The supply of Ventura County rental properties, homes and condos in select regional cities, priced between $1,000 and $6,000 has jumped dramatically in the last two weeks. We typically publish these reports in the middle of the month. After reviewing the data we noticed a discrepancy and thought let’s re-check the numbers. The chart and table below shows the supply as of May 31st and two weeks later on June 15th. A large portion of the new supply can be attributed to expiring leases that weren’t renewed. However, it is an increase. We have a large pool of tenants we can’t find properties for. A lot of our well qualified applicants are having to wait since supply of quality properties is limited.
Outlook For The Coming Months
We expect supply to pick up some as more investors are purchasing properties at Foreclosure auction. The number of properties sold to third parties jumped almost 2% in May. We have seen quiet a few great deals come through. For example a single family home that had a mortgage balance of over $650,000 was discounted at Trustee sale to $360,000. Estimated re- sale value $450,000. Our next article will talk about the options available to investors and first time buyers today.
|Cities||June 15th||Avg Price||May 31st||Avg Price|
|Total and Avg||393||$2,221||243||$2,241|