Core Logic came out today with a report stating that its index had the strongest gain since 2006. There data suggests that year-over-year gains in thier index are 10.2% from March 2012 to March 2013. That's right...2006. Remember the days of 2006? That was the peak of the bubble. Because of a lack of inventory and high demand from investors and regular buyers, values have been on the rise.
However, for the first time in a while, we are beginning to see cracks in the inventory numbers. There are pockets of inventory in Camarillo where we are beginning to see a rise. In Camarillo, values from $400,000 to $650,000 inventory is up 16%. In all of Ventura County we are seeing increases in all categories except for single family homes from $250,000 and under. Now, having said that, the numbers are still very, very low. For single family homes in Ventura County under $1,000,000, inventory levels of homes on the Active market is still less than 1 month. Normal markets would see inventory levels about 3 to 4 months.
This is still a Sellers market, so if you have a friend who is thinking about selling, make sure you have them call me right away to make sure they don't miss this attractive time for them to be selling. You never know when this market will shift again.
