Ventura County Micromarket Report
Each neighborhood in California is unique and so are their real estate market. Check out the latest LIV Sotheby’s International Realty Micro Market Report to see how your neighborhood performed in Q2 2021 compared to other Ventura County communities.
The Ventura County real estate market showed no signs of slowing at the halfway mark of the 2021 year. Offering a unique balance of California coastal living with affordability, it’s no wonder over 4,600 households have chosen to move to or within Ventura County since the beginning of the year – a marked 44.6% increase in the number of homes sold compared Q2 2020.
County wide, property values have also risen commensurately with market reports showing single family home sale prices are up 23.4%, now $1,033,731 compared to an average price of $837,890 in 2020. Similarly homes sold in Q2 2021 moved off the market twice as fast as previous years’ sales, spending just 34 days on the market on average, down from 71 days in 2020 and 67 days in 2019.
Several of the micro-markets that comprise this region reported similar metrics:
The Ventura south beach neighborhoods of Pierpont and the Keys reported a 43.8% increase in average sale prices in Q2 2021 and homes moved off the market 62.9% faster. The number of properties sold in the south beach neighborhoods also more than doubled from 21 homes sold from Q1-Q2 2020 to 44 sold in the same time period this year.
Oxnard’s River Ridge neighborhood saw average sale prices increase by 20.5%, now $809,777 compared to $672,000 in the second quarter of 2020. Homes also sold 83.1% faster, or in other words, homes sold in just 23 days versus an average 136 days on market for River Ridge home sales in 2020.
Twice as many homes sold in Ojai’s Meiners Oaks community this quarter compared to Q2 last year. Average sale prices likewise increased by 63.3% to a new average of $953,206 over last year’s average of $583,667.
The number of homes sold in Ojai’s Downtown region increased by 46.8% in the second quarter of 2021 and at speeds 36.1% faster than home sales in 2020. Home values also increased by an average of 27.8% year over year.
The county’s luxury sector also saw significant changes in 2021. The number of $1M+ property sales more than doubled from 456 sold in 2020 to 1,085 in 2021. By comparison, the number of $1M+ homes sold in Q2 2019 was 439, Q2 2018 was 508, and Q2 2017 was 476. Luxury home values by square foot also increased by 13.4% in 2021 over 2020 meaning a 3,000 square foot home that would have sold for approx. $1,452,000 in 2020 would now sell for $1,647,000 in 2021, an appreciation of almost $200,000 in just 12 months. The average days on market for $1M+ properties also changed drastically with homes selling 54.9% faster in 2021, or in other words just 55 days down from 122 on average in 2020.
If you are interested in selling or buying, please reach out to your local LIV Sotheby’s International Realty agent to see how the current market conditions may affect you.