a desirable price. There are still opportunities for buyers as many of the areas also reported increases in the average days on market, meaning there is less competition and more time to make a financial decision when investing in your future in Ventura County.
