March 2022 Home Sales Report: Not as Hot as We Thought

Ventura County Housing Market Update – March 2022

Reminder: For the March 2022 report, we are looking at what sold in February. You’ll be able to see what’s happened so far this year in 2022.

LAST year was a killer year for home sales in Ventura County. As in lots of them, fast market, upward trend in prices, high demand. What about this one? How did February 2022 home sales do?

Well, no record-breaking streak so far. According to pattern, inventory should increase into the spring, but so far we’re down 50 sales in Ventura County from one year ago for the month of February vs 2021.

This isn’t so terrible in the scope of things, as you look back at the last 5 years, but it’s painful for home buyers. It’s hard to find a home when fewer homes and choices are available.

In the chart below, in yellow you see the sales so far this year. Just scan sideways looking at February across the years. At 367 home sales, it’s lower, although 2017, 2018, and 2019 were even lower.

So don’t panic. We’ve had these numbers before.

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

Now take a look at the blue DOWN arrows in the infographic below. As the supply went down, so did the closings. Makes sense.

Also months of supply went up, but it’s not worrisome. We’re talking a 1.1 month of supply, which is teeny-tiny.

Closed Sales: Not a Record Breaking Month for February

I love charts. Focus on the pink bars. That’s this year.

Days on Market: Down Again

Days on Market shows how quickly buyers enter into an accepted contract.

Down again. Hmmm. Not as low as 2021, but heading lower. Good for sellers. Not great news for buyers, though.

Hey, buyers. Be prepared to act quickly if you see something you like. According to the chart below, “going into escrow” time is shortening. So see it, like it, offer.

New Listings: Fewer in February 2022

New listings were down for February 2022. Let’s see if it improves as the spring progresses.

Median Sales Price: No Break in the Upward Trend

Median sales price of $900,000. Still going up. This is the chart for the last several years.

The Hyper-Local Picture: Home Sales by Zip Code

The graph below shows monthly activity for many of our local cities. Some are Ventura County, some are Los Angeles County. We’re on the border, and this is the county line.

Real Estate Market Statistics: The Golden State of California

Here’s a graphic from the California Association of REALTORS® for March 2022. This is the statewide view. The bigger picture.

What Buyers Need to Know

Interest rates have changed. Keep in touch with your lender.

As before, offers right now are frequently over asking, so you need to allow for that.

Run the figures by your lender when you make an offer to make sure you’re in line with your affordability numbers.

What Sellers Need to Know

Be realistic on your listing price. Still sales go out over asking.

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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