December 8, 2022
Quote of the Day
But like infection is the petty thought; it creeps and hides and wants to be nowhere – until the whole body is decayed and withered by the petty infection.
– Friedrich Nietzsche
This Day in History
December 8, 1982: “Sophie’s Choice” opens in theaters. Directed by Alan J. Pakula (All The President’s Men, The Pelican Brief) and based on a 1979 novel of the same name by William Styron, Sophie’s Choice co-starred Kevin Kline and Peter MacNicol. The “choice” in the film’s title refers to a terrible decision Streep’s character is forced to make, about which of her two children will live or die while in a concentration camp. Streep went on to win a Best Actress Oscar for Sophie’s Choice, firmly establishing herself as one of the greatest actresses of her generation in Hollywood. To date, she has received more Academy Award nominations than any other actor in history.
Streep, who was born on June 22, 1949, in Summit, New Jersey, studied drama at Vassar College and received a master’s degree in fine arts from the Yale University School of Drama. She made her big-screen debut with a small role in 1977’s Julia, starring Jane Fonda and Vanessa Redgrave. Streep received her first Academy Award nomination, in the Best Supporting Actress category, for 1978’s The Deer Hunter. She won her first of many Academy Awards, also in the Best Supporting Actress category, for 1979’s Kramer vs Kramer.
Ojai Weather
Partly cloudy – High 60 / Low 33
Total rainfall for the season – 3.43 inches
Lake Casitas water capacity – 29.8%
Thursday, December 8, 2022
10:55 a.m.
There are two new listings on the market:
1109 Mercer Avenue – $1,350,000
1975 Maricopa Highway #49 – $429,000
Here’s another point of view regarding a potential “housing bubble” from our friends over at REsource.TV.
Pic of the Day
Wednesday, December 7, 2022
9:40 a.m.
There are no new listings for today.
Pic of the Day
Tuesday, December 6, 2022
10:40 a.m.
Recently cancelled or expired listings, back on the market:
410 W. Ojai Avenue – $2,250,000
(Last on the market at $2,300,000 on 11/9/22)
Pic of the Day
Monday, December 5, 2022
1:00 p.m.
No new listings have come to the market since Friday, but there are two prior “coming soon” listings that are now active:
Here’s your real estate market update for Ojai valley listings, including sales that occurred in November 2022:
~ 27 new listings came to the market in November, compared to 28 in October.
~ 17 residential properties sold in November, compared to 13 in October (does not include land parcels, commercial properties, or mobile homes).
~ Of the 17 properties that sold in November, 5 sold above list price, 1 sold at list price, and the remaining properties sold below list price. For comparison, in October, 3 of the 13 listings sold over full price, 2 at list price, and the remaining below list price. The average number of days on the market for properties sold in November was 51 days (32 days in October). (Note: For purposes of these statistics, “list price” is the original list price of the home and does not take into account any subsequent price reductions or increases after the home was initially listed on the market.)
~ The average sales price for homes in November was $1,633,976 while the median sales price was $1,534,654. The lowest sales price for a home in November was $700,000 while the highest sales price was $4,000,000.
~ As of today there are 49 single-family residential homes available on the market (does not include land, commercial property or mobile homes). For comparison, there were 55 active listings on the market on November 3rd (the date of our last market update). Of the 49 active listings on the market at this time, 18 of them are listed under $1,000,000 (there were 21 such listings on November 3rd). If I remove the outlier listing that is priced at $65,000,000 in upper Ojai, the average list price for homes on the market today is $2,182,939 ($1,838,750 in November), while the median listed home price is $1,324,500 ($1,349,000 in November).
~ During the month of November there were 24 price reductions on listings (22 in October). Note: For this metric, price reductions includes ALL types of listings (residential, land, mobile home, commercial) so that you have an overall view of what the entire market is doing.
Though things have settled a bit (e.g., 24 price reductions in November), I still want to point out that five listings closed above list price last month. This is still unusually high. In a “normal” market, we might see one or two of these per month. In addition, though we saw a mortgage rate jump to 7.30% on November 3rd, today we are almost a full-point lower than the previous high for a 30-yr fixed rate mortgage.
