Ventura Market Update Q2 2021
Finally, a chance for buyers and sellers.
It’s been one year since the COVID-induced freeze on real estate ended and the market experienced a record-breaking turnaround. Balancing coastal living with affordability, Ventura County has attracted those in search of ocean breezes, open space, and lower prices, creating hot spots in both our suburbs and unlikely exurbs.
As we compare the second quarter of 2021 to that of the previous year, Ventura County seems to be relaxing just a little after what has felt like neverending “historic highs” - presenting previously discouraged buyers their best window since the market’s exponential surge.
In Ventura, days on the market showed how fast buyers move. Backed by over-asking offers, those who were able to secure a property did so with strong competition. Homes sold 45 days faster compared to last year’s second quarter, with inventory dropping by 19%. With demand exceeding supply, Ventura’s average sold price increased from last year’s $776,761 to this year’s $864,051, favoring sellers looking to downsize and get the best results from the market.
Compared to other neighborhoods in Ventura County, Ojai has seen the most gradual changes compared to July of last year. With average sale prices stabilizing around $1.6M and a 29% increase in the number of new listings, Ojai’s market has calmed down enough to give buyers more options and stronger opportunities for success. After record highs last year, Ojai’s average list price actually dipped 29% to $1,510,083 in July.
Camarillo continues to quickly appreciate in overall value, with less than 38 new listings compared to last year and a 19% increase in average sold price resting at $854,820. Inventory constraints continue to result in multiple offers and bidding wars as standard operating procedures. However, increases hint at slowly normalizing from the hot conditions we experienced at the height of the pandemic, with averages slightly moderating as we transition from peak home-buying season into the fall.
In Oxnard, the average time on the market fell from 96 to 22 days in a whopping 77% decrease suggesting that high offers were submitted, likely waving home inspections and other key contingencies to fight strong competition. Inventory mirrored last year, while the number of sales fell by 16%. Compared to Q2 of 2020, the average sold price rose by an impressive 13% at $827,008, contrasting Oxnard’s year-over-year sold price of $637,341 in 2019 -2020.
Looking Forward…
California’s population declined for the first time since 1850, stirring exaggerated rumors of a statewide exodus. At the same time, an overlooked migration had been taking place with ripple effects stretching to Ventura County: big cities are losing residents, and suburbs are seeing rapid gains. This shift is fueling a competitive market in areas long-ignored by urban dwellers, transforming California’s smallest communities into boomtowns.
In the second quarter of 2021, the market has slowed, leaving more options for prospective buyers. Although competition remains robust, Ventura County is leveling off to numbers more familiar to what we’ve seen in past years.