Blog Archive – July, 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.

Friday, July 29, 2022
10:05 a.m.
There are five new listings on the market:

 

1224 Alviria Drive – $950,000

 

 

55 Pathelen Avenue – $899,000

 

 

609 Canada Streeet #H – $555,000

 

 

2046 Valley Meadow Drive – $975,000

 

 

146 Olive Street – $812,000

 

 

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
The first cut should’ve been deeper

 

Thursday, July 28, 2022
10:05 a.m.
There are four new listings on (or coming to) the market:

 

866 Camille Court – $989,000

 

 

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

 

Feature #1 – electrocution

 

Tuesday, July 26, 2022
10:55 a.m.
There are two new listings on the market:

 

3298 Maricopa Highway – $1,115,000

 

 

1221 Avila Drive – $879,000

 

 

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
Oh sure, excellence for vegetables – what about fruit??

 

Friday, July 22, 2022
11:20 a.m.
There is a new listing on the market:

 

970 Larmier Avenue – $869,000

 

 

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
Retro shower…or time machine?

 

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
Whimsical bricklaying

 

Monday, July 18, 2022
11:10 a.m.
There are five new listings on the market:

 

10470 N. Karen Avenue – $875,000

 

 

40 Maxine Avenue – $804,000

 

 

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
…and these are for D R I N K I N G

 

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:

 

 

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

 

 

Pic of the Day
This home is located just steps from the beach…

 

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
Headless basketball ahead

 

Monday, July 11, 2022
11:35 a.m.
There are two new listings on (or coming to) the market:

 

210 Monte Via – $679,000

 

 

214 Topa Topa Drive – $1,275,000 (coming soon, 7/12)

 

 

 

Pic of the Day
Modernize your bathroom with that “outhouse” feel

 

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
Also known as “stairs.

 

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
Rumor has it, the neighbors are swingers

 

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

 

 

410 Monte Via – $825,000

 

 

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
If you look at the graph on the left, you’ll notice the incidence of leg injuries increases in proportion to stair usage

 

 

Friday, July 1, 2022
1:15 p.m.
There is a new listing on the market:

 

130 Olive Street – $650,000

 

 

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!

 

Click here for archived June, 2022 posts