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.