August 5, 2022
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Quote of the Day
The human race has had long experience and a fine tradition in surviving adversity. But we now face a task for which we have little experience, the task of surviving prosperity.
– Alan Gregg
This Day in History
August 5, 1962: Marilyn Monroe dies. On this day in 1962, movie actress Marilyn Monroe is found dead in her home in Los Angeles. She was discovered lying nude on her bed, face down, with a telephone in one hand. Empty bottles of pills, prescribed to treat her depression, were littered around the room. After a brief investigation, Los Angeles police concluded that her death was “caused by a self-administered overdose of sedative drugs and that the mode of death is probable suicide.”
In recent decades, there have been a number of conspiracy theories about her death, most of which contend that she was murdered by John and/or Robert Kennedy, with whom she allegedly had love affairs. These theories claim that the Kennedys killed her (or had her killed) because they feared she would make public their love affairs and other government secrets she was gathering. On August 4, 1962, Robert Kennedy, then attorney general in his older brother’s cabinet was, in fact, in Los Angeles. Two decades after the fact, Monroe’s housekeeper, Eunice Murray, announced for the first time that the attorney general had visited Marilyn on the night of her death and quarreled with her, but the reliability of these and other statements made by Murray are questionable.
Decades after her death, Marilyn Monroe remains a major cultural icon.
[Reminder about This Day in History: These are culled from History.com, and I typically edit them for length and/or brevity – I don’t write them myself. I used to link directly to their website, but found that their site typically has anywhere from 30 to 100 background ads or data gathering events that occur every time you open their page. – Ray]
Ojai Weather
Cloudy, then mostly sunny – High 89 / Low 63
Lake Casitas water capacity – 32.1%
Friday, August 5, 2022
12:30 p.m.
There are four new listings on the market (since Wednesday):
601 Good Hope Street – $519,000
Prior “coming soon” listings now on the market:
This isn’t Ojai-related, but congrats to our client/buyer who had their offer accepted on 565 Arbol Verde in Carpinteria! (You think the Ojai market is insane? Have I got a story for you!) Finally, here’s the list of things to do in Ojai. Have a great weekend!
Pic of the Day
Wednesday, August 3, 2022
12:55 p.m.
There is a new “coming soon” listing on the market:
75 Andrus Street – $699,000 (coming soon, 8/22)
Here’s your real estate market update for Ojai listings, including sales that occurred in July:
- 35 new residential listings came to the market in July, compared to 46 in June.
- 11 residential properties sold in July, compared to 21 in June (does not include land parcels, commercial properties, or mobile homes.
- Of the 11 properties that sold in July, 7 were sold above list price, 1 sold at list price and the remaining 3 sold below list price (73% of the sales that closed in July were above or at list price). For comparison, in June 13 listings sold over full price, 4 at list price, and the remaining below list price. (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 July was $1,223,191, while the median sales price was $1,100,000. The lowest sales price for a home in July was $659,000, while the highest sales price was $2,575,000.
- As of today there are 51 single-family residential homes available on the market, one of which is under “coming soon” status (does not include land, commercial property or mobile homes). For comparison, there were 47 active listings on the market on July 5th (the date of our last market update). Of the 51 active listings on the market at this time, 21 of them are listed under $1,000,000 (there were 16 such listings in July). 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 $1,862,743 ($1,869,323 in July), while the median listed home price is $1,399,000 ($1,425,000 July).
- Outwardly, it looks as though the market is going “down.” However, the largest reason the average listing and sales prices have dropped so much is due to the fact that there are many more homes listed under $1,000,000 these days (41% of the current listings). Back in February and March, these percentages were 19% and 20%, respectively.
- While the number of July closings was quite low, we are still seeing overbids and multiple offers on most of the properties on the market. Also to note, the market typically slows a bit over the summer.
Pic of the Day
Tuesday, August 2, 2022
11:10 a.m.
One new listing has come to the market since last Friday:
1188 Fierro Drive – $1,229,000
Pic of the Day
Friday, July 29, 2022
10:05 a.m.