Current interest rates:
30-yr fixed: 6.33%
15-yr fixed: 5.78 %
30-yr Jumbo: 5.75%
30-yr FHA: 5.80%
30-yr VA: 5.82%
Pic of the Day
Friday, December 2, 2022
10:50 a.m.
There is a new listing on the market:
2980 Grand Avenue – $2,600,000
Recently cancelled or expired listings, back on the market:
- 407 Bryant Circle #A – $1,575,000 (last listed on 6/29/22 at $1,600,000)
Prior “coming soon” listings now on the market:
Since it appears it will be raining off and on the next few days, I’ll total up the rainfall on Monday. For reference, my rain gauge indicates that we’ve received .61 inches of rain thus far.
Here’s the list of things to do in Ojai; have a splendid weekend!
Pic of the Day
Thursday, December 1, 2022
12:40 p.m.
A comment about today’s “This Day in History:”
Although an instant-classic ballad back in the 80s and early 90s, “Wind Beneath My Wings” quickly became overplayed – not to mention mocked and maligned – as classic wedding fare. But one of my fondest memories as a musician was learning the song on piano so that I could accompany my friend, Raquel, while she sang the song at her sister’s wedding. Raquel had never sung in front of anyone, let alone on stage in front of 200 people. In the months leading up to the wedding, Raquel and I spent hours in my studio as I worked with her on pitch, phonation…and remembering the words. I gave her several mnemonic cues to help her remember the words – and to ease her tension – most of which were humorous and unmentionable here. We had a great time learning together and I recall many moments of laughter throughout the process.
When the wedding day arrived, I hadn’t played in front of a crowd for a couple of years prior to this performance, so I was a bit nervous – but not nearly as nervous as I was for Raquel. It was just Raquel and I on the stage (the band had stepped off while we performed), but as soon as I began playing the opening riff, my performance mentality kicked in and the nerves went away.
I hung on every note she sang…willing her to remember every word…to hit every note. Raquel performed the song flawlessly. By the time we were finished, I felt so much pent-up pride that I could barely contain my enthusiasm as I enveloped her in a great, big bear-hug. Tears had welled-up in her eyes. My ebullience on-stage led her family to erroneously believe that there must have been something “going on” between us. No, I just felt such an immense sense of achievement for her in that moment that I could barely contain myself. It was one of the bravest things I’ve ever seen someone accomplish.
It still gives me goosebumps to this day when I think of it…
There are two new listings on the market:
406 Descanso Avenue – $799,000
1225 S. Rice Road #28 – $159,900
Prior “coming soon” listings now on the market:
Pic of the Day
Wednesday, November 30, 2022
11:40 a.m.
There is a new “coming soon” listing on the market:
413 W. Matilija Street – $1,379,000 (coming soon, 12/2)
Prior “coming soon” listings now on the market:
Pic of the Day
Monday, November 28, 2022
11:30 a.m.
Prior “coming soon” listings now on the market:
Updated interest rates:
30-yr fixed: 6.62%
15-yr fixed: 6.02%
30-yr Jumbo: 5.95%
30-yr FHA: 6.12%
30-yr VA: 6/15%
Pic of the Day
Friday, November 25, 2022
10:30 a.m.
There are four new (or “coming soon”) listings on the market:
325 Descanso Avenue – $1,297,000
950 Woodland Avenue #110 – $223,900
150 Monte Via – $719,000 (coming soon, 11/30)
1225 S. Rice Road #45 – $260,000 (coming soon, 11/26)
Here’s the list of things to do in Ojai!
Pic of the Day
Wednesday, November 23, 2022
9:55 a.m.
There are three new (or “coming soon”) listings on the market:
254 S. Pueblo Avenue – $1,799,000
2728 E. Ojai Avenue – $6,100,000
2980 Grand Avenue – $2,600,000 (coming soon, 12/2)
Wishing you all a happy Thanksgiving; enjoy the long weekend (if you have Friday off)!
Pic of the Day
Tuesday, November 22, 2022
9:45 a.m.
