An update from the front of the real estate trenches for buyers and sellers:
Between April 2, 2014 & October 21, 2014, housing inventory has risen:
This rise in inventory was likely due to a market of sellers who saw a dramatic increase in prices at the start of 2013 — which gains only became realized in the year-over-year figures in 2014 (once the news reports hit the stands). Most of the price gains in 2013 occurred in March and April, which explains why inventory began dramatically rising in April of 2014 (when the news reports of year-over-year data began hitting). While the market anticipated a similar jump in prices, the median price from April 2, 2014 to October 21, 2014 have changed:
Ventura: +4.95% increase in median price.
Camarillo: -8.5% decrease in median price.
Oxnard: -9% decrease in median price.
From the inventory highs in October, inventory from October 21, 2014 to November 16, 2014 has fallen:
So: Prices are mixed over the last 6-month period and housing inventory is down. Is this a seasonal decrease in housing inventory? Or are buyers starting to pickup on the fact that prices are relatively inexpensive (compared to previous sales) and the fear of interest-rate increases may becoming more palatable. The rate increase fear has been a fear for years, but will it finally come to fruition?
Post written by Realtor Kevin Paffrath at “Meet Kevin“, the amazing real estate agent and brokerage serving Ventura County and writing for home buyers, sellers, investors, and anyone with an interest in real estate.