Home Sales Surge in 2013 with Ventura County’s Limited Housing Inventory

Despite limited listings, 2013 was a great year to be a seller in the Ventura County residential real estate market. Last year, due to the limited supply of homes on the market, there were at times as many as 15 offers per home, which in turn raised the median sales price per home. Competition from investors has dwindled as the inventory levels have dried up. Prices are still on the rise, but not as quickly as they were at different points throughout last year.

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DataQuick Information Systems posted its December figures Tuesday, the final piece in a full year’s data set for 2013. The median price paid for a home in Ventura County averaged $428,188 last year, up nearly 20 percent from $357,000 in 2012. There were 9,947 new and resale houses and condos that sold, down 0.6 percent from 2012.

The median sales price for new and resale houses and condos in the county last month was $449,500, climbing 21.5 percent from 2012. There were 765 sales, down 11.7 percent over the year.

In Southern California — Ventura, Los Angeles, Riverside, San Diego, San Bernardino and Orange counties — the median price paid last month rose to a 2013 peak of $395,000, which was also the highest for any month since February 2008.

Home sales in the six-county region fell to a six-year low for the month of December. A total of 18,415 new and resale houses and condos sold in the Southern California region last month down 9.2 percent from 20,274 a year ago.
The inadequate inventory levels have made it difficult for buyers to find lower-priced homes to purchase, DataQuick reports. The number of Southland homes that sold below $200,000 last month dropped 45.6 percent year-over-year and homes selling for under $300,000 fell 38 percent. Meanwhile, year-over-year sales rose across the board for homes priced above $300,000.

Looking ahead, Janet Dorsey, Ventura branch manager for Coldwell Banker Residential Brokerage, said January could prove to be extremely light on closed sales due in part to current inventory levels. She believes that county’s luxury market inventory levels are up, but said there’s little available for under $350,000.

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