April 8, 2015 Lydia Gable

First Quarter Housing Market Update – 2015

 

R.E. Market Update – March 2015

Late 2014 and early 2015 saw some slowdown in the housing market, but it looks like hope springs eternal. April and May could bring much needed relief. Spring is typically a busy time anyway for home buying but we aren’t quite there yet, numbers-wise. In any event, as I have reported for the past few years, here is my housing market update for the first quarter of 2015.

The first quarter report, according to DataQuick saw a marginal improvement month to month –  “an estimated 25,585 new and existing houses and condos sold in California in February 2015, a one percent increase from January 2015.”  Although this percentage is not up or even close to the numbers from 2014, California Association of Realtors (C.A.R) President Chris Kutzkey, says there are encouraging signs. Krutzkey seems to be of the motto, improvement is improvement regardless if it’s year to year or a simple incline from a dip the previous month. He says:

While February’s statewide improvement in the housing market was moderate, it’s an encouraging sign, nevertheless, as we head into the spring home-buying season. On the supply side, housing inventory improved overall with active listings growing at a faster pace of 5.3 percent when compared to last February.  Regionally, both active listings in Southern California and Central Valley increased moderately from last year.

Home Sales in Ventura County

Regionally, in Ventura County the median sold price of existing single-family homes is up for the most part. While the number is not up from February in a month to month comparison, it’s up since last year and compares favorably to most of the counties in Southern California. See the numbers chart from C.A.R.

Los Angeles

$419,260

$441,610

$389,080

-5.1%

7.8%

-0.3%

-3.2%

Orange County

$680,290

$674,340

$677,700

0.9%

0.4%

10.9%

6.3%

Riverside County

$323,220

$306,060

$302,370

5.6%

6.9%

4.3%

-7.7%

San Bernardino

$213,930

$206,660

$186,440

r

3.5%

14.7%

-7.8%

-0.6%

San Diego

$499,000

$496,380

$476,780

0.5%

4.7%

14.8%

5.7%

Ventura

$568,840

$582,630

$558,490

-2.4%

1.9%

-1.7%

6.4%

CoreLogic analyst Andrew LePage told the Los Angeles Times last week in an article titled, Southern California home prices rise, sales fall in February, that Spring has not quite sprung yet for the housing market – the true tale will be in the inventory numbers. Said LePage:

This feels a lot like early 2014, with home sales off to a slow start. And just like a year ago, one of the big questions hanging over the market is whether we’ll see a sizable jump in inventory this spring and summer.

Says the Times, however, not to fret, C.A.R. reports that there is some good signs on the inventory front. On Monday, C.A.R. reported 5.8 months worth of homes unsold on the market in Southern California, just shy of the six months that economists consider “normal” supply.

The Times also reports the strongest growth is in Riverside County, not surprising since the Millennials have a great impact there and have started buying as I reported in an earlier article from my blog. Also, San Bernardino County hit yearly highs, as did Ventura County where sales grew by 9.8%. Yay us…

Spring Home Buying…

In Westlake Village, Agoura Hills and Thousand Oaks, there has definitely been a surge of activity in the housing market especially as spring approached. As early as March, we started experiencing multiple offers on well-priced updated homes.  Inventory is still low, but it is starting to increase slowly.  The interest rates are low – good homes are definitely moving quickly!

Spring has sprung! Typically a busy season, if you’re ready to buy or sell, there is no time like the present. Don’t wait for an analyst to say it’s time, jump in now. You could be in your dream house by summer! And no matter what the “numbers” say, there is no better feeling than coming home.

Lydia Gable is a 2015 Quality Service Certified® Platinum Realtor in Westlake Village. Her proven track record and satisfied clients make her Ventura County’s top ranked real estate agent. If you are interested in viewing properties or listing your home, contact Lydia Gable today for an appointment.

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