Which Way Is This Market Headed?? For Ventura County Short Sales??

Monday, April 21, 2014

Which Way Is This Market Headed?? For Ventura County Short Sales??

The jump in median home prices in March was somewhat of a surprise given the lackluster sales volume since last summer. This past month, seasonal demand and lack of inventory drove up prices. In addition, higher priced non-distressed properties now comprise nearly 80% of total sales volume, up from 64% a year ago.

California single-family home and condominium sales were up 20.9 percent in March 2014 from February but were down 13.3 percent from March 2013. Both distressed and non-distressed property sales posted gains for the month. March 2014 distressed property sales gained 7.4 percent from February, while non-distressed property sales were up 25.2 percent.

Despite the nice jump in March home sales, sales continue to be slower than we’ve seen since 2008,” The supply of lower-priced distressedproperties is disappearing at a rapid clip and is not being replaced by an adequate supply of non-distressed properties.

The March 2014 median price of a California home hit its highest level since March 2008, rising $16,000, or 4.6 percent, to $366,000 from $350,000 in February. On a year-ago basis, median home prices jumped 13.3 percent. Driving the month-over-month price increase in March was a 25.2 percent increase in the sales volume of higher priced non-distressed properties.

While the decline in negative equity will help with the lack of inventory problem, It is important to keep in mind that nearly 1.2 million California homeowners, or 13.5 percent, remain underwater which continues to create significant headwinds for the California housing market.

Many Ventura County Homes Appreciated by over 20% Last Year. Yours may have now have enough equity to sell without being “Short”.

Pricing your home correctly the FIRST TIME is more important than ever!

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