Micro Market Report | January–March 2021
Each neighborhood in California is unique and so are their real estate market. Check out the latest LIV Sotheby’s International Realty Micro Market Report to see how your neighborhood performed in Q1 2021 compared to other Ventura County communities.
California’s real estate sales have done little other than shoot straight up since January 2021, carrying off the tailwind of an already hot market in Q4 2020. Low interest rates combined with one of the largest transfers of intergenerational wealth in history have resulted in drastically increased demand for suburban and lifestyle-specific properties and second homes, all backed with supreme buying power. This paired with low inventory has resulted in an extremely tight sellers market in Ventura County these last several months.
Case in point, real estate sales for the county went up 16.8% while the number of new listings increased only 1.1% from January 1st to March 31st 2021. Both single-family and attached homes saw increased demand, meanwhile time on market dropped 50% over the same period. For homes that sold, metrics indicate that accepted offers-in were 0.67% over asking on average, giving sellers the superior negotiation standpoint.
Is this still a good time for buyers to invest? Absolutely! With home values for the county appreciating daily, investing now will show an almost immediate return. Illustrating this best is enumeration of new listings in 2021 compared to the average sale price of a single family home in Ventura County. On average, home values appreciated by 15.5%, making the new average sale price for the county a healthy $973,241 over $842,281 in Q1 2020 – an increase of over $130K in just one year.
Several Ventura County neighborhoods saw even greater increases in home values:
The North Beaches neighborhoods of Faria, Solimar, Mussel Shoals, Hobson and Rincon saw a 62.4% increase in sale prices in Q1 2021 versus Q1 in 2020. Ventura’s south beaches likewise saw a 73.9% increase in home values for the same period.
Ojai Proper saw a 55.5% increase in sale prices, resulting in valuations raising by $500,000.
The Mandalay Beach area in Oxnard reported a 56.2% appreciation, putting their new average home value at $1,306,993, up from $836,687 in the period of January to March 2020.
It’s no wonder that US News named Ventura, California (and surround) as one of the top 10 housing markets in the US this last February. Buyers are looking for everything the Ventura County lifestyle can offer: pristine beaches, sprawling country hills, vibrant culture and much more.