Luxury Report | Mid-Year 2020
When it comes to real estate, the luxury sector of the market can perform independently from the rest of the marketplace. Depending on the region, the current state of the economy, and various other factors that can influence the housing market, trends for higher-priced homes may fluctuate. Staying in the know with the latest market information helps consumers understand how to use the real estate market to help them reach their real estate and lifestyle goals.
LIV Sotheby’s International Realty, Ventura County’s leading luxury real estate brokerage, produces a quarterly Residential Luxury Report, in this issue comparing January through June of this year to the previous year, measuring the performance of luxury real estate markets with a sale value of $1,000,000 and above in some of California’s most popular communities.
LIV Sotheby’s International Realty is committed to helping consumers make sound financial decisions when purchasing or selling a luxury home. In addition to the analysis of local, county-wide luxury market data, the report also includes statistics on emerging luxury consumers’ lifestyle preferences.
Due to heavy restrictions on real estate activity during the COVID-19 pandemic, real estate activity was slower than normal throughout the spring. Although home-buying was impeded for much of March and April, consumers’ determination to continue their real estate journeys resulted in a boom of buying and selling in the delayed spring market. In analyzing luxury real estate metrics through various Ventura County and California communities, it is clear that the markets are still thriving, even during these unprecedented times.
Statistics of note for this mid-year report:
The demand for Ventura hillside homes rocketed in Q2 of this year with the number of properties sold increasing 170% over 2019. In line with this, the average sale price increased $65,000 bringing the new average sold price to $1,760,000 for a hillside home.
Mandalay Beach saw a record breaking $5,100,000 sale for 2020, thus bringing the value of homes around it up by an average of 22.7%.
Ojai Proper/Downtown sellers benefited from a 13.9% increase in final sale prices in Q2 2020 compared to the same period in 2019.
The Spanish Hills luxury sale reports returned both a 40% increase in number of properties sold and a 29% raise in average sale prices for a new average value of $2,750,000.
By providing this information, we hope to give consumers the knowledge necessary to make smart real estate decisions. According to the data, there are still plenty of opportunities to buy and sell homes in Ventura County. For a detailed analysis of your specific neighborhood, please reach out to your local LIV Sotheby’s International Realty real estate advisor.