As foreclosed properties flood Ventura County’s real estate market, the home prices in the county continue to drop. With Ventura County’s unemployment rate at 11.2% in August 2010, we can only expect more distressed home owners and ultimately a continued rise in the number of Ventura County’s foreclosures.
The table below indicates the number of single family homes, condos, and new homes sold in Ventura County in August 2010 and the change in median home sale prices for each city in Ventura County compared to the same time last year.
Ventura County Median Home Price
August 2009-August 2010
| City | # Sold | Median Sale Price in Aug 2010 | Median Sale Price in Aug 2009 | % Change from 09-10 |
|---|---|---|---|---|
| Camarillo | 73 | $410,000 | $419,500 | -2.26% |
| Fillmore | 16 | $283,000 | $330,000 | -14.24% |
| Moorpark | 25 | $473,000 | $447,500 | 5.70% |
| Newbury Park | 48 | $553,500 | $552,500 | 0.18% |
| Oak Park | 17 | $405,000 | $620,500 | -34.73% |
| Oak View | 5 | $388,000 | $317,500 | 22.20% |
| Ojai | 11 | $536,000 | $435,000 | 23.22% |
| Oxnard | 147 | $306,000 | $275,000 | 11.27% |
| Port Hueneme | 21 | $215,500 | $220,000 | -2.05% |
| Santa Paula | 19 | $265,500 | $215,000 | 23.49% |
| Simi Valley | 115 | $385,000 | $387,750 | -0.71% |
| Thousand Oaks | 75 | $460,000 | $500,000 | -8.00% |
| Ventura | 97 | $375,000 | $388,500 | -3.47% |
| Westlake Village | 18 | $350,000 | $732,000 | -52.19% |
| Total for Ventura County | 696 | $370,000 | $380,000 | -2.63% |
Source: DataQuick
The data in the table above shows that not all cities in Ventura County experienced a drop in median home sale prices. While some cities in Ventura County like Westlake Village saw a significant drop in median home prices, other cities such as Santa Paula saw a slight increase in median home prices.
Overall during the month of August Median home prices in Ventura County did fall compare to the same time last year. At the same time the unemployment rate in Ventura County increased from 10.9% in August 2009 to 11.2% in August 2010 which demonstrates the correlation between Ventura County’s unemployment and real estate market condition.
If you wish to receive more information about Ventura County’s real estate market condition please feel free to contact me, Mana Tulberg: 805-443-8898 or consider subscribing to this site.
(Source of unemployment data: Los Angeles Times)
