Fall October 2020 Real Estate Market Update
For those of you who have followed my newsletters over the years, one of my longstanding mantras is that I avoid predictions and focus on real time Real Estate market conditions. Therefore, I will focus on the current Real Estate market here in Ventura County.
Inventory, or no inventory, is my current theme. Hence, lack of inventory is driving up prices and creating multiple offers. Historically low rates under 3 percent, rising equity markets, government stimulus, an accommodative Fed, and the desire to move into the suburbs have catapulted the market to record levels.
But the real issue is limited inventory, in particular, single family houses priced below 800k. In the news, we repeatedly hear how people are fleeing California for other areas of the country. However, the local Real Estate market would beg to differ. For example, on a recent property in the central part of Camarillo listed in the low 600k range, my buyer was one of 14 potential buyers. My buyer’s offer was accepted when the buyer went 45k above list price, removed the appraisal contingency, and purchased the property As Is. Interestingly, eight months ago this type of property might be on the market for the normal 30 days it typically takes to move a property.
Why is there no inventory? First, there are obviously more buyers than sellers. Second, due to covid-19, there have been less listings as people are hesitant to sell during the pandemic. Third, and most importantly, in Ventura County single-family homes have not been built to meet the necessary demand. Most new housing developments in Ventura County have centered around the condo market and zero lot line houses. Very few homes that have any sort of yard have been built in the last 15 years. This is especially true for Camarillo. One need look no further than the houses in the Springville Area.
Let’s look at the data and take a snap shot of single-family homes in the city of Camarillo that are currently on the market under 700k, excluding Leisure Village as of this writing (October 14, 2020.) There are currently 9 Single Family Homes active on the market in the entire city of Camarillo. Of those nine homes, five of them are zero lot line homes, meaning – no yard. In a nutshell, there are basically no homes for sale. Hence, the resulting multiple offers.
Where do we go from here? I avoid predictions as it is not prudent for me to offer crystal ball advice. However, in the interim, the Real Estate market in Ventura County continues to be strong as limited inventory, buoyed by low rates, continue to spur buyer activity.
About Dave Crowell, Dave Crowell is the Broker/Owner of American Dream Realty in Camarillo Ca and a top producing Camarillo Real Estate Agent, DRE 01845970. For more information feel free to contact Dave at 805-300-3345 or visit my website at www.mycamarilloproperties.com for seller and buyer tools. Also, for a valuation report on your home go to:
American Dream Realty
DRE Lic: 01845970