Ventura County Home Sales: The November 2020 Hotness Update
Keep in mind for November’s report, the data is from October 2020’s sales.
If you want to see what happened in the previous report (September 2020 data), here’s a link to the OCTOBER REPORT.
Now is when things should start to slow up…or do they?
Not yet, apparently.
The NORMAL thing is for sales to decrease starting in July or August.
Not so this year. Unlike previous years, it’s still up from last year.
- Not as Busy as the Summer, but Still Up
- New Listings Continue to Drive the Numbers
- Real Estate Market Trends: Ups and Downs
- Real Estate Market Data: October 2020’s Home Sales Numbers
- Real Estate Market Statistics: How’s Your Zip?
- What Buyers Need to Know in this Market
- What Sellers Need to Know in this Market
- Ongoing Covid-19 Home Shopping Rules
- Wrap Up
Not as Busy as the Summer, but Still Up
Ventura County Single Family Home Sales – Continuing Seller’s Market
In a previous report, we saw that single family home sales in Ventura County busted records for the past 5 years. October 2020 sales had another stellar month, resulting in #5 position out of the past 60 months, with 676 single family home sales.
I’m including #1-7 because July 2020 through October 2020 were all winners, and you can see how the home sales surge is continuing into Fall.
- #1 June 2017 731 sales
- #2 July 2015 698 sales
- #3 September 2020 694 sales
- #4 August 2020 687 sales
- #5 October 2020 676 sales
- #6 June 2015 672 sales
- #7 July 2020 666 sales
New Listings Continue to Drive the Numbers
New listings are the catalyst for sales. We need new inventory coming into the market in order for buyers to actually buy.
Still we don’t have enough. Multiple offers continue to be the name of the game for Fall 2020.
We remain in a strong seller’s market, with more buyers than available homes.
Real Estate Market Trends: Ups and Downs
Do you notice how many up arrows are on the chart below? The only down arrow is in Days on Market, which had a dramatically lower selling time from last year, down to 27 days from last year’s 46 days. That means that homes are flying off the shelves like hotcakes.
Real Estate Market Data: October 2020’s Home Sales Numbers
- Median single family home sales price = $761,250
- UP 14.5 % YOY
- Average single family home sales price = $963,630
- UP 22.9 % YOY
- New listings = 707
- UP 6.6 % YOY (More New Listings than a year ago.)
- Active Sales is not included for this month. There is an ongoing problem with the MLS data.
- Number of Months Supply also not included for this month, due to problem with MLS data.
- Pending sales = 516
- DOWN 10.3 % YOY
- Closed sales = 676
- UP 7.6% YOY
- This is the most important category that represents what actually closed escrow.
- Average Days on Market = 39
- DOWN 35% YOY. They’re selling FASTER.
- % of Last List Price (Percentage of the last list price that house sold at) NEW CATEGORY
- Median: 100 %
- Average: 100.0 %
- Sellers are getting full price and above in many cases.
- If you are a buyer in this market, a multiple offers market, you have intense competition. Be sure to bid strong. You may not get a second chance.
Real Estate Market Statistics: How’s Your Zip?
Just like previous months, Simi Valley continues to lead home sales.
For the Conejo Valley, Zip codes 91320 Newbury Park and 91362 Thousand Oaks/Westlake Village were leaders.
What Buyers Need to Know in this Market
Competition remains fierce. Make sure you have a true pre-qualification letter from a lender. This needs to be where income and tax returns are checked. This is more and more becoming a requirement for getting into a showing.
You won’t likely pick up a discount in this intensely competitive market. And your first offer could very well be your last and only chance. Don’t expect to be countered if your offer is a low ball.
Hang in there. If you miss out on several houses, it may be worth reassessing to see how you can come across stronger.
What Sellers Need to Know in this Market
Strong seller’s market, increased demand, super low inventory.
Even though there are more buyers than houses, you should still do your best to show your home in its best condition. Be sure to make your home sparkle. Best foot forward for maximum price benefit.
Price it right from the start. Low inventory or not, buyers know prices, and an overpriced house will sit.
You’re selling at an amazing time! You couldn’t be selling in a better, more seller-friendly market!
Ongoing Covid-19 Home Shopping Rules
Here are some things to be aware of as you start your home buying and selling process.
- No open houses permitted. VIRTUAL OPEN HOUSES only. Pictures are important!
- You still need good photos. Virtual tours and 3-D photos are common. Buyers will likely need to see the house in person to make a decision.
- Masks, gloves, hand washing, hand sanitizer, remove shoes/use booties. You’ll see a warning posted by the front door.
- The PEAD mandatory signed disclosure is necessary to enter the property: EVERYONE.
- Sellers cannot be home during showings in order to prevent virus spread.
- Showings limited to 2 buyers from same household + agent. Don’t bring a friend. The restrictions are there to protect both buyers and sellers from the virus spreading.
- Serious buyers only (Lender pre-approval and down payment money). Sellers often require the source of funds and the letter from your lender before they’ll let you into their house.
Wrap Up
Last quarter was amazing, and it continues, with record sales. This is a busy Fall!
If I can be of help or if you need any additional information, please contact me directly. I’ll help how I can.
See all homes for sale in
Ventura County & the surrounding area
Disclaimer
Based on data obtained from CRMLS/CRISNet MLS (Southland Regional Association of Realtors) and Infosparks on 11/9/2020.
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
