• calendar_month November 18, 2024
• folder Market Updates

It’s time to dive into the latest market update for Ventura County. Whether you're buying, selling, or just keeping an eye on the market, understanding key metrics can help you understand what's happening in the Ventura County Real Estate Market:

Key Metrics Overview for Single-Family Residences and Condos/Townhomes

New Listings

• Single-Family Homes:
• • September 2024: 471 (↑ from 399 in September 2023)
  • October 2024: 419 (↔ similar to 417 in October 2023)
• Condos/Townhomes:
• • September 2024: 171 (↑ from 146 in September 2023)
  • October 2024: 160 (↑ from 123 in October 2023)

New listings represent the inventory entering the market. An increase in new listings compared to last year suggests more sellers are feeling confident, giving buyers more options. However, as we head into the colder months (holiday season), we usually see a seasonal slowdown, which can lead to unique opportunities for buyers looking to strike a deal.

Pending Sales

• Single-Family Homes:
• • September 2024: 401 (↑ from 299 in September 2023)
  • October 2024: 331 (↑ from 314 in October 2023)
• Condos/Townhomes:
• • September 2024: 103 (↑ from 97 in September 2023)
  • October 2024: 113 (↑ from 104 in October 2023)

Pending sales indicate the number of properties under contract. Higher pending numbers show that buyers are still active, even with fluctuating interest rates, reflecting the persistent demand in Ventura County.

Active Listings

• Single-Family Homes:
• • September 2024: 1,051 (↑ from 835 in September 2023)
  • October 2024: 991 (↑ from 839 in October 2023)
• Condos/Townhomes:
• • September 2024: 366 (↑ from 293 in September 2023)
  • October 2024: 360 (↑ from 281 in October 2023)

Active listings show the total number of properties available. The increase year-over-year signals more inventory, providing buyers with more choices and possibly better negotiation power, especially for homes that have been on the market for a while.

Closed Transactions

• Single-Family Homes:
• • September 2024: 357 (↑ from 332 in September 2023)
  • October 2024: 428 (↑ from 316 in October 2023)
• Condos/Townhomes:
• • September 2024: 98 (↓ from 109 in September 2023)
  • October 2024: 131 (↑ from 111 in October 2023)

Closed sales represent final transactions. An increase in closed sales, especially in October, indicates strong buyer activity leading into the holiday season, which typically sees a slowdown. This suggests that both buyers and sellers are motivated, potentially to lock in deals before year-end.

Percentage of Original List Price

• Single-Family Homes:
• • September 2024: 98% (slightly ↓ from 99.6% in 2023)
  • October 2024: 97.5% (↓ from 98.7% in 2023)
• Condos/Townhomes:
• • September 2024: 97.3% (↓ from 99.3% in 2023)
  • October 2024: 98% (↓ from 99.2% in 2023)

This metric shows how close the final sale price is to the original list price. The slight dip suggests that buyers may have more leverage to negotiate, especially on homes that have been sitting on the market for a longer period.

Average Days on Market

• Single-Family Homes:
• • September 2024: 38 days (↑ from 32 in September 2023)
  • October 2024: 41 days (↑ from 36 in October 2023)
• Condos/Townhomes:
• • September 2024: 48 days (↑ from 37 in September 2023)
  • October 2024: 42 days (↑ from 34 in October 2023)

An increase in days on market suggests that homes are taking longer to sell. For buyers, this can translate into potential price reductions and more room for negotiations, especially on homes that are sitting longer than average.

Median Sales Price

• Single-Family Homes:
• • September 2024: $930,000 (slightly ↓ from $945,000 in September 2023)
  • October 2024: $936,500 (↑ from $909,875 in October 2023)
• Condos/Townhomes:
• • September 2024: $622,750 (↑ from $590,000 in September 2023)
  • October 2024: $629,900 (↑ from $590,000 in October 2023)

The Median Sales Price reflects the midpoint of all closed sales, meaning half of the homes sold for more and half for less. It’s a key indicator of market trends because it filters out extreme price changes that can distort averages.

The numbers reveal that single-family home prices dipped slightly in September year-over-year but rebounded in October, showcasing stability in the market despite shifting conditions. For condos and townhomes, prices have steadily increased compared to last year, suggesting strong demand in the more affordable segment of the market.

Months Supply of Inventory

• Single-Family Homes:
• • September 2024: 3.10 months (↑ from 2.50 in 2023)
  • October 2024: 2.90 months (↑ from 2.50 in 2023)
• Condos/Townhomes:
• • September 2024: 3.30 months (↑ from 2.60 in 2023)
  • October 2024: 3.20 months (↑ from 2.50 in 2023)

A balanced market typically has 4-6 months of inventory. Currently, we’re leaning towards a seller’s market, but the increase in supply compared to last year shows a gradual shift, which could give buyers more leverage moving forward.

Average Shows to Contract

• Single-Family Homes:
• • September 2024: 12.0 (↑ from 8.0 in 2023)
  • October 2024: 5.1 (↑ from 3.3 in 2023)
• Condos/Townhomes:
• • September 2024: 13.9 (↑ from 1.3 in 2023)
  • October 2024: 4.0 (↓ from 19.6 in 2023)

Fewer showings needed before a contract means buyers are acting quickly, especially on well-priced homes.

Opportunities for Buyers and Sellers

For Buyers: Properties that have been sitting on the market longer than the average days on market might present great opportunities to negotiate favorable buyer terms. Sellers with homes lingering on the market are often willing to consider offers below the asking price or accommodate additional credits, especially as we near the end of the year.

For Sellers: The holiday season often sees fewer listings, meaning less competition. Serious buyers actively searching in November and December are usually highly motivated, which can lead to quicker and smoother transactions.

Embracing the Holiday Market

With Thanksgiving and Christmas approaching, Ventura County’s market still offers great opportunities. Whether you're looking to close a deal before the year ends or just beginning your home search, now is an excellent time to make your move if you're ready, able and aligns with your plans.

Need personalized guidance or want to discuss your real estate goals? I’m here to help. Let’s connect and strategize to make your home-buying or selling experience a success.

Thinking about making a move this holiday season? Reach out today to discuss your options! 🏡🎄✨