Micro Market Report | January–June 2020
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 Q2 compared to other Ventura County communities.
Now at the mid-year mark, the real estate market in Ventura County has shown promising indicators of rapidly returning strength despite the slows the market saw at the beginning of the pandemic. Pronounced increases include a county-wide appreciation in average sale prices of both detached and attached homes, a shorter span of time on the market and a healthier absorption rate (percentage of sold listings from new listing inventory) of 66.3% across all price points compared to Q2 last year which was 2% less at 64.3% absorption.
Some neighborhoods out-performed previous year projections, such as the Ventura Hillside which saw a 42.9% increase in the number of home sales and a very healthy 25.9% rise in average home values.
Another region to highlight was the city of Santa Paula which reported increases across the board, notably a 14.3% increase in average sale prices, a 2.8% increase in the average property value per square foot, a 2.6% increase in the number of homes sold, and an impressive 165% increase in the highest sale price for the region (a Tuscan-inspired villa represented and sold by LIV Sotheby’s International Realty for $2.65M).
Several Oxnard beach-front and beach-adjacent neighborhoods also reported increased popularity, such as Mandalay Beach which showed a 29.2% increase in the number of properties sold. Hollywood by the Sea also reported a 28.6% increase in the number of home sales and a 35% increase in sale prices, bringing the new average sale price to $1,138,250. Silver Strand likewise saw an exceptional 43.8% increase in the number of homes sold and a 0.8% increase in sale prices.
Additionally, certain luxury neighborhoods in Camarillo also wrapped up Q2 with positive growth. In Sterling Hills, average home values went up by 2% to $945,083 and the area saw an impressive 71.4% rise in the number of properties sold. Similarly, the Las Posas Estates statistic analysis returned a 23.4% increase in average sale prices and a reduction of average time on the market to just 89 days, which correlates to the 31.6% increase in the number of sales for the area.
These statistical performances indicate an ideal scene for many sellers in the region, where residential properties are moving off the market quickly and at desirable prices.