Ventura County Home Sales: The December 2020 Hotness Update
Keep in mind that for December’s report we are looking at data from November 2020.
If you want to see what happened in last month‘s report (October 2020 data), here’s a link to the NOVEMBER REPORT.
November is the first month where holidays typically start impacting home sales, but not this time, not this year. It’s still record-setting, in spite of the pandemic. Properties are getting gobbled up at record speeds. And buyers are frequently paying over asking.
But here’s a dose of reality: We’re now officially in Lock down #2 for California. And guess what? Homes are selling like hotcakes anyway.
Pandemic or not, November 2020 had amazing home sales, especially regarding the sales to last listing price ratio. This means a selling price more than what was listed. As in people paid asking price or better.
To really understand what’s happening in our area and why sales appear so hot in spite of the shutdown, you need to look back in time to the way things were a couple months ago.
The Look-back Period and When It Began
There is a gap between when people shop for a home and when a home actually sells. How it is right now in December IS NOT how it was when people were shopping for homes a few months ago. That partially explains the data.
For November sales data, think September and October as the look-back period of 30-45 days ago.
Things were different then. Different in a good, eating inside or outside at restaurants, outside activities, enjoying the world sort of different. The world of yester-month. Pre-lockdown redux.
So the restrictions that we are currently feeling weren’t there when people made offers on the homes that sold in November. They weren’t hunkered down then.
- The Look-back Period and When It Began
- Real Estate Market Trends: Ups and Downs
- Real Estate Market Data and What to Pay Attention To
- Plunge in Days on Market
- Paying Full Price or Over Asking
- Real Estate Market Statistics: How’s Your Zip?
- It’s Not Over: Looking to 2021
- What Buyers Need to Know
- What Sellers Need to Know
- The Covid-19 Home Shopping Rules of the Road
- Wrap Up
Real Estate Market Trends: Ups and Downs
We had a lot of activity last month in Ventura County. The numbers below are for November 2019 vs 2020, for single family home sales only. It looks a lot like what we saw in the October report.
Real Estate Market Data and What to Pay Attention To
Most important on the stats below: Plunging new listings, plunging pending sales, plunging days on market, strengthening sales to last list price ratio.
- Median single family home sales price:
- UP 15.9% YOY
- November 2020 = $764,500 vs November 2019 = $771,000
- Oh, yeah. Sellers are happy.
- Average single family home sales price:
- UP 10.6 % YOY
- November 2020 = $939,339 vs November 2019 = $849,063
- New listings: WAY DOWN from previous month
- UP 6.2% YOY (More New Listings than a year ago.)
- November 2020 = 499 vs November 2019 = 470. A few more, not a lot.
- October 2020 had 735 new listings. This is where the plunge phenomenon begins. We’re talking a DECREASE of 236 new listings compared to the previous month.
- How’d you like to be shopping for a house and have the number of choices cut in HALF?!
- Pending sales: WAY DOWN from previous month
- DOWN 4.7 % YOY
- November 2020 = 445 vs November 2019 = 467. Down, but not significantly from year to year.
- The plunge is in month to month. A decrease from October’s 647 pending sales to only 445. That means pending sales were lower by 202.
- Again, half the number of new choices leads to a big plunge of escrows.
- Closed sales:
- UP 36.1 % YOY
- November 2020 = 630 vs November 2019 = 462. More sold this year than last, and by quite a bit.
- Average Days on Market: WAY DOWN from previous month
- DOWN 44.3 % YOY
- November 2020 = 34 vs November 2019 = 61. They’re selling FAST!
- % of Last List Price (Percentage of the last list price that house sold at) STRONGER PRICES
- Median: 100 %
- Average: 99.7 %
- In a nutshell, sellers are getting full price on average. Take a look at the chart below.
- Note to buyers: This is NOT the market where you will likely get a discount, especially if the house is in premium condition. You have competition for a shrinking commodity.
Plunge in Days on Market
How long does it take to sell a house in Ventura County? Less time than before, by a longshot. Those Days on Market fell off a cliff.
Paying Full Price or Over Asking
What do you think the chances are to get a low ball offer accepted in this highly competitive market? This chart shows how sales price have exceeded 100% of asking, on average. Plus there are often multiple offers.
Click the chart above to be taken to an interactive chart.
Real Estate Market Statistics: How’s Your Zip?
Simi Valley continues to outpace other zip codes regarding number of sales. In the Conejo Valley, 91320 in Newbury Park and 91362 in Thousand Oaks/Westlake Village also ranked high.
It’s Not Over: Looking to 2021
So if inventory is tight and competition is fierce, should you quit and sit on the sidelines? Probably not. Have a peek at what Realtor.com shows as the hottest housing markets in 2021. Thousand Oaks/Oxnard/Ventura County made the list at #8.
What Buyers Need to Know
Supply is tight, but historically supply has started to increase in January of previous years. Prices are projected to increase, as is sales activity in 2021.
What Sellers Need to Know
December is typically a slow month, plus we’re in a lock down. There’s a lot of activity right now, but it could slow.
Price it right to get it to move quickly.
The Covid-19 Home Shopping Rules of the Road
We’re in Lock down #2. Be prepared to follow the rules.
- No open houses permitted. VIRTUAL OPEN HOUSES only. Pictures are important!
- Virtual tours and 3-D photos are preferred, and buyer viewing photos is a prerequisite to showings. (Most people need to see the house to make a decision.)
- Masks, gloves, hand washing/gel, remove shoes/use booties. Posted warning at door is now required.
- Same as last month: Mandatory signed disclosures to enter the property: EVERYONE.
- Same as last month: Sellers cannot be home during showings in order to prevent virus spread.
- Same as last month: Number of buyers at showings limited to 2. Don’t bring a friend. There are restrictions to protect both buyers and sellers.
- Same as last month: Serious buyers only (Lender pre-approval and downpayment money). No looky loos). Be sure to get pre-approved by your lender in advance. Some sellers require seeing source of funds and the letter from your lender prior to showing.
Wrap Up
The supply problem has intensified. Looking forward to an increased supply in 2021. What a year we’ve had!
If I can be of help or if you need any additional information, please contact me directly. I’ll help how I can.
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Disclaimer
Based on data obtained from CRMLS/CRISNet MLS (Southland Regional Association of Realtors) and Infosparks on 12/8/2020.
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
