Micro Market Report | January–March 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 2019 compared to other Ventura County communities.
Despite the challenges that COVID-19 has presented over the last few months, communities within Ventura County saw many positive trends within its real estate market during the first quarter of 2020 in a comparison to the same time period of 2019. As a whole the 54 neighborhoods that make up Ventura County experienced increases in total listing sold (+7.4%), average price for attached dwellings (5.6%), and average price for single family homes (+6.9%), as well as a decrease in average days on market for all residential properties (-10.6%). Additionally, the County saw an overall increase in total dollar volume sold by 18.8%.
Several communities saw impressive increases in the number of properties sold January through March of this year compared to the same period of time last year. One of the most notable rises in properties sold was seen in Hollywood by the Sea. This neighborhood had 225% more homes sell in Q1 of 2020 with 13 homes sold than in Q1 of 2019 when four homes sold.
Other areas showed upward trends in average property prices. West Malibu saw the most extreme increase in average price, rising by 171.1% from $679,950 through March of 2019 to $1,743,273 through March of this year. Some high-priced sales, including a $3,105,000 sale in Q1, likely influenced this large increase in average price.
Measuring average days on market helps determine the demand in certain neighborhoods. Many communities felt increased demand over the course of Q1 this year. Mission Oaks saw an exceptional decrease in the average time a home spends on the market. Homes in this community spent an average of 51 days on the market during Q1 of 2020 compared to 95 days during the same time period of 2019, a 46.3% drop.
With this information, consumers can make more informed real estate decisions. According to the data, there are still plenty of opportunities to buy and sell homes in Ventura County.