Low inventory ain't the boss of us!

Dated: August 8 2020

Views: 0

If you’ve asked any expert about this year’s real estate market, I’m sure you’ve heard that “inventory is low.” While this is true, it sounds much more dire than the numbers indicate. Here’s what’s going on in Los Angeles and Ventura counties.

LOS ANGELES: This July there were 17% fewer houses on the market than there were in July of 2019. So, if there were 20 houses to fit your specifications last year, this year you might find only about 16. Still, the number of homes sold only came down by 6%, so the majority of buyers still found what they wanted and secured ultra-low interest rates on their mortgages. Also, the median sales price increased by 8%, so now is still a great time for selling.

VENTURA: This July there were 31% fewer houses on the market than there were in July of 2019. So, if there were 20 houses to fit your specifications last year, this year you might find only about 13. The number of homes sold actually increased by 3%, so neither the low inventory nor COVID-19 has kept Ventura County buyers from fulfilling their dreams. Also, the median sales price increased by 7%, so now is still a great time for selling.

Blog author image

DAVID DUNLAP

As a residential real estate executive with an extensive background in corporate marketing, I am able to apply unusually strong skills in marketing communications, e-marketing, strategic planning and ....

Latest Blog Posts

No reason to wait

Prospective clients often beg off from meeting with me because they think they’re not close enough to the time when they will buy or sell a home. I always push back on their reluctance, not

Read More

When is a salesman not a salesman?

A few months back I was shopping for a good used car, which gave me some fresh experience with the other side of salesperson – prospect conversations. I struck up a pleasant relationship with

Read More

Schrödinger's open house

This week’s revised CDC guidance on mask wearing seems to have thrown the real estate powers-that-be into a tizzy about open houses. Early on Thursday the California Association of Realtors

Read More

When will it end?

Some readers have been wondering whether this summer might reveal a different kind of housing market, because the Coronavirus pandemic is tapering off. Surely now that people are getting vaccinated

Read More