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.
Monday, October 31, 2022
1:00 p.m.
No new listings have come to the market since last Friday…
Pic of the Day
Friday, October 28, 2022
10:10 a.m.
No new listings on the market today.
Here’s the list of things to do in Ojai; have a splendid weekend!
Pic of the Day
Thursday, October 27, 2022
12:45 p.m.
There is a new “coming soon” listing on the market:
63 W. Calle El Prado – $845,000 (coming soon, 11/1)
Pic of the Day
Wednesday, October 26, 2022
11:10 a.m.
There are no new listings today. However, I bring to you another in our series of everyday sayings and their origins:
Dog Day Afternoon
Meaning: A hot afternoon that makes a person lazy
In Context: It was a dog day afternoon, so we just lazed in the pool.
Dog Day Afternoon owes its origins to ancient Roman astronomy. The Romans called the days between July 3 and August 11 the Canicularis Dies, or Dog Days. This is when Sirius, the dog star, rises and sets in line with the sun in the northern hemisphere. These were usually the hottest days of the year, and the Romans believed that this was caused by the combined heat of the dog star and the sun.
Pic of the Day
Tuesday, October 25, 2022
11:50 a.m.
There is a new listing on the market:
293 McAndrew Road – $2,475,000
Here’s a quick interest rate rundown:
30 Yr. Fixed 7.15%
15 Yr. Fixed 6.55%
30 Yr. Jumbo 6.15%
5/1 ARM 6.75%
30 Yr. FHA 6.82%
30 Yr. VA 6.85%
Pic of the Day
Monday, October 24, 2022
12:45 p.m.
There are two new listings on (or coming to) the market:
851 Loma Drive – $1,200,000 (coming soon, 10/28)
Pic of the Day
Friday, October 21, 2022
12:55 p.m.
There are six new listings on the market:
237 S. Lomita Avenue – $1,749,000
10532 N. Dale Avenue – $735,000
00 Sulphur Mountain Road – $260,000 (land parcel)
2036 Grand Avenue – $4,200,000
(This property sold before it was listed in the MLS.)
Prior “coming soon” listings now on the market:
Here’s the list of things to do in Ojai; have yourselves a splendid weekend!
Pic of the Day
Wednesday, October 19, 2022
10:25 a.m.
No new listings for today.
Prior “coming soon” listings now on the market:
Pic of the Day
Tuesday, October 18, 2022
10:50 a.m.
There is a new “coming soon” listing on the market:
624 S. Rice Road – $1,875,000 (coming soon, 10/19)
Pic of the Day
Monday, October 17, 2022
11:55 a.m.
There is a new “coming soon” listing on the market:
205 Pirie Road #63 – $790,000 (coming soon, 10/20)
Pic of the Day
Friday, October 14, 2022
11:10 a.m.
There are no new listings for today.
A quick check-in on interest rates:
30-yr fixed: 7.10%
15-yr fixed: 6.31%
30-yr Jumbo: 6.06%
30-yr FHA/VA: 6.62%
Here’s the list of things to do in Ojai and don’t forget – tomorrow is Ojai Day!
Pic of the Day
Thursday, October 13, 2022
9:10 a.m.
There are three new listings on the market:
3214 Matilija Canyon Road – $495,000
(This was already under contract before it was listed.)
931 Hackamore Street – $799,000
Pic of the Day
Tuesday, October 11, 2022
2:25 p.m.
There is a new listing on the market:
Rose Valley Road land parcel – $1,200,000
Prior “coming soon” listings now on the market:
Pic of the Day
Monday, October 10, 2022
12:40 p.m.
There are three new “coming soon” listings on the market:
509 Palomar Road – $2,200,000 (coming soon, 10/11)
120 Alto Drive – $1,195,000 (coming soon, 10/11)
586 Thomas Street – $739,000 (coming soon, 10/21)
Pic of the Day
(Considering this website, today’s pic is particularly apropos)
Friday, October 7, 2022
12:40 p.m.
