It looks like Camarillo's home inventory is finally bottoming out, with the number of homes for sale in November up slightly from 59 homes in October to 61 homes in November.
Condos and townhomes are still experiencing strong demand with inventory increasing slightly from 11 homes in October to 16 townhomes in November. Days on market for Condos and Townhomes increased from from an average 82 days to 122.
Townhomes and Condos are problematic for many first time homebuyers as many of their management companies have failed to apply for or renew their HUD approvals. That means that one of the most popular methods of financing a new home is not available.
Without HUD approval for each condo complex, a new homeowner cannot use an FHA loan. Personally, I think this should be an action item for the City Council in each Ventura County Township. Management companies should be encouraged to provide housing to the standard of HUD approval so more folks can purchase their homes.
For a list of HUD approved condo and townhome complexes please visit the HUD website below.
https://entp.hud.gov/idapp/html/condlook.cfm
The demand for single family housing is continuing strong and in Camarillo the total inventory of homes is beginning to hold near last months levels. Currently we have a total of 77 homes (including townhomes) on the market, down from 277 homes 18 months ago and down from 200 homes this last January.
The result of our very low inventory is that competition for these homes is intense. Multiple offers for each new listing is the norm. By multiple offers, I mean it is not unusual to have 10 offers for a reasonably priced home. Most accepted offers are for above list price - many of which are all cash offers from savvy investors.
In contrast to previous years we are seeing sales of what is considered "mid -priced homes" - homes costing $300,000 to $800,000 up 19% over the last 12 months.
55 homes costing over $800,0000 sold this last October in Ventura County, up 52% from a year ago.
With so few homes on the market and very strong demand, we are seeing prices beginning to rise again. According to a recent Data Quick study, Ventura County Homes have increased in price by 7.5% over the last 12 months. Hopefully, this trend will continue because we need more homes to sell!
Obviously, with rising home prices, more people will be able to refinance their homes to take advantage of historically low interest rates. As prices rise, more people can sell their homes for a profit. Both of these trends are going to help improve our local economy and encourage further new home development.
Call or email me for more detailed market information. (805) 504-0228 or mark@movewest.com .
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