Note: Some of the links in the table below may take you to a blank page with the verbiage, “This is not a valid link.” These links have expired from the Ventura MLS and are no longer accessible. Ojai MLS links are not affected in this way.
November 1, 2017
Here’s your Ojai Market Data for the past month (data from 10/1/17 through 10/31/17):
- 28 new listings came on the market; 17 (an amazing 61%) of these new listings are either pending sales or have already closed. Last month we saw 45 new listings come on the market; 10 of them were pending or closed sales as of the date of our update.
- 17 properties sold and closed (28 last month) – at an average of 95.76% of the original listing price when the property first came on the market (this figure was 94.82% last month). Of the 17 properties that sold, 5 offers were at full price and 2 offers were over full price (last month there were 4 full price offers and 3 over full price).
- The average listing was on the market for 97 days (110 days last month).
- There are currently 145 active listings on the market, not including properties currently listed as pending sales. (There were 166 active listings last month.)
Ojai sales-to-list price percentages, 10/1/17 through 10/31/17
Here’s the list of the 17 properties that sold and closed last month, including the original list price (when each property first came on the market), the final sales price, and the sales-to-list price percentage.
Ojai Market Data – October, 2016 through October, 2017
October was an extremely slow month, with only 28 new listings and 17 listings closed. At the start of last month we were at 166 active listings, so we were hoping more inventory would pop up to get that number closer to 180; we instead slid back down to 145 active listings.
Despite the slow month, Freddie Mac, Fannie Mae, and MBA are projecting next year’s Single Family Home Sales to go up from 6.2 million homes in 2017 to an average of 6.53 million homes in 2018. One of the factors that may be limiting the amount of new listings coming to market is that prospective sellers are unsure what they will be able to buy if they sell their homes. The low inventory is feeding this concern, which in turn spurs sellers into holding on to their properties, waiting for the market to pick up. 10.6% of homeowners have insufficient or negative equity in their homes, which would make selling their homes nearly impossible. For many other homeowners (11.3% of them) their existing mortgage rate is lower than the current mortgage rate, making it unlikely that they’d sell their home now and take on higher interest rates. (Source: First American)
As you likely know, mortgage rates will be going up a bit in the coming months. Here’s what’s projected:
So all in all, the market is still strong and is projected to stay that way for a while. But we’re still shouting the same thing: