The first half of 2011 has ended and it looks as though the housing market will not be leading an economic recovery this year. There is some good news to report though. The decline in home prices over the last few years is making purchasing a home more attractive than it has been for a long time. The summer buying season is off to a hot start. We sold our two most recent properties in less than 30 days.
Housing supply, the number of homes for sale, is at is lowest level in more than 2 years, with less than two months supply available. The median price in June 2011 was $537,000 however if you remove Westlake Village from our report, the median home price fell to $495,000 the same as this time last year. See charts below.
Rent or Buy
Using the median price from above, if you purchased a home with 5% down your net after tax payment would be $2088 compared to renting, where you will pay anywhere from $2300-3000. See our Sample Rent vs Buy report. Homeownership may be making financial sense again when compared to renting.
Where Are All The Buyers
The housing numbers are providing some insight into what is happening in the market. One interesting stat, 136 properties expired last month with no offers. What does this mean ? Every property listed with a real estate brokerage needs to have an end date to the listing. The Ventura County MLS tracks this data. The 136 expired properties was up 92% from June 2010. This either tell us properties are overpriced, in poor condition, or there just aren’t any buyers. Probably a combination of the three. A lot of people just aren’t able to buy or are unaware that they can buy for as little as 3% down.
Sales Trends Single Family Homes Conejo & Simi Valley-Moorpark
The majority of properties sold were in the $350,000-$600,000 price range, 481 homes. Prices rose 2. 9% over the previous 180 day period. On average the homes were 4 bedroom 3 baths with just under 2000 sqft. The avg price per square foot was $237.00. Interestingly enough when compared to the previous period, the price per square foot fell almost 7% from $251.00. Prices increased slightly but buyers are getting more for their money. Prices increased in all market segments except homes priced between $850,000-$1,100,000 where there was a drop of 6.1%. See Charts and Graphs Below.
Are you ready to buy or sell ? If you are please contact our office for a free consultation.
Real Estate Market Charts and Information