There are five new listings on the market:
609 Canada Streeet #H – $555,000
2046 Valley Meadow Drive – $975,000
Prior “coming soon” listings now on the market:
Here’s the list of things to do in Ojai; have a wonderful weekend!
Pic of the Day
Thursday, July 28, 2022
10:05 a.m.
There are four new listings on (or coming to) the market:
1109 Mercer Street – $1,278,000
309 N. Fulton Street – $1,549,000 (coming soon, 7/29)
610 Grand Avenue – $1,971,000 (coming soon, 8/15)
Pic of the Day
Tuesday, July 26, 2022
10:55 a.m.
There are two new listings on the market:
3298 Maricopa Highway – $1,115,000
Congrats to our clients/sellers who had their offer accepted on 1139 Anita Avenue! We did receive multiple offers on this one, so at the moment the market still appears to be robust.
Pic of the Day
Friday, July 22, 2022
11:20 a.m.
There is a new listing on the market:
A brief market update: Recent interest rates have been volatile, homes sales are slowing, there’s been a slight increase in inventory, and sellers are still looking for top dollar. Has any of this translated to lower prices? Not yet…
As home prices again hit an all-time high (median homes prices were up 13.4% in June), sales fell for the fifth month in a row, down 14.2% from a year ago. In simple economics, when prices get too high, that should soften demand, which normally forces prices down. We are now in that awkward moment when neither buyers nor sellers are all that happy. Mortgage rates are double what they were a year ago, inventory has improved slightly but remains historically tight, and sellers may have gotten too greedy, expecting sales within days of listing.
A combination of higher prices and higher mortgage rates clearly has shifted the dynamics in the housing market. Even though home sales have slowed, the market remains somewhat brisk. But sellers should take note, this brisk time on the market is not likely to last. As for buyers, there will still be a longstanding shortage of housing, pricing some out of buying and being forced to rent instead.
Due to numerous factors, we are heading into a “normalization” period where today’s interest rates are here to stay for a while (rates are down significantly this week). And while home sales are “down” and appreciation rates have “lowered,” this does not translate to depreciating home values. Now is still a good time to buy! [Thanks to Martin Roseblum of Motif Mortgage (805-377-5432) for providing his helpful insight.]
Interest Rates
30-year fixed: 5.500%
30-year fixed (high balance): 5.628%
FHA/VA: 4.750%
Jumbo: 5.250%
Here’s the list of things to do in Ojai; enjoy the weekend!
Pic of the Day
Thursday, July 21, 2022
9:50 a.m.
One new listing has come to the market since Tuesday:
4685 Grand Avenue – $2,950,000
Pic of the Day
♫ Sopt! In the name of vole,
Before you brake my harte… ♫
Tuesday, July 19, 2022
10:30 a.m.
There is a new listing on the market:
406 Descanso Avenue – $995,000
Pic of the Day
Monday, July 18, 2022
11:10 a.m.
There are five new listings on the market:
10470 N. Karen Avenue – $875,000
10578 Almond Avenue – $814,900
950 Woodland Avenue #43 – $275,000
1400 Maricopa Highway – $1,750,000
Prior “coming soon” listings on the market:
A quick check of the residential listings reveals that there are currently 56 active properties on the market in the Ojai valley (meaning they aren’t under contract). It’s a good sign that more inventory is cropping up, but this (along with the economy, interest rates, etc.) could mean that we’ll start to see property values increasing at a slower rate over the several months. (Note, I did NOT state property values would decrease!)
Pic of the Day
Friday, July 15, 2022
8:35 a.m.
There is a new listing on the market, and it happens to be ours. 1139 Anita Avenue is a 3 bedroom / 3 bathroom, 1,340 sq. ft. home with a fully permitted attached studio (908 sq. ft. for the main house, 432 sq. ft. for the studio). It’s listed at $799,000 – and you can catch a sneak preview of it this morning from 9:30 to 12:00. It will also be available to see during open houses this Saturday and Sunday from 1:00 to 4:00 p.m.
