Despite the pandemic, social unrest and impactful political events, California’s suburban neighborhoods remained some of the most desirable areas in which to live this last year. Attracting homebuyers with privacy, space and lush outdoor recreation areas, many of Ventura County’s neighborhoods had another stand-out year for real estate in 2020.
According to the year-end Micro Market Report produced by LIV Sotheby’s International Realty which summarizes the market performance of over 50 of Ventura County’s most popular neighborhoods, the county had a record year.
While the county had a 7.3% reduction in inventory compared to the prior year (10,225 new homes listed in 2020 compared to 11,027 new homes to the market in 2019), rising appreciation of all homes types – both single family (13.6%) and attached dwellings (5.5%) – paired with a boost in total number of listings sold (1.7%), contributed to a 14.4% increase in overall dollar volume of sales in 2020.
Heightened demand for homes placed buyers in stiff competition due to the limited number of listings in 2020. These conditions accelerated the timeline for many buyers and sellers, decreasing the average days on market for homes in Ventura County by 19.7%, from 76 days on average from listing to under-contract in 2019 to just 61 in 2020.
Several individual neighborhoods saw parallel appreciations. One such notable neighborhood is the Avenue in Ventura which reported a 15.8% increase in average home values in 2020, increasing the value from $472,605 in 2019 to $547,079 in 2020. The South Beaches neighborhoods of Pierpont and the Ventura Keys saw a 9% rise in average sale prices in 2020 as well. The Ventura Hillside had a prominent increase of 25.5% in average sale prices in 2020 over 2019, bringing the average from $957,217 to $1,200,900.
The Ojai Valley reported some of the most impressive statistical increases for its neighborhoods out of anywhere in the county. The luxury markets in particular reported heightened desirability in 2020 as indicated by the increased number of sales this last year paired with the reduced time on the market. Ojai’s East End had 80% more properties move off the market and at a 44.5% faster rate than 2019. Four times the number of homes sold in Rancho Matilija in 2020 compared to 2019, flying off the market 40.2% faster. The city of Oak View ended the year on a high note with a 18.6% increase in average sale prices, bringing the new average to $820,984. The luxury neighborhood of Saddle Mountain’s home values likewise appreciated by 24.4% on average and Mira Monte’s new average sale price is up 35.1%, now $1,171,054 compared to $866,533 in 2019.
Ventura County’s access to pristine beaches and bucolic home retreats, temperate weather year-round and relatively stable job market all contribute to its continuing appeal for homebuyers, especially those looking for an active lifestyle. This combined with the increasing investment values keep the region strong even during tumultuous times.
To learn more about the market’s performance in Ventura County and other regions of California, view our Monthly Market Reports at LIVCalifornia.com or contact your local LIV Sotheby’s International Realty agent. For all of your real estate needs throughout California’s communities, call 805.641.0125 or visit livsothebysrealtyca.com.