Ventura County Housing Market Update – April 2021
Reminder: For April’s report, we are looking at what sold in March. If you want to see February home sales, check out the MARCH HOME SALES REPORT.
Spring is here, and this is when inventory is supposed to surge, and it’s supposed to continue through July.
Let’s assume that years past were “normal” years.
Based on “normal“, April 2021 home sales, new listings, and pending sales were all up. Just like normal. And Average Days on Market were down, meaning that the time a listed home took to go under contract decreased year-over-year when you compare March 2020 to March 2021.
Good news, right?
The Big Picture: Home Sales Year-Over-Year
The Big Picture: Home Sales Month-Over-Month
Now let’s take a look at activity from one month to the next, instead of comparing this year’s March to last year’s March.
We want to look at what happened in the most recent past, as in last month and the one before. That means February 2021 and March 2021.
Days on Market: Still Going Down
Days on Market shows how quickly people are getting into an accepted contract.
It’s been in a downward trend and just went from 20 Median Days on Market in February 2020 to 16 Average Days on Market in April 2021.
That’s fast!
Here’s the chart that shows Median Days on Market. If you click it, you’ll get an interactive chart where you can see a specific value for each month.
Hint: Median Days on Market shows the speed of the home-buying process. If you’re a buyer, you need to act quickly or you could miss out on getting in the running.
New Listings: Fewer than February 2021
New Listings went up Year-Over-Year. See the chart below.
They also went up Month-Over-Month. That’s good news for buyers.
Closed Sales: Up From February 2021 AND a March Record Breaker
March had lots more happy home buyers. They competed and they got a home!
But then again, this is what we expect to see this time of year.
As it turns out, March 2021 was the highest March for single family home sales in the last 5 years.
- March 2016 398
- March 2017 534
- March 2018 538
- March 2019 464
- March 2020 485
- March 2021 571
The Hyper-Local Picture: Home Sales by Zip Code
This is the hyper-local picture. It lets you monitor monthly activity in your exact area.
There’s no confusion about city names or boundaries. We use the USPS zip code system.
What’s notable above–and I’ve indicated it with bold print– is the sell-off of condos in Simi Valley and Oxnard. We don’t usually see numbers of condo sales like this. I’m not sure what the underlying reason is. Are condo-owners moving up? Or are landlords changing their inventory?
- The Big Picture: Home Sales Year-Over-Year
- The Big Picture: Home Sales Month-Over-Month
- Real Estate Market Trends: Still Not Enough Inventory for Demand
- Real Estate Market Statistics: The Golden State of California
- What Buyers Need to Know
- What Sellers Need to Know
- The Continuing Covid-19 Home Shopping Rules
- Wrap Up
Real Estate Market Trends: Still Not Enough Inventory for Demand
When sellers get nervous that if they sell, they could end up moving twice, they hesitate. Or freeze in their tracks.
Most people will do anything to avoid moving twice.
There’s another problem though. If you don’t sell, you might not have the 3% earnest money deposit that is typically required. You are house rich but cash poor. So how do you get into that next house?
It sure isn’t as cookie-cutter-simple as it used to be.
It can be done, but if you insist on the perfect scenario in a market like we currently have, you may end up staying put.
Real Estate Market Statistics: The Golden State of California
Here’s a graphic from the California Association of REALTORS® for March 2021.
What Buyers Need to Know
Stay in communication with your lender. Interest rates will affect your buying power.
Because there are multiple offers in today’s market, search BELOW your maximum affordability. You need upward negotiating power.
Discuss what waiving contingencies means. Many buyers in today’s market are the waiving appraisal contingency. You need to know exactly what this means and its implications, should you choose to do this.
What Sellers Need to Know
DO PUT a realistic listing price on your property. DON’T price it low to get 50 offers. That drives people crazy. Plus, just how many offers do you need anyway?
DO SPIFF UP your home to get the maximum sales price. Stick to neutral colors. Spiffing off pays off in the current market.
TALK WITH your REALTOR® before you hire people to make repairs and improvements. Some things have a great return. Others, not so much.
DETERMINE what really matters. There are givens that buyers expect. A roof, a working air conditioner and furnace, items like these. These are necessary, but nobody gets excited about them. They’re non-glitz items.
To get a top price, you’ll need some glitz, not just new basic systems.
The Continuing Covid-19 Home Shopping Rules
- The buyer needs to view the photos as a prerequisite to showings.
- Masks, gloves, hand washing/gel, remove shoes/use booties. The MLS will tell your REALTOR® what is required. A posted warning about Covid at the entry is now required.
- Everyone entering the property needs to sign a P.E.A.D. This is a mandatory signed disclosures and applies to EVERYONE.
- Sellers will not be home during showings in order to prevent virus spread.
- The number of buyers at showings is limited to 2 from the same household. This means don’t bring a friend. These restrictions are there to protect both buyers and sellers.
- No more looky-loos, open houses, or casual drop-bys. Serious buyers only (Lender pre-approval and evidence of down payment money). Increasingly sellers and listing agents require Proof of Funds AND a Pre-Approval letter from a lender in order to get in the front door.
Wrap Up
There’s a huge disconnect between how it feels and the data. Before reading this article did you know that March was a record March sales month for the past 5 years? Doesn’t sound so bleak now, does it?
Mr. Toad’s Wild Ride continues.
If I can be of help or if you need any additional information, please don’t hesitate to contact me directly.
Want to see which homes are for sale right now
in Ventura County?
Want to see which homes are for sale right now
in Ventura County?
Disclaimer
Based on data obtained from CRMLS/CRISNet MLS (Southland Regional Association of Realtors) and InfoSparks on 4/13/2021.
If your property is currently listed for sale, please disregard. It is not our intention to solicit the listings of other brokers. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The REALTOR® providing the information contained herein may or may not have been the Listing and/or Selling Agent.
Courtesy of Judy Burke | DRE#01883062 | eXp Realty
