Ventura County Housing Market Update – May 2021
Reminder: For May’s report, we are looking at what sold in April. If you want to see what sold in March, see the APRIL HOME SALES REPORT.
Spring is definitely here, and we have another record month for home sales.
The “new normal” of record breaking months is back again.
We currently have a mad scramble where buyers trip over each other to buy a home. And there simply aren’t enough of them to satisfy demand.
That’s our new normal. It’s been this way since last summer.
- The Big Picture: Home Sales Year-Over-Year
- Closed Sales: Another Record
- Days on Market: Selling Faster is Part of the New Normal
- New Listings: More Choices for April 2021
- Median Sales Price: Whoa!
- Real Estate Market Statistics: The Golden State of California
- What Buyers Need to Know
- What Sellers Need to Know
- NEW REVISED Covid-19 Home Shopping Rules
- Wrap Up
The Big Picture: Home Sales Year-Over-Year
Let’s take a look at years past, comparing last April to this April. Below is a year-to-year comparison.
Closed Sales: Another Record
Here we are in another top month for single family home sales in Ventura County.
Just like last month, we’re in record-breaking territory. Two in a row.
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
AND…..It happened again. April 2021 was the highest April for single family home sales in the last 5 years.
- April 2016 364
- April 2017 530
- April 2018 510
- April 2019 588
- April 2020 401
- April 2021 699
We seem to be busting records in the “new normal”.
Days on Market: Selling Faster is Part of the New Normal
Days on Market shows how quickly buyers enter into an accepted contract.
Here’s an interactive chart where you can hover over the data points to get an exact value.
Median Days on Market was down compared to April 2020, but up slightly compared to the previous month.
Still very low.
New Listings: More Choices for April 2021
New Listings went up Year-Over-Year. Still not as many new listings as in 2019.
Keep in mind that April 2020 was in the midst of the first lock down, so it makes sense that new listings were low. Heck, everyone was afraid to go outside!
It’s good to get an overall look. Here’s an interactive chart that shows individual months. Compared to March 2021, there were fewer choices for buyers.
Median Sales Price: Whoa!
Median sales price of $1,050,000!? Also up from last year.
The Hyper-Local Picture: Home Sales by Zip Code
The graph below shows monthly activity in specific zip codes. Can you guess which cities had the most activity?
Real Estate Market Statistics: The Golden State of California
Here’s a graphic from the California Association of REALTORS® for April 2021. This is the statewide view.
What Buyers Need to Know
Make sure you have a lender who can perform quickly.
As before, continue to search BELOW your maximum affordability. You will likely need to submit an above listing price offer, and you need to allow for that.
Before you offer, run the figures by your lender to make sure the scenario works.
Be cautious and make sure you understand the implications of waiving contingencies in this market. Some buyers are waiving the appraisal contingency, and it’s absolutely crucial to understand what this means to your pocketbook if the appraisal comes in lower than the agreed purchase price.
What Sellers Need to Know
PUT a realistic listing price on your property. DON’T intentionally price it low to cause bidding wars and a flurry. Again, be realistic. How many offers do you need anyway?
MAKE YOUR HOME SPARKLE to get the maximum sales price. Surgically clean is a good description.
TALK WITH your REALTOR® before making improvements. Some repairs pay off. Others don’t.
STRATEGIZE with your REALTOR® about how buyers think. Some fixes are necessary, but don’t pack a lot of emotion. For example, a working roof and a working air conditioner and furnace are necessary, but nobody gets excited about them.
For a top selling price, you’ll need to put on the glitz and go beyond ordinary.
NEW REVISED Covid-19 Home Shopping Rules
- Still a good idea to view the photos as a prerequisite to showings. (Really? Who doesn’t?)
- 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. (SAME AS BEFORE, only shorter.)
- Everyone entering the property needs to sign a P.E.A.D. This is a mandatory signed disclosures and applies to EVERYONE.
- OPEN HOUSES are back, with revised rules and forms to sign before you enter a house.
- This is still a market for serious buyers only. Think lender pre-approval and evidence of down payment money. Sellers often require Proof of Funds AND a Pre-Approval letter in order to get in the front door.
Wrap Up
I keep hearing, “There’s nothing for sale.” In fact, I’ve said it myself. But with record sales in April 2021, this isn’t necessarily true, is it?
We’re moving from Mr. Toad’s Wild Ride to one of those twisty, crazy roller coaster rides at Magic Mountain.
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 5/10/2021 and 5/26/2021.
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
