Ventura County Real Estate News Report Spring 2017 Published by Dave Crowell American Dream Realty a Top Producing Realtor

Where are all the sellers?  All kidding aside, home buyers are finding it difficult to find a home for sale in 2017- in particular entry level homes.  Hence, the question, where are the home sellers this spring?  If you inquire with most Real Estate Agents and Realtors in the County of Ventura, the common theme reported among my fellow realtors is: low inventory.  Therefore, using the old economic axiom of "scarcity creates demand," we can conclude that housing prices in Ventura, Camarillo, Oxnard, Thousand Oaks, and its surrounding cities have increased from last year and will continue to rise.

If you have been a follower of my Real Estate commentary over the years, I often try to explain to most followers of the housing markets - interview realtors in the trenches, they have a good pulse of the real estate market.  However, lets go one step further and examine some facts to support the above rationale that real estate prices in Ventura County are rising and could potentially rise some more by the end of 2017.

Example 1 Camarillo.  At the eastern edge of Camarillo lies a master planned community, Village at the Park Camarillo, I, Dave Crowell American Dream Realty, sold a house in that development at the end of 2015 at 3239 Buttercup Ln, Camarillo, CA for $845,000, the Kensington Court Plan 3 model.  The property was almost 4100 sq ft.  For most of 2016, the Kensington models sold for roughly the same price as 2015.  New home sales in the last phase of Village at the Park kept resale properties in 2016 at the same levels of 2015.  However, in the spring of 2017, I will be listing a similar Kensington Court model for $950,000 - a $105,000 price increase from late 2015/2016.

Example 2 Conejo Valley, Off of Reino Rd in Newbury Park lies a small tract of homes called Oak Creek Canyon.  This tract was built in the late 1990's and early 2000's. I, Dave Crowell American Dream Realty, sold a home located at 4039 Maurice Dr, Newbury Park for $870,500 in June of 2016.  This home was 3400 sq ft with a beautiful pool and in good condition.  Roughly, one year later, in the same tract ,a house in similar condition that is 2800 sq ft, no pool, and an inferior location is in escrow at close to $890,000.

Example 3 Santa Paula, On the western edge of Santa Paula lies the quintessential 3 Bedroom California Ranch homes that were constructed throughout Southern California in the 1950s through 1960s - the Moultrie Tract.  In the Spring of 2016, I (Dave Crowell American Dream Realty) purchased a home at 130 Moultrie Place, Santa Paula CA for $335,000 with the purpose of flipping the house.  The property was in very poor condition and I ultimately resold the property for a profit later in 2016.  However, the same type of fixer uppers in Western Santa Paula that I was able to purchase in the Spring of 2016 for $335,000 are currently selling for $380,000 to $400,000 range a 20 percent increase in 2017.

Example 4 Low Inventory, Going forward, why will prices continue to rise in 2017, again, low inventory, and a pent up demand of potential buyers.  First, the low inventory is a result of the scarcity of land in Ventura County as soar and environmental regulations limit new construction throughout Ventura County.  Second, as rents continue to rise, some renters are now buyers of Real Estate as there rent exceeds a potential mortgage payment.  Third, the rapid price acceleration of West Los Angeles Real Estate due to the Silicon Beach tech hub is pushing more buyers toward the outlying areas of Los Angeles such as Ventura County.  Fourth, much Ventura Counties recent inventory over the last few years were short sales or bank owned properties, that market is virtually nil in 2017.  Consequently, low inventory equates to price increases.  Hence, I expect a continued increase of Real Estate prices throughout Ventura County in 2017.  This article was written by Dave Crowell, American Dream Realty.  To contact Dave Crowell Realtor, a top producing Real Estate Agent in Ventura County and Camarillo, please call 805-300-3345.