Four new (or “coming soon”) listings have arrived on the market since Friday:
510 Pleasant Avenue – $1,395,000
950 Woodland Avenue #63 – $225,000
165 Ojai Drive – $829,000 (coming soon, 12/9)
699 Highland Drive – $1,300,000 (coming soon, 12/1)
Pic of the Day
Friday, November 18, 2022
10:40 a.m.
There is a new listing on the market:
11262 Sulphur Mountain Road – $1,300,000
Here’s the list of things to do in Ojai; have a nice weekend!
Pic of the Day
Thursday, November 17, 2022
10:55 a.m.
There are two new listings on the market:
2460 Valley Meadow Drive – $2,850,000
62 W. Calle El Prado – $835,000
Prior “coming soon” listings now on the market:
Pic of the Day
Tuesday, November 15, 2022
10:30 a.m.
Five new (or “coming soon”) listings have come to the market since last Friday:
213 Sunset Avenue – $1,125,000
710-718 S. La Luna Avenue – $4,920,000
1186 Forest Avenue – $775,000 (coming soon, 11/30)
(There is no link available for this listing)
1198 Woodland Avenue – $999,000 (coming soon, 11/17)
Pic of the Day
Friday, November 11, 2022
11:30 a.m.
One new listing has come to the market since Wednesday:
170 Don Antonio Way – $279,000
A quick mortgage rate update:
Heading into this week, we knew that yesterday’s Consumer Price Index (CPI) would be critically important. CPI is one of two key inflation reports in the US. It did not disappoint! As inflation has become the dominant force of the financial market, CPI has become the king of economic data. No other economic report has caused more volatility for the bond market. Because bonds dictate interest rates, we can also say CPI has caused just as much volatility in the mortgage world.
As the 10-year Treasury Bond is a key indicator for mortgage interest rates, needless to say, they had a good day yesterday. In fact, they had the best day on record. 10-year yields dropped the most in a single day since 2009.
The BIG question: How long will this continue? One stellar report is only half of the equation. The Fed has been transparent in telling us that it will take consecutive reports for them to ease rate policies. Regardless, today was a big victory in the rate landscape.
[Thanks to Martin Rosenblum at Motif Mortgage for his insight (805) 377-5432.]
Current interest rates:
30-yr fixed: 6.62%
15-yr fixed: 6.00 %
30-yr Jumbo: 6.10%
30-yr FHA: 6.20%
30-yr VA: 6.25%
Here’s the list of things to do in Ojai; have a great weekend!
Pic of the Day
Wednesday, November 9, 2022
10:40 a.m.
There is a new listing on the market:
Pic of the Day
Monday, November 7, 2022
11:55 a.m.
There are five new listings on the market:
2027 Los Encinos Road – $1,395,000
1975 Maricopa Highway #66 – $250,000
Here’s an update on the current state of the market from a mortgage broker’s point of view – and one of the most respected professionals that we recommend – Emily Wilson of Heritage Financial here in Ojai:
Bring on the rain! We’ve received .12 inches thus far according to my rain gauge, with more expected during the day today and tomorrow.
Pic of the Day
Friday, November 4, 2022
10:35 a.m.
There is a new listing on the market:
501 N. Fulton Street – $1,195,000
Starting today, I’ve created an additional category for “new” listings on BBIO. It’s called “Recently cancelled or expired listings, back on the market.”
I’ve created this new category after 11 years of fighting a tactic that could be perceived as manipulating “the system.” This commonly occurs when a listing either cancels or expires, then is brought back to the market as a “new” listing – even though it may have been on the market just a day or two before. It’s a way to trick not only the MLS, but also some third-party websites (such as Redfin and Zillow, etc.) into also thinking it’s a “new” listing, thus bumping the listing “up to the top” so to speak. While an expired listing that comes back on as “new” isn’t necessarily a misleading tactic (after all, some listings just run their course, expire and then come back on the market) – on some listings it appears the agent intentionally omits the “Street,” “Drive,” or “Avenue” designation – which also fools the MLS into thinking it’s a brand new listing. I’ve always bristled at this, and in addition, it tends to screw up important market data metrics by re-setting the “Days on Market” metric back to zero. My intent isn’t to call out any particular office or agent (the occurrence is fairly common), but just to inform you that a “new” listing isn’t necessarily all that new.
