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Where are the Deals?!?!

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Where are the Deals?

Where are the Deals?

 

Posting about reduced inventory has become boring and redundant. Clearly, inventory has and still is plummeting. Ventura is down to 113 listings, down another 40 listings in the last 2 months. Worse yet, the average listing price is rising.  This indicates that most of the sales are in the range under $1,000,000, with listings over $1,000,000 piling up. The market has clearly not caught up to the million-dollar price range yet.

As of today, the median listing price of all Ventura listings is: $499,990

However, the median sales price is: 365,000. On that note though: of those properties sold, the median list price was $364,900 — indicating again that the upper-tier listings are not selling.

Of the 113 listings:

  • 27 are condos
  • 20 are over $1,000,000
  • 66 are single family homes under $1,000,000
  • 70 (~62%) are standard sales
  • 69 have been on the market for more than 50 days (~61%)

This last bullet shows us again: the good deals have sold, what’s left is either overpriced or undesirable / not normal.

So where are the good deals? Well, there are where they’ve always been: in the pipeline. How do we get them? Speed. In this market, there are a huge number of competing buyers. To secure a solid deal, one must be quick / have an accessible agent, be educated in the market, and be ready to pull the trigger. The great deals often sell within 1-3 days of hitting the market.

On a note of frequency: In my personal experience within the last 30 days, I have noticed less good deals hitting the market and less listings hitting the market overall. There appears to be a slight slowdown occurring.

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