There are four new listings on the market:
302 S. Montgomery Street – $1,195,000
11291 Oakcrest Avenue – $859,000
1105 N. Montgomery Street – $2,095,000
108 W. Eucalyptus Street – $4,950,000
Here’s the list of things to do in Ojai; have an awesome weekend!
Pic of the Day
Thursday, October 6, 2022
1:05 p.m.
There is a new listing on the market:
As an adjunct to yesterday’s Ojai market update, below is a graph that illustrates that we may be finally seeing a market softening here in the Ojai valley. The graph indicates the number of price reductions that occurred on actively listed properties for each month beginning in January of this year. The graph also indicates the average number of days that sold properties were on the market. The days on the market metric tends to fluctuate quite a bit from month to month, so I think the bigger indicator of market softening is the number of price reductions that are occurring these days. (By the way…ONE price reduction in four months – January through April – is something we may not see again in our lifetimes!)
Pic of the Day
Wednesday, October 5, 2022
3:00 p.m.
There are three new listings on the market:
3180 E. Ojai Avenue – $1,995,000
(This listing is already under contract)
Here’s your real estate market update for Ojai valley listings, including sales that occurred in September:
- 34 new residential listings came to the market in September, compared to 36 in August.
- 19 residential properties sold in September, compared to 34 in August (does not include land parcels, commercial properties, or mobile homes).
- Of the19 properties that sold in September, 6 sold above list price, 1 sold at list price, and the remaining 12 sold below list price. For comparison, in August, 17 of the 34 listings sold over full price, and the remaining sold 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 September was $1,167,505 while the median sales price was $921,500. The lowest sales price for a home in September was $682,000, while the highest sales price was $3,100,000.
- As of today there are 63 single-family residential homes available on the market (does not include land, commercial property or mobile homes). For comparison, there were 53 active listings on the market on September 2nd (the date of our last market update). Of the 63 active listings on the market at this time, 26 of them are listed under $1,000,000 (there were 20 such listings in September). 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 $1,817,140 ($1,867,354 in September), while the median listed home price is $1,359,500 ($1,359,000 in September).
- The current number of active listings on the market (63) is the highest number of active listings we’ve seen this year.
Harkening back to market updates I did prior to September of 2020, here is a graph showing historical listing and sales data going back to January, 2022. Some data is missing for the first few months (I wasn’t keeping track of everything then), and not all of the data in the written portion of the update above is included, as it would render the chart with too many variables and make it too difficult to read.
A final note about this chart: I just discovered that the program I use to create these charts is going away, so I may not be able to replicate it next month. Go figure. But I’ll try to find a suitable replacement.
Pic of the Day
Monday, October 3, 2022
12:40 p.m.
There are two new listings on the market:
Pic of the Day
Saturday, October 1, 2022
I’m checking in today with a quick update regarding mortgage rates and market volatility (no This Day in History, Fun Pic or Quote of the Day):
As we continue into the world of “Expect the unexpected,” we’ve been seeing some of the biggest day-to-day changes (and intraday changes) since daily record keeping began in 2009. This week was no exception, as we again rode the roller-coaster. With recent market volatility being attributed to global factors, the coming weeks are more likely to be tied to U.S. economic data as several big-ticket reports come out. Volatility potential will be especially high on October 13th when the next Consumer Price Index is released.
A couple of things to keep in mind between now and then…
- There is no way to reliably predict which direction we’ll go. It is easier to say that volatility should continue, for better or worse.
- It continues to be the case that many rate quotes will have higher upfront costs than normal (aka “Points”). In some cases, 1 to 3 points may be required on certain transactions. This isn’t historically the case, and it won’t be the case forever, but the thing that makes it go away will be the adjustments of market indicators.
Weekend Rates:
30yr Fixed 7.000%
30yr High Balance 6.875%
FHA
VA 6.750%
Jumbo
Thanks to Martin Rosenblum at Motif Mortgage (805-377-5432) for his valuable insights.