There have been many reports regarding an increase in Southern California’s 2008 Real Estate activity compare to 2007’s Real Estate trends.
This summer, 2008, I was much busier with home buyers’ inquiring about properties in Ventura County than last summer. This could be correlated to an increase in bank owned/REO homes for sale and the lower pricing of bank owned/REO homes.
Below is a Comparable Real Estate Market Analysis for Ventura County. The table below demonstrates the number of homes sold and median home prices in the first 9 months of 2008 compared to the number of homes sold and median home prices in the first 9 months of 2007.
| Period | Number of Homes Sold | Median Price of Homes Sold | Number of Short Sale Homes Sold | Number of Bank Owned Homes Sold |
|---|---|---|---|---|
| From: 01/01/2008 To: 09/30/2008 | 4881 | $426,500 | 406 | 1230 |
| From: 01/01/2007 To: 09/30/2007 | 4735 | $580,000 | 53 | 0 |
Source: Ventura County Regional Data Share.
It’s amazing to see that there were no bank owned homes sold in the first 9 months of 2007!
The number of homes sold in Ventura County in the first 9 months of 2008 increased by 3.1% over the same period last year.
However, the median price of homes sold in Ventura County in the first 9 months of 2008 decreased by 26.5% compared to the same period last year.
If you are interested in purchasing a home anywhere in Ventura County, don’t hesitate to contact me: (805) 443-8898.
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Mana, do you have any numbers on how many of the homes sold were distressed (short sales, foreclosures, REOs)? It’s my understanding that around half of all homes sold last quarter in southern California were distressed homes.
Also, we saw a spike in default notices in September after a lull in July and August due to a new California law requiring lenders to contact homeowners at least 30 days before the loan goes into default.
If any of my information is off, please feel free to correct me (I have no shame).
Palmer, Your information is in a way correct. What is important to take into consideration is that Real Estate is very local. In our area the number of short sales and REOs increased significantly from last month (September).