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Shrinking inventory boosts home prices in Ventura

24 Apr 2013 12:49 PM
Shrinking inventory boosts home prices in Ventura

Homes have been selling quickly in Ventura and other California metros, which has led to fierce competition among buyers and rising prices. According to the Ventura County Star, the tightening buying market has led many people to offer cash for homes or make higher down payments

According to the source, the shrinking inventory isn't helping, either. As home prices continue to rise, many sellers are sitting tight and waiting to list their properties in the hopes of getting the highest possible price. According to Zillow, the number of homes listed for sale has dropped 16.6 percent between February 2012 and 2013, and California metros like Ventura have been leading the way. 

When homes do hit the market, they usually don't stay there for long. In February 2012, the median time it took for a home to sell in Ventura County was 86.5 days, according to the California Association of Realtors. By February 2013, that figure had dropped to 54.2 days.

One reason for this decrease in selling time has been the steady improvement of the state of the Ventura real estate market. Despite being hit hard by the recession, Ventura County has been consistently rebounding and shedding itself of sales price-lowering foreclosed homes. According to the source, there were only 276 foreclosure filings in February 2013, down more than 70 percent on a year-over-year basis. To local economists, this shows that homes are more in demand and consumer optimism is rebounding.

"Homes are getting multiple offers," Mark Schniepp, director of the California Forecast, told the source. "We don't have enough. All boats rise with the tide, and everything's working out."