Ventura County Homes Sales Rise During The First Quarter of 2008
Some folks just seem to feel nothing good can happen this year in Real Estate. I feel that there have been positive things happening since January, especially if you are a home buyer. Each month since the beginning of January we have seen a continued fall in home prices, generally low interest rates and increasing home sales month over month.
No one can foretell the future, and it is likely these trends may weaken and strength again as the year progresses. We don't really see the kind of numbers that would indicate a full recovery is in place. However, there are some rather compelling indicators from a variety of sources that indicate continued positive pressures on our markets since the start of the year.
Nationwide, the Office of Federal Housing Enterprise Oversight is a Federal Government agency which tracks price movement in a portfolio of millions of homes financed & refinanced through Fannie Mae and Freddie Mac. OFHEO reported that in March'08 we experienced a six tenths percent gain in average home values nationwide. This is admittedly not a huge gain, but it is positive news for our market.
Of less widespread knowledge, is the fact that condominium sales jumped 3.7% in February, and 3.6% in March, Nationwide.
The Mortgage Bankers Association of America reports that thirty year fixed mortgages average 6.04% & 15 year mortgages average 5.6% for March'08.
According to Freddie Mac, ADJUSTABLE mortgage interest rates averaged 5.12%, down from 5.44% in March 2007.
The National Association of Realtors reported that the median price of home sales in March rose to $200,700. This is up from a revised $195,600 in February.
On the state level in California, The California Association of Realtors reports that for March'08, the median home price fell 1.3 percent compared to February'08. CAR also reports that the unsold inventory of homes in March'08 was at 11.6 months. That's a lot of homes and a lot of pressure on home sellers to compete for the attention of qualified buyers.
For those of you who do not trust CAR figures, DataQuick.com offers the following positive real estate trend information for buyers in California.
Sales in California are up 19.8% in March'08 from the previous month. Not surprisingly, 38.4% were foreclosure sales. Median home prices continue to fall in March, down from February's $373,000 and additional 4% to March's $358,000.
The following is a quote from Data Quick. "Around half the drop in median is due to shifts in the types of homes selling, and how those homes are financed. Last month 14.4 % of the state's (California) financed home purchases were purchased with "jumbo loans" over $417,000. A year ago it was 38.4%.
The typical mortgage payment that home buyers committed themselves to paying last month (March'08)was $1,606. That was down from $1,665 in February'08, and down from $2,230 for March a year ago.
Adjusted for inflation, mortgage payments are back to where they were four years ago. They are 20.3%below the Spring 1989 peak of the prior real estate cycle. They are 35.7% below the current cycle's peak of June 2006."
Locally, CAR indicates Ventura County home sales increased for the third straight month by 15.7%in March over February's sales. The percent change in sales price is down once again by 3.1% in March. The median home price in Ventura County fell an amazing 25% from Mar'07 at $672,550 to Mar'08at $504,210.
These are not very encouraging numbers if you are a seller. There are likely many months more of falling home prices & restrictive loan requirements. However, for qualified home buyers, the low interest rates, huge home selection and considerably reduced home prices are providing some remarkable opportunities.
You are invited to explore the latest in Video Real Estate News and Information at http://www.RealtyTimes.com/REUv/MarkThorngren. Produced and updated daily, it provides comprehensive upbeat information on the latest developments in our fast changing market.
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Mark Thorngren htttp://www.markthorngren.com
Camarillo is a showpiece for Ventura County. A very upscale town of 63,000 people, with summer "Concerts in the Park", Frequent community events and celebrations, this town has an abundance of attractions. LA is an hour South and separated by a mountain range. Beach and harbor activities are available within a few minutes drive for boaters, swimmers, divers or a romantic dining experience at one of our many premium restaurants. Camarillo has it's own premium outlet mall for upscale shopping at discount prices. Hiking, horseback riding, off-road biking, ATV exploring and fishing are all within an hours drive at scores of State Parks and National Recreation Areas. Take a boat trip out to the Channel Islands for a unique camping or hiking experience, or observe the twice a year dolphin and whale migration back and forth to Mexico. Single family detached homes begin in the 500K range. Premium Townhomes and Condominiums begin in the 350 to 450K range.
For additional information on most Ventura County towns please explore http://realtytimes.com/rtmcrmember/markthorngren Visit my website at www.markthorngren.com to search our local market offerings for free! You may access the Camarillo Chamber of Commerce and the Official City Websites from the Resource Center of my Website. http://www.SearchCamarilloHomes.com. Just click on the Home Buyers Tab.
I have added some new features to my website which allow you to check home sales in your neighborhood, receive free reports on real estate topics, and even study a few of my recent blogs.
Enjoy! Mark Thorngren www.markthorngren.com
ZIP Code: 93010 Approximate Location Boundaries: Camarillo straddles the 101 highway West of Thousand Oaks/Newbury park and East of Oxnard. Stick a pin on a roadmap showing the 101 between LA and Santa Barbara and Camarillo will be right in the middle.
Location Characteristics: Mild Mediterranean Climate year round. Excellent schools and 20 minutes from the beach. No smog, great shopping and friendly small town feel. Qualified home buyers are experiencing some wonderful opportunities right now. Lowered home prices, good interest rates and new, higher conforming loan limits for FHA loans are bringing many investors into our market as well. Visit my daily news update at Visit my daily news update at www.MarkThorngren.htm to check for interest rates and the latest market news.
About Mark Thorngren:
I am a "By Referral Only" Real Estate Consultant - which means your needs are my #1 priority. My Business is referral based so that I can spend more time helping folks to find the perfect home, and much less time marketing my services. My goal is to provide exceptional service to you for life. Buying a home is a process which we work hard to make an enjoyable experience. Compare a limousine ride to a taxi cab fare. We want your trip through the home buying process to be comfortable, informative and memorable. We won't "drop you off "and abandon you after we find your perfect dream home. We will make your "ride" smooth and secure - with door to door service. As your Consultant, I will ask you profound, insightful questions to help you discover your greatest needs. I will offer you strategies to save you money, time and effort. As your Negotiator I will be tenacious and thorough in pursuing the best terms and conditions for your home budget. As your Administrator I will carefully oversee all your transactional paperwork, inspections, disclosures and liability issues. I will drain away your stress & strain. It is important that you know that I do have time for you, your family, your friends and business associates and people you like - who could use my help right now.
For free recorded real estate information you are invited to call 1 (866) 345-7028 or dial extension 120 for a client recommendation. Please visit my website at www.markthorngren.com to research all your home needs.
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