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Have Ventura County Home Prices Hit Bottom Yet?

January 21, 2010

Have Ventura County Home prices hit bottom yet?  If the newly released data from MDA Dataquick is any indication, home prices in Ventura County have either hit bottom or are very, very close to it.  The median sales price for Ventura County homes in December 2009 was up 6.5% ($360,000) from December 2008 ($338,000).  They have been on an upward trend since November of 2009. 

While sales for Ventura County homes are still relatively low, they have improved since 2008.  Total December sales in 2009 were up 2.3% over the same time period as last year as well.  Foreclosures and homes priced under $500,000 became the hot commodity towards the end of 2009, while the higher end market remained sluggish.  Most buyers were either taking advantage of the first-time home buyer credit or cashing in on the chance to purchase affordable investment properties to rent.

If Ventura County housing prices have hit bottom, does this mean that home prices will start climbing again?  While home prices are not expected to skyrocket like they did a few years ago, the market does seem to be stablizing.  This seems to have given people a chance to sit back and really assess what they want to do with their money.  This should also help keep the predatory lending practices of yesteryear at bay, keeping homes affordable instead of creating an artificial increase.

So, have Ventura County home prices hit bottom yet?  If not, they are really darn close to it.  If you are looking to purchase a Ventura County home for your residence, you need to make sure it is a place you want to live in for a while, in neighborhood you are happy with and has the amenities you are looking for.  The time of the 30-day flip are behind us.  Let us know how we can help.

Dave and Pat Zumbrun, your Ventura County real estate specialists

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