May, the third month of the COVID19 ‘new economy’, saw a continuation of the decline in homes sold in Ventura County with a 56% fewer home sales from the year prior (May 2019), with the average home price increasing by 6.8%.
May sales are a reflection of a tightening inventory and reduced ability to show homes throughout Ventura County.
In our practice, we are noticing an influx of interest in Ventura County from other areas, notably Los Angeles area buyers.
Camarillo had a similar trend with homes sale of 56 (down from 87 in May 2019) but prices up to an average of $746,300.
Ojai home sales declined by >50% to 11 with home prices jumping more than 10% to an average sales price of $956,200.
Oxnard home sales were down by 53% to 58 with prices declining 2.5% to $576,000.
Ventura home sales saw a precipitous drop of 60% to 46 sales in May with prices up 17.4% from May 2019 to an average price of $704,500.
Short term forecast: We believe that the economy opening up and summer right ahead will lead to an increase in inventory and the resumption of a more normalized sales trend. Prices should hold steady for the next two months.