Ventura County Real Estate Market Update – Q3 2024
Market Overview:Ventura County’s real estate market continues to be shaped by fluctuating rates and low inventory. While buyer activity has softened in some segments, home prices remain steady or show modest increases, particularly in coastal areas.Key Statistics for Q3 2024:
- Median Sales Price: The countywide median sales price is $865,000, showing a 2.6% increase from the previous quarter.
- Homes Sold: The total number of homes sold increased from 1459 to 1,524 homes sold in Q3.
- Average Days on Market (DOM): The average DOM increased to 32 days, a slight rise from Q2’s 26 days.
Price by Area:
- Ventura: The median home price reached $879,000, a 2.6% increase year-over-year.
- Oxnard: Prices in Oxnard increased to $1.3M, up 6%, with strong interest in beachside communities.
- Simi Valley: Simi Valley saw moderate appreciation, with the median price now at $849,000, a 4.5% rise from last year.
- Moorpark: The median price in Moorpark is $978,000, which is a significant increase year over year.
- Thousand Oaks: The median price for homes in Thousand Oaks is now $1.2M, continuing its steady climb with a 4% increase.
Inventory and Listings:
- Inventory saw a 5% increase from Q2, though the market remains tight with just 2.1 months of supply. The bump in listings has provided more options for buyers, but competition remains high in desirable areas such as Silver Strand Beach, Simi Valley, and Moorpark.
Interest Rates Impact:
- Mortgage rates averaged around 7%, which has slowed activity in the $600K-$900K price range.
Looking Ahead to Q4 2024:
- Expect continued moderate price appreciation, particularly in suburban areas like Simi Valley and Moorpark, where demand for family homes remains strong.