Ventura County Real Estate Projections
Ventura County Real Estate Projections
Ventura County is home to a population of almost 1,000,000 people living in about 2,008 square miles. With many outdoor activities, premier access to the coast, and wonderful weather year round, it is no surprise that the real estate market is headed upwards in a positive trend.
Per our Ventura County real estate projections, homes that are hitting the market are selling very quickly. The competitive market is driving potential buyers to make offers within hours or days of seeing a home, in the hopes of having their offer accepted. Many homes like in Moorpark and Simi Valley are seeing buyers engage in bidding wars driving the price of the house upwards, leaving sellers with a greater chance at making a profit.
With the few houses that are on the market being swept up quickly, it has created a problem in the increase of home prices. In 2015 the average home was $500,000 and that jumped to $604,000 in 2019. Home prices are predicted to increase as there is still a heavy demand for homes in Southern California despite the trend of families leaving the state. COVID-19 has certainly had an effect on the availability of homes, with construction developments all across the county being stopped amidst the pandemic. As California reduces restrictions, there is hope that these projects will be able to start up again and be finished quickly.
The increase in finished projects as well as the vaccine distribution starting means that more sellers who opted to not sell during 2020 are considering entering the market. Low mortgage rates have continued, a positive for potential buyers although people’s personal financial situations have certainly been bouncing during the past year under the pandemic. When looking for homes, buyers are looking for more square footage to accommodate working from home and online school spaces, larger and updated kitchens, as well as a private outdoor space.
Ventura County is a wonderful place to raise a family, and we hope that you will consider joining us here. If you are looking for a home for sale in Westlake or a realtor in Moorpark, we hope you will consider us. We love our community and look forward to showing you around.
