60 SECOND NEWSLETTER - The Covid-19 Update
Now that we are over 9 months into the Covid-19 pandemic, we’re able to more accurately assess how it has directly impacted our local market.
In terms of housing supply, the majority of new construction permits in the county are in the West County cities of Camarillo, Oxnard and Ventura, while construction has slowed in East County. Overall, new housing construction in the county is on a downward trend that has been worsened by COVID-19.
This slow development has led to diminished supply and increase housing prices.
“According to the California Association of Realtors, the median home sale price in Ventura County was $787,500 in September 2020, up from $659,250 in September 2019.”
There has been an increase in residents not only leaving the area, but leaving the state entirely. However, we’re seeing a continued increase of residents from other California counties moving to Ventura County.
Essentially, the secret of our county is only known to California residents. Most people move to our area from Los Angeles County than anywhere else. This has increased dramatically during the pandemic as more companies extend work from home opportunities and workers choose to leave the city for more space.
Historically low interest rates combined with increasing demand and Covid-19 has created a strong seller’s market across our region.
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