April 2022 Home Sales Report: Competitive Tight Supply Continues

Ventura County Housing Market Update – April 2022

Reminder: For the April 2022 report, we are looking at what sold in March. For home sales that happened in February, see the March 2022 report.

In this issue, let’s take a look at home sales for Ventura County that transpired during March 2022 as well as the broader picture of the 1st quarter.

Supply chain. Home supply. It’s all low. Everything is tight. Even days on market is tighter.

The April Big Picture Bird’s Eye View: Home Sales Year-Over-Year

Let’s look at two things: Last year this time (March 2021), and compare it to last month (February 2022).

Compared to last year, Ventura County home sales had fewer active listings, fewer homes into escrow, fewer new listings this month. Sales were up by a tiny bit, negligible. You can see it below.

Be sure to note the median list to sold price ratio. This is up to 103%. That means buyers paid over asking. That’s what happens when the supply is really low.

And they didn’t wait around. Median days on market were down as well.

Closed Sales: Big Boing Up From February

The chart below is interactive. That means you can click on the chart itself or on the tiny hyperlink below the picture, and it opens in a new window. Then hover over the points and it shows monthly values.

See that uptick on the right? March’s sales were up from February.

Days on Market: Less than 2 Weeks Again

Days on Market is from the time the property enters the market until it enters escrow.

Thought the market was weakening with that uptick for a couple months? Nope. They were going down, then up, then we’re headed down again.

We were last at 13 days in July 2021.

New Listings: Fewer than Last Year

Keep in mind that March 2020 was the start of the lock downs. That March was unnaturally low, but here we are 2 years later.

Below you can see that compared to last year, we are down almost 100 sales. Fewer new listings = fewer choices.

The buyers are feeling it big time.

Median Sales Price: No Break in the Upward Trend

Median sales price of $920,000. Steadily upward for quite a while, with an acceleration that started in April 2020 .

The Hyper-Local Picture: Home Sales by Zip Code

As usual, more sales in Simi Valley, but Camarillo was a close runner-up.

The San Fernando Valley

Here’s a graphic for San Fernando Valley home sales for March 2022. Because the Conejo Valley straddles the Ventura County / Los Angeles County border, it’s good to be familiar with both sets of statistics.

What Buyers Need to Know

With interest rates higher, KNOW YOUR INTEREST RATE. Keep in touch with your lender to remain current on your qualifications. As the interest rates tick up, it has an effect on our purchasing power. You’ll want to track the pulse on that one so that you don’t get into deeper water than you wanted mortgage-wise.

The 103% list to sales price ratio means competition. Know what your upper offer limit is.

Some buyers are giving up. That means less competition for the determined. Don’t be driven by hype.

What Sellers Need to Know

Carefully evaluate your listing price. Don’t overprice it. There is still enormous demand out there. Stronger seller’s market than ever.

And these hints below are the same as before:

MAKE YOUR HOME SPARKLE to get the maximum sales price. Yes, even surgically clean.

CONSULT WITH your REALTOR® before embarking on any improvements to get your house ready for sale. He/she will likely need to do a market analysis to see what is standard in your neighborhood. Keep in mind that some repairs pay off, and others don’t.

BRAINSTORM with your REALTOR® about how buyers think and plan your marketing around that. It’s a constantly shifting market. Be aware, though, that some fixes are necessary, but boring. For example, a working roof and a working air conditioner and furnace are necessary, but nobody gets excited about them.

Consider putting on the glitz to get a top selling price.

Wrap Up

If I can be of help or if you need any additional information, please don’t hesitate to contact me directly.

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