August 2020 Home Sales Should Make Your Eyeballs Pop

Ventura County Home Sales: Amazing September Report

Just a reminder for September’s report, we are looking at data from August 2020.

Our local home sales market just hit a record month.

August 2020 was #3 for both single family home sales AND for condo/townhouses out of the past 5 years for Ventura County.

July 2020 was #5.

Yes, we just had 2 of the top 5 months of sales. Top out of all the months. As in 60 of them.

Stellar numbers.

In last month’s report, (AUGUST SALES REPORT) the sales numbers were up, and it seemed more like we were playing catch up from the spring. A one time, big month to make up for lost time.

It turns out that it wasn’t just a one month fluke.

It was two months in a row, AND in spite of being in a pandemic!

We Busted Some Records

Best Months for Single Family Home Sales

Below are the best 5 months for single family home sales in Ventura County for the past 5 years:

Best Months for Condo & Townhouse Sales

And here are the best months for condo & townhouse sales in Ventura County for the past 5 years:

The Truth in a Graph

NEW LISTINGS to the rescue.

Supply is at the heart of all the sales. You can’t buy it if it’s not for sale.

This is not a new problem. We have had insufficient inventory for several years. There have been more buyers than houses available.

In August there were 761 new single family listings vs 689 in 2019. More than last year. When supply goes up, sales can potentially go up. And they did.

Just take a look at all the up arrows in the info graphic below. The only down arrow is in the length of time on market, which means a faster selling time.

Real Estate Market Trends: Ups and Downs

The 30-45 Day Look-back still applies

That lands us at mid-June to late-July as the window when houses went under contract. This is calculating a 30-45 day escrow period.

The “stay at home order” ….Well….Clearly no impact on buyers and sellers for the month of August. Except to make them buy MORE. Everybody went shopping.

Here’s an interesting perspective from a recent newspaper article. Have buyer tastes, needs, and requirements really changed? CLICK FOR ARTICLE

Real Estate Market Data: August Better Across the Board

• Median single family home sales price:
  • UP 13.19% YOY
  • August 2020 = $744,000 vs August 2019 = $657,600
• Average single family home sales price:
  • UP 15.8% YOY
  • August 2020 = $908,173 vs August 2019 = $784,568
• New listings:
  • UP 10.4% YOY (More New Listings than a year ago.)
  • August 2020 = 761 vs August 2019 = 689
  • July 2020 had 819 new listings.
• Active Sales is not included for this month. There was a problem with the MLS data reporting.
• Pending sales:
  • UP 6.4% YOY
  • August 2020 = 652 vs August 2019 = 613
• Closed sales:
  • UP 5.7% YOY
  • August 2020 = 685 vs August 2019 = 648
  • This is the most important category. What actually closed escrow.

Real Estate Market Statistics: How’s Your Zip?

What Buyers Need to Know in this Market

If you want a house, you need to be absolutely prepared before you shop. The competition is intense.

Get qualified (where your lender analyzes your tax returns, runs your credit, etc) and get an approval letter from your lender. Give a copy to your realtor. There’s a chance you’ll need to prove your ability to buy before getting to see the property. This is more and more common.

Remember that your first offer could be your only chance to get in the running in a multiple offer situation. Make it your best offer.

Don’t wimp out and don’t quit. This is a highly competitive market, but you have proof that buyers are successful in getting properties if you’ve read the previous paragraphs of this report.

These are some of the best interest rates that we’ve seen in..what…30 years? Don’t be picky about waiting for the lowest rate in the history of man. Get a good rate and consult with your lender about when and if to lock it.

An ongoing reminder: Once you’re in escrow, you’ll be scrutinized by your lender until the bitter end. Due to the unemployment rate, your lender will call your employer before your loan funds in order to verify that you’re still working at your current job. Lenders are cautious.

Now go get your property!

What Sellers Need to Know in this Market

This is possibly your dream-come-true market as a seller. Strong seller’s market. Intense demand, low inventory.

You can get a top MARKET value for your home if you price it right and pay attention to market activity. Overprice it and it will sit, even in today’s intense market.

Make SURE your house sparkles. Make sure it’s surgically clean, absolutely no “ick” factor.

Showings take extra effort during Covid. All the mask and sanitizing rules apply. We’ve all adjusted to the new ‘pandemic normal” which is similar to how you’d go to the supermarket (masks, hand sanitizer).

Aim to get an offer in the first week to 10 days. This is a hot market. Price it to get an offer quickly.

Be aware that once you enter escrow, the buyer’s lender will require an APPRAISAL if the buyer is getting a loan. As sky high as you’d like to make the price–especially if it gets bid up– there is a down-to-earth appraiser waiting in the wings who will evaluate it based on past sales, and the lender will lend based on that.

So be reasonable. Be smart. Be cautious about super-inflated offers.

You are so lucky! You’re in an extreme seller’s market! Keep your head on straight, and sell your lovely home!

This is an amazing time to be a seller.

The Covid-19 Home Shopping Rules of the Road

Here are some things to be aware of as you start your home buying and selling process.

What Happened in Our Nearby Valleys?

Wrap Up

Let’s see what September will bring. We could have a hopping and propping Fall 2020!

If I can be of help or if you need any additional information, please contact me directly. I’ll help how I can.