SoCal Real Estate Continues to Prosper
As 2013, a prosperous, revelatory and often volatile year in real estate comes to a close, realtors and economists are already forecasting the year ahead. Will 2014 be better for home buyers? Will it ease up for first time buyers as banks begin to lend once again? Will home prices and interest rates continue to rise? Will housing inventory increase?
The big real estate fodder this year has been demand v. supply. And while low housing inventory continued in many Southern California neighborhoods, economy growth in Southern California is spawning building spurts in and around Ventura County. So it’s that time again where we ask: What is the projected outlook for the housing market in 2014?
C.A.R.’s 2014 Housing Forecast
The California Association of REALTORS®’ (C.A.R.) 2014 Housing Market Forecast may shed some light on—if not answer with a 100% guarantee— many of these questions. It turns out that the C.A.R. forecast is indeed a positive one for California. Sales are expected to shift toward primary homebuyers, while both sales and home prices should make further gains. C.A.R. predicted an increase of 3.2% in sales next year; the median home price will jump 6% to $432,800. The Daily Breeze has reported that noted C.A.R. President Don Faught states:
“The housing market has improved over the past year, and we expect this trend to continue into 2014. As the economy enters the fourth year of a modest recovery, we expect to see a strong demand for homeownership. Looking at median sold home prices year-to-year (according to C.A.R.), Los Angeles County has already seen a 23.1% increase; Ventura County has seen a 27.1% increase.”
The 2014 outlook for home sellers is bright as well! Since inventory is still low, it drives demand up and forces buyers to compete. And according to the OCRegister, that outlook should remain favorable for sellers in Southern California at least for the first half of 2014. The report states:
“Realtor economists also project that California home sales will rise 3.2 percent in 2014 to 444,000 sales, the most homes sold in eight years.”
Ventura County, a Leader in Economic Growth…
Mark Schniepp, director of the California Economic Forecast, delivered a speech during the 2013 Ventura County Real Estate & Economic Outlook Conference at the Hyatt Westlake Plaza in Thousand Oaks. According to the Ventura County Star, he said that the real estate market looks promising, specifically for the Ventura County housing market. Schniepp, most importantly, spoke directly to the Conejo Valley in his assessment of how the economy recovery is spreading throughout the neighborhoods and having a direct impact on real estate. Schniepp said, ‘California’s economic momentum won’t be slowing down.’
“As the world economy improves, and as investment in the U.S. picks up once again, California will have a disproportionate share of that improvement…”
He pointed to the fact that in Ventura County specifically, job growth has improved as layoffs decline. In Southern California, Ventura County is a leader in job growth second only to Orange County. As stated at the conference, Conejo Valley firms are expected to hire for technology positions. Economy 101 tells us that a growth in economy will trickle down to the real estate market in the area, Of course the economy and housing market forecast can never be an exact science, but right now things look to be a sweet and steady incline.
Are You a Real Estate Trend SETTER?
If you yearn to be in your dream in 2014, if you consider yourself a trend setter and just know that the time is right now. If you are ready to buy a home in one of the most exclusive Southern California neighborhoods like Westlake Village or Thousand Oaks, contact Lydia Gable today for a consultation and to view home listings.