Blog Archive – August 2022

Note:  Some of the links 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.

Wednesday, August 31, 2022
12:35 p.m.
There is a new listing on the market:

 

450 Avenida Del Recreo – $1,349,000

 

 

 

Pic of the Day
Yeah, thanks…I’m good

 

Tuesday, August 30, 2022
9:45 a.m.
There are three new listings on the market:

 

1090 Shokat Drive – $10,500,000

 

 

4191 Grand Avenue – $690,000

 

 

950 Woodland Avenue #116 – $259,000

 

 

Here’s a quick interest rate update:

In prior statements, the Fed gave hints that they would begin to consider slowing the pace of rate hikes.  The promise of that policy shift coincided with several downbeat economic reports in late July.  The result was July standing as one of the best months for downward movement in mortgage rates in decades.  However, the Fed’s late July message was highly conditional, in that the slightly friendlier inflation data would need to continue in the same vein for months to build a disinflationary case.
 
Fast forward to today…economic data has been improving, in some cases substantially, causing inflationary fears to worsen.  As such, the Fed stated on Friday that it will not be ending its fight against rapid inflation anytime soon.  The odds of another big rate hike (.75% vs. .50%) at the Fed’s next meeting on Sept. 21st shot up considerably.  Markets reacted accordingly.  With a sharp selloff to the Dow, Nasdaq, and S&P 500 – the 10yr. Treasury and MBS fared okay – but future, more aggressive, Fed rate hikes (and what leads to them) could have an impact on mortgage rates.  

 
Top Tier Interest Rates:
 
30yr Fixed                          5.625%
30yr High Balance             5.875%
FHA                                    5.125%
VA                                       5.125%
Jumbo                                5.875%

 

 

Pic of the Day
This home might be vacant

 

Friday, August 26, 2022
11:35 a.m.
There are three new listings on the market:

 

225 Santa Ana Boulevard – $899,000

 

 

950 Woodland Avenue #1 – $279,000

 

 

1225 S. Rice Road #67 – $285,000

 

 

 

Here’s the list of things to do in Ojai; have a fun weekend!

 

 

Pic of the Day

“Scuse me, may I borrow a cup of antelope?”

 

[Yeah, yeah, I know…alligators don’t typically have access to antelope.  Just go with the joke, will ya?]

Thursday, August 25, 2022
12:45 p.m.

No new listings have come to the market since Tuesday.  However, we’d like to congratulate our clients/sellers at 1139 Anita Avenue in Ojai, which closed at $825,000 (listed for $799,000)!

 

 

Pic of the Day

Blue jean baby,

L.A. lady,

Potter for the band…

 

Tuesday, August 23, 2022
12:50 p.m.
There are two new listings on the market:

 

1133 Capello Way – $925,000

 

 

1211 Drown Avenue – $1,369,000

 

 

 

Pic of the Day
After a lengthy turf war, the battle was won by…the turf

 

Monday, August 22, 2022
9:45 a.m.
There are two new listings on the market:

 

75 Andrus Street – $699,000

 

 

1225 S. Rice Road #60 – $218,000

 

 

 

Pic of the Day

 

Friday, August 19, 2022
11:25 a.m.
There are three new listings on the market:

 

17 Don Antonio Way – $225,000

 

 

325 Bryant Street – $3,136,300

 

 

401 S. Fulton Street – $6,817,150

 

 

Not Ojai-related, but congrats to our client who closed on their new home at 565 Arbol Verde in Carpinteria!  The market is still robust (despite the low number of new listings this month), as this home was listed at $1,895,000 and received four offers on it.  It took a cash offer at $2,100,000 and a 15-day escrow to seal the deal.

 

Here’s the list of things to do in Ojai; have a great weekend!

 

 

Pic of the Day
When you really, really want a center “island.”

 

Thursday, August 18, 2022
12:50 p.m.
There is a new listing on the market:

 

11325 Puesta Del Sol – $1,085,000

 

 

 

Pic of the Day
Zoologists were stunned when they discovered the once-mythological unicorn’s true purpose

 

Wednesday, August 17, 2022
1:05 p.m.
No new listings today.

 

And continuing the recent tradition wherein on slow days I explain the origin of an everyday saying – our subject for today…

 

“The Wrong End of the Stick”

 

Meaning:  To misunderstand a situation entirely.

In Context:  John was seen walking along with Anita, but his girlfriend got the wrong end of the stick and thought he had been cheating.

The wrong end of the stick began with the toilet habits of ancient Rome.  The Romans used communal toilets where people sat side-by-side and discussed the day’s events.  Toilet paper was not yet invented, so to address personal hygiene issues, a cloth or sponge was tied to the one end of a short staff, which was passed from person to person.  It was important to pay close attention when picking up or being passed the implement, because nobody wanted to get the wrong end of the stick.

 

 

Pic of the Day
The Matrix is real

 

Monday, August 15, 2022
12:45 p.m.
Two new listings have come to the market since Friday:

 

420 Saddle Lane – $4,050,000

 

 

410 Church Road #43 – $925,000

 

 

 

Pic of the Day
Finally…a hardware store with a dark side

 

Friday, August 12, 2022
12:10 p.m.
There are three new listings on the market:

 

501 E. Oak Street – $690,000

 

 

10532 N. Dale Avenue – $780,000

 

 

631 Palomar Road – $1,795,000

(This listing went pending before it was listed in the MLS.)

 

 

Here’s the list of things to do in Ojai.  Have a great weekend!

 

 

Pic of the Day
Tired of being hugged, Thaddeus Tree choked out his latest cuddler

 

Thursday, August 11, 2022
11:50 a.m.
One new listing has come to the market since Tuesday:

 

ojai real estate

309 N. Montgomery Street – $1,499,000

 

 

Pic of the Day
Who’s going to clean the ink off the stairs?

 

Tuesday, August 9, 2022
10:30 a.m.
There is a new listing on the market:

 

1340 Grand Avenue – $1,550,000

 

 

 

Pic of the Day
Ok Royal Caribbean, I’ve about had enough of your shenanigans

 

Monday, August 8, 2022
12:45 p.m.
There are two new listings on the market:

 

185 E. Oak View Avenue – $765,000*

(*Canine not included)

 

 

125 Grapevine Road – $799,000

(This listing is already pending.)

 

 

Prior “coming soon” listings now on the market:

 

 

Pic of the Day
As long as the sostenuto pedal is a soap dispenser, I give two thumbs up for this setup

 

Friday, August 5, 2022
12:30 p.m.
There are four new listings on the market (since Wednesday):

 

295 Burnham Road – $1,100,000

 

 

917 Topaz Court – $949,000

 

 

157 La Plaza Way –  $219,000

 

 

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
Nothing stops the lawnmower man

 

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
Gumby staircase
Click here for archived July, 2022 posts