Luxury Report | Q1 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, comparing January through March of this year to the previous year, measuring the performance of luxury real estate markets with a sale value of $1,500,000 and above in some of Ventura County’s most popular communities.
Even during these unprecedented times brought on by COVID-19, luxury residential real estate markets across the county showed encouraging signs of stability and growth.
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.
Despite the challenges that COVID-19 has presented over the last few months, the luxury communities within Ventura County have shown healthy increases. Going back as far back over the last 4 years, the first quarter statistics for 2017-2020 are up-trending in all major metrics including number of properties sold, luxury home values and total dollar volume. Market data also indicates that concurrently, buyers are making decisions and committing to home purchases 16.1% faster in 2020 compared to Q1 2019 across the county.
A few notable regions out-performed Q1 2020 projections dramatically:
East End Ojai saw a 500% increase in the number of properties sold in Q1 2020 over 2019 and a 81.6% decrease in the average days on market, bringing the average down to just 67 days between list date and sale.
Las Posas Estates saw both a 200% increase in number of properties sold and a 23.7% raise in average sale prices.
The Hollywood Beach neighborhood saw 4 luxury properties sold in Q1 2020 for a total dollar volume of $7,230,000, compared to zero sales for the same period the year before.
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.