There have been many reports regarding an increase in Southern California's 2008 Real Estate activity compare to 2007's Real Estate trends.
This summer, 2008, I was much busier with home buyers' inquiring about properties in Camarillo than last summer. This could be correlated to an increase in bank owned/REO homes for sale and the lower pricing of bank owned/REO homes.
Below is a Comparable Real Estate Market Analysis for Camarillo. The table below demonstrates the number of homes sold and median home prices in the first 9 months of 2008 compared to the number of homes sold and median home prices in the first 9 months of 2007.
|
Period |
Number of homes sold |
Median Price of Homes Sold |
Number of Short Sale Homes Sold |
Number of Bank Owned Homes Sold |
|
From: 01/01/08 To: 09/30/08 |
547 |
$465,500 |
59 |
89 |
|
From: 01/01/07 To: 09/30/07 |
601 |
$580,000 |
8 |
0 |
Source: Ventura County Regional Data Share.
It's amazing to see that there were no bank owned homes sold in the first 9 months of 2007!
The number of homes sold in Camarillo in the first 9 months of 2008 fell by 9% over the same period last year.
Also, the median price of homes sold in Camarillo in the first 9 months of 2008 decreased by 19.75% compared to the same period last year.
See how Ventura County's Real Estate Market performed for the same period.
If you are interested in purchasing a home anywhere in Camarillo, don't hesitate to contact me: (805) 443-8898.
Hi Mana,
I found your numbers interesting. Actually fewer sales in 08 vs. 07. Ours is just the opposite.
mana, very typical for most areas,at least in Michigan.
Mana although your prices are down quite a bit the number of sales is not off by too much. Your numbers are similar to my area of MASS.
Lynda, In our county the number of sales went up, but our city tells a different story.
Missy, I actually was expecting a different outcome. If you listen to the media they tell you number of homes sold this year increased compare to last year. The numbers did increase in our county, but each city tells a different story!
Bill, Very true. However, when you put the % number out people tend to panic! :0)
No REO sales were recorded in 2007 because the REO flag wasn't introduced in the MLS until early 2008. For 2007 you have to search comments or look at some of the other flag. Some people set lender approval for example, or looking at a subset of the vacants, either way the data is imperfect for the time and needs to be massaged to get a true comparison.
Even now there are people not setting the proper flags for short sales and REOs.