As previously noted in the blog, I used to use my judgement as to what qualified as “new” in these scenarios. But it was an undefined and nebulous criteria, which also made me uncomfortable. So from here forward, any such “new” listing will be listed on BBIO under this new category.
Recently cancelled or expired listings, back on the market:
- 915 Bryant Place – $660,000 (expired 9/30/22)
Prior “coming soon” listings now on the market:
I noticed that the Lake Casitas water level went down to 30% today. I’m glad to see that there appears to be rain headed our way (possibly starting late Sunday). I’m hoping we can stave off a reading that begins with 29% over the next few days. Once it gets into the 20% range, that just feels so much worse.
Here’s the list of things to do in Ojai. Have a great weekend!
Pic of the Day
Thursday, November 3, 2022
1:35 p.m.
I’ve got an abundance of info for you today; the daily update, the Ojai Market Data update, and an interest rate update. So buckle up and hang on!
There are two new listings on the market:
1108 S. La Luna Avenue – $2,250,000
It is important to know that the Fed Funds Rate (the thing the Fed “hikes” when you hear about the Fed hiking rates) applies to overnight loans among large financial institutions. The Federal Reserve doesn’t set mortgage rates, and mortgage rates DID NOT go up three-quarters of a percent.
With that in mind, the bond market, which is more closely associated to mortgage rates, has long since assumed the Fed would hike 0.75% today and when the 0.75% hike actually happened, it didn’t have any impact on the rest of the bond market.
As markets were volatile today, the more important events for bonds/rates are yet to come. If Friday’s jobs report shows higher unemployment or if next week’s Consumer Price Index data shows lower inflation, rates could easily find their footing and move lower. Unfortunately, the data can cut both ways (i.e. if it’s stronger than expected, rates would likely move higher).
Current rates:
30-yr fixed: 7.30%
15-yr fixed: 6.75%
30-yr Jumbo: 6.35%
30-yr FHA: 6.82%
30-yr VA: 6.85%
Here’s your real estate market update for Ojai valley listings, including sales that occurred in October:
~ 28 new listings came to the market in October, compared to 34 in September.
~ 13 residential properties sold in October, compared to 19 in September (does not include land parcels, commercial properties, or mobile homes).
~ Of the 13 properties that sold in October, 3 sold above list price, 2 sold at list price, and the remaining properties sold below list price. For comparison, in September, 6 of the 19 listings sold over full price, one at list price, and the remaining below list price. The average number of days on the market for properties sold in October was 32 days (42 in September). (Note: For purposes of these statistics, “list price” is the original list price of the home and does not take into account any subsequent price reductions or increases after the home was initially listed on the market.)
~ The average sales price for homes in October was $2,160,462 while the median sales price was $1,150,000. The lowest sales price for a home in October was $735,000 while the highest sales price was $10,250,000. This sale obviously skewered the averages, especially considering that only 13 properties sold. If I remove the $10,250,000 sale as an outlier, the average sales price for October was $1,486,333 and the median sales price was $1,070,000.
~ As of today there are 55 single-family residential homes available on the market, one of which is in “coming soon” status (does not include land, commercial property or mobile homes). For comparison, there were 63 active listings on the market on October 5th (the date of our last market update). Of the 55 active listings on the market at this time, 21 of them are listed under $1,000,000 (there were 26 such listings on October 5th). If I remove the outlier listing that is priced at $79,900,000 in upper Ojai, the average list price for homes on the market today is $1,838,750 ($1,817,140 in October), while the median listed home price is $1,349,000 ($1,359,500 in October).
~ During the month of October there were 22 price reductions on residential listings (16 in September).
Pic of the Day
Tuesday, November 1, 2022
12:15 p.m.
There is a new “coming soon” listing on the market:
227 S. Montgomery Street – $1,389,000 (coming soon, 11/4)
Prior “coming soon” listings now on the market:
Pic of the Day
