Home Sales activity in RiverPark has continued to accelerate from the previous rolling 3 month period. We have seen a 225% increase in the number of homes that have closed escrow compared to the previous rolling 3 month period! At the same time, we have seen inventory (the number of homes listed for sale) shrink around 25% over the last rolling 3 month period. Prices however, have declined with List Prices and Sold Prices dipping a little bit from the levels of the previous rolling 3 month period. The fact that we have lower Sold prices and less inventory for sale indicates that most of the activity has been in the entry and mid-level segment of our market, thus pushing down the Median Sale Price in RiverPark down a little bit.
Approximately, over the past rolling 3 Months:
Total# of Homes Sold (Closed Escrow): 43, compared to 19 during the previous rolling 3 month period
Total# of Active Listings For Sale: 30, compared to 40 during the previous rolling 3 month period
Median Sale Price: $356,000 compared to $368,500 during the previous rolling 3 month period
Median Sales Days On Market: 50 Days, compared to 64 days during the previous rolling 3 month period
Median List Price: $362,950, compared to $375,813 during the previous rolling 3 month period
*Sales Information is provided by the Ventura County Coastal Association of Realtors, Ventura County Regional Data Share (MLS)
The increase in sales activity, coupled with the extremely modest decrease in List and Sale Prices can be attributed to the increase of less expensive townhomes and condos coming into the market. The time a property spends on the market before it goes into escrow has decreased from 46 days to 62 days over the past rolling 3 month period.
As long as interest rates remain close to their present levels and our local economy remain stable it appears that this remains as one of those markets where it’s a great time to buy, and a great time to sell and upgrade.
Watch this short video to see how RiverPark compares to the nation.
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