|Happy NewYear!! We are already 3 weeks into a new year full of new opportunities.
The numbers are in for 2023 and we don’t think any of the “experts” ever know what is really going to happen, yet they make great headlines!
Prices are up statewide 6.7%. Homes are still selling for over the asking price 34% of the time vs, 73% at the height in April 2022. We continue to have an inventory shortage. There are buyers in the market and they will continue to build as we head into spring season and the interest rates come down, as they are expected to. California has had a long-standing housing shortage that is not going away anytime soon.
It’s an election year which just adds an extra bit of crazy to the market and the headlines.
There are quite a bit of pent-up sellers and buyers who haven’t moved during this unprecedented time but still need to. All the reasons people move are still happening; marriage, divorce, death, having babies, empty nesters, job relocation, work from home and retirement. People have held off making a move but at some point they are going to get back into the market and make a necessary move.
Real estate is still considered the #1 long term investment. The average net worth of a homeowner nationwide is $400K vs.a renter at 10K. The numbers are even higher in California.
New listings were down 27.97% in Ventura County last year, which means sold properties were down 26.48%. These two numbers go hand in hand. The average sold price finished the year at $1,143,341. Average days on market is growing a bit up 18.75% from 32 to 38 days.
If you are thinking about making a move or have any questions, we would love to talk and help you map out your game plan.
All our best!
Gary and Lisa