A Look at Ventura County Real Estate in 2008
- Written by Mana Tulberg
- Posted January 22, 2009 at 9:33 am
Economically, 2008 was a year most of us would not like to repeat again in our life time. 2008 will go down in history as a year in which many Americans’ dreams were shattered. Too many of us in Ventura County said goodbye to our wonderful neighbors and friends as they moved away.
Ventura County witnessed many of its well-known establishments close their doors. No longer was the state of the economy blamed only on the sub-prime mortgages.
Ventura County’s unemployment rate reached 7.4% in November 2008. (Source: California Employment Development Department). Meanwhile, RealtyTec reports that in 2008, 3,244 homes were foreclosed in Ventura County.
Month-by-month in Ventura County 2008 grew more and more challenging for home owners and anyone needing home equity. However, as home prices in Ventura County fell significantly in 2008 and continue to fall, home buyers began to return and in fact, the number of homes selling each month rose significantly during 2008.
Below is a summary of Ventura County’s real estate in 2008.
Ventura County Real Estate in 2008 & 2007
| Month | Number of Homes Sold in 2008 | Median Price of Homes Sold in 2008 | Number of Homes Sold in 2007 | Median Price of Homes Sold in 2007 | |
|---|---|---|---|---|---|
| January | 291 | $480,000 | 458 | $570,000 | |
| February | 361 | $455,000 | 480 | $584,000 | |
| March | 391 | $450,000 | 620 | $574,998 | |
| April | 578 | $450,000 | 531 | $575,000 | |
| May | 558 | $435,000 | 567 | $599,000 | |
| June | 624 | $425,000 | 641 | $590,000 | |
| July | 716 | $420,500 | 526 | $595,000 | |
| August | 704 | $400,000 | 538 | $585,000 | |
| September | 676 | $384,248 | 376 | $549,000 | |
| October | 729 | $378,000 | 364 | $525,335 | |
| November | 597 | $350,000 | 332 | $520,000 | |
| December | 672 | $335,000 | 337 | $519,900 |
Source: Ventura County Regional Data Share
The date above indicate that in 2008 the median price of homes in Ventura County decreased by 30% while the number of homes sold in Ventura County increased by 132% in the same period of time.
The significant drop in home prices has increased the housing affordability in Ventura County. However, with tighter restriction on home loans and county’s rise in unemployment, most Ventura County residents are unable to purchase a home. Then again, some are taking advantage of the low home prices and low interest rates available to home buyers.
If you need any help with buying or selling your Ventura County home, please don’t hesitate to contact me, ManaTulberg, 805-443-8898.
Nice presentation of the numbers Mana, I think Las Vegas is following along the same lines although I have not run the same kind of comparison. 2009 is going to be even better I believe and buyers are going to benefit from the price drops. As long as you are making a long term move and do not expect to flip the home now is a good time to position yourself for the increase that is bound to come.
Thank you Chris for visiting and commenting. In terms of purchase power, I believe 2009 is going to be a much better year as long as the rate of unemployment improves.