August 2020 Market Update

Here’s what the latest numbers say about our market.

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If you would’ve told me when this COVID-19 pandemic first hit that, four months later, interest rates would be hovering at historic lows (2.5%) and listed properties would be receiving multiple offers, I would’ve said you were crazy. However, that’s exactly what's happening in our Ventura County real estate market. 

Let’s key in on four specific stats:

1. The sales-to-price ratio (how much homes are listed for versus what they sell for)
2. The average days on market (how long homes are taking to sell)
3. Current inventory
4. The median sales price increase since 2019

Conejo Valley (for homes under $1 million):

• Sales-to-price ratio: 99%
• Median sales price: $850,000 (2.41% increase since 2019)
• Less than one month of inventory
• Average days on market: 37 days

Moorpark/Simi Valley:

• Sales-to-price ratio: 100%
• Median sales price: $655,000 (4.38% increase since 2019)
• Just over one month of inventory
• Average days on market: 40 days

Ventura/Oxnard/Camarillo:

• Sales-to-price ratio: 99%
• Median sales price: $621,000 (5.04% increase since 2019)
• Just shy of one month of inventory
• Average days on market: 42 days

The bottom line: It’s a great time to sell your home. It’s also more important than ever to have your home professionally staged and properly marketed. If you’re a buyer, it’s a great time to lock in a historically low interest rate. The market is extremely competitive, so have your pre-approval ready and make your offer quickly. July was a solid month, and August is looking good too. 

Stay safe out there, and if you have any real estate questions or would like to buy or sell a home, don’t hesitate to reach out to us. We’d love to help. ​