Prior “coming soon” listings now on the market:
- 2340 Burnham Road – $1,050,000
- 217 Carrillo Road – $899,000
- 487 Montana Circle – $1,695,000
- 203 N. Carrillo Road #B – $750,000
Here’s the list of things to do in Ojai; have a great weekend!
Pic of the Day
Thursday, July 14, 2022
10:15 a.m.
There are six new listings on (or coming to) the market:
203 N. Carrillo Road #B – $750,000
566 Avenida De La Vereda – $1,399,000
(This was last on the market 5/20/22)
217 Carrillo Road – $899,000 (coming soon, 7/15)
2340 Burnham Road – $1,050,000 (coming soon, 7/15)
125 El Camino Drive – $775,000 (coming soon, 7/18)
487 Montana Circle – $1,695,000 (coming soon, 7/15)
Prior “coming soon” listings now on the market:
Pic of the Day
♫ (Because your kitsch) your kitsch is on my Liszt,
(Because your kitsch) your kitsch I can’t resist,
Because your kitsch is on my Liszt.. ♫
Tuesday, July 12, 2022
10:35 a.m.
There is a new listing on the market:
214 Avenida Del Recreo – $899,000
Prior “coming soon” listings now on the market:
Pic of the Day
Monday, July 11, 2022
11:35 a.m.
There are two new listings on (or coming to) the market:
214 Topa Topa Drive – $1,275,000 (coming soon, 7/12)
Pic of the Day
Friday, July 8, 2022
11:45 a.m.
There is a new listing on the market:
658 S. La Luna Avenue – $2,095,000
Prior “coming soon” listings now on the market:
Have a great weekend; here’s the list of things to do in Ojai!
Pic of the Day
Thursday, July 7, 2022
11:20 a.m.
There is a new “coming soon” listing on the market:
1340 Grand Avenue – $1,550,000 (coming soon, 7/8)
Pic of the Day
Tuesday, July 5, 2022
2:25 p.m.
Four new listings have come to the market since last Friday:
1434 Foothill Road – $2,229,000
1273 S. Rice Road #60 – $299,000
1223 Gregory Street – $775,000
I hope everyone enjoyed July 4th as much as I did. What a beautiful day it was! The parade seemed infused with new energy and more participants than in prior years; several people I spoke with confirmed the same. I usually watch the parade with friends from the front yard/porch of Heritage Financial. Emily and her crew do a great job of hosting every year, plus it’s simply one of the best spots in town from which to view the parade. The fireworks seemed shorter this year, but as always, they do a great job and the show was still spectacular.
Here’s your real estate market update for Ojai listings, including sales that occurred in June:
- 46 new residential listings came to the market in June, compared to 41 in May.
- 21 residential properties sold in June, compared to 24 in May (does not include land parcels, commercial properties, or mobile homes.
- Of the 21 properties that sold in June, 13 were sold above list price, 4 sold at list price and the remaining 4 sold below list price. 81% of the sales that closed in June were above or at list price! In May, 15 listings sold over full price, 3 at list price, and the remaining below list price. (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.) Just for sake of comparison, I looked back to June of 2019: At that time there were 25 sales, with 20% of the listings selling over or at list price.
- The average sales price for homes in June was $1,614,350, while the median sales price was $1,425,000. The lowest sales price for a home in June was $600,000, while the highest sales price was $3,900,000.
- As of today there are currently 47 single-family residential homes available on the market, three of which are under “coming soon” status (does not include land, commercial property or mobile homes). For comparison, there were 44 active listings on the market on June 3rd (the date of our last market update). Of the 47 active listings on the market at this time, 16 of them are listed under $1,000,000 (there were 11 such listings in June). 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 $1,869,323 ($2,071,570 in June), while the median listed home price is $1,425,000 ($1,542,000 in June).
Pic of the Day
Friday, July 1, 2022
1:15 p.m.
There is a new listing on the market:
Have a good weekend; enjoy the parade and the fireworks! I’ll update the Things To Do list as soon as it’s updated by the Ojai Hub.
Pic of the Day
Sure, put in two fire hydrants! We’ve got plenty of space!