Note: Some of the links below may take you to a blank page with the verbiage, “The content of this email link is no longer available.” These links have expired from the Ventura MLS and are no longer accessible. Ojai MLS links are not affected in this way.
Friday, June 28, 2024
1:20 p.m.
There are no new listings on the market, but the Open House and Things to Do in Ojai pages have been updated.
Below is an interesting little snapshot of the Ojai market that I found. The “Market Action Index” indicates that it’s a slight seller’s market, which I agree with. While you may have heard that prices have been “going down” – some perspective is in order.
What I’m still seeing is that some sellers are pricing their homes as if it’s 2021/2022 – and those homes are sitting on the market much longer, thus experiencing price reductions. On the other hand, homes that are priced according to recent comparable sales (a phrase I’ve been trumpeting for almost two years now), are still getting full-price and above full-price offers.
In my opinion, this will continue with no obvious end in sight. Reason being, we are STILL in an inventory shortage. As long as the inventory shortage continues, market prices will likely continue to increase – even if only at the typical rate of 5-6% per year.
That’s all for today – have a great weekend!
Pic of the Day
Thursday, June 27, 2024
3:30 p.m.
There are four new listings on the market:
10 Puesta Del Sol – $1,598,000
1232-1234 Meyer Road – $3,495,000
120 S. La Luna Avenue – $1,295,000
Prior “coming soon” listings now on the market:
Pic of the Day
Wednesday, June 26, 2024
10:50 a.m.
One new listing has come to the market since Monday:
1225 S. Rice Road #38 – $120,000
Pic of the Day
Monday, June 24, 2024
11:25 a.m.
One new listing has come to the market since Friday:
4158 Grand Avenue – $4,300,000
Pic of the Day
Friday, June 21, 2024
11:20 a.m.
There are three new listings on the market:
2340 Burnham Road – $1,295,000
405 Oriole Street – $1,299,000
1975 Maricopa Highway #74 – $325,000
Prior “coming soon” listings now on the market:
The Open House and Things to Do in Ojai pages have been updated. Have a great weekend!
Pic of the Day
Thursday, June 20, 2024
11:25 a.m.
There are three new or “coming soon” listings on the market:
307 E. Aliso Street – $4,175,000
505 Pleasant Avenue – $2,050,000 (coming soon, 6/21)
Recently cancelled, withdrawn, or expired listings – back on the market as “new:”
- 741 Saddle Lane – $8,230,000 (this listing had expired on 6/3).
Pic of the Day
While playing trivia Tuesday night at Sam’s Place in downtown Ojai, we noticed a Space X launch as it traveled through the sky. I only wish I had taken this photo about 5 seconds earlier! The photo doesn’t quite catch how spectacular this looked as the sun was setting at twilight.
Tuesday, June 18, 2024
10:50 a.m.
Four new or “coming soon” listings have come to the market since last Friday:
425 Santa Ana Boulevard – $680,000
640 Lark Street – $950,000 (coming soon, 6/21)
650 Tico Road – $3,950,000 (coming soon, 6/27)
Recently cancelled, withdrawn, or expired listings – back on the market as “new:”
- 312 E. Matilija Street – $1,195,000 (this was recently cancelled on 5/30).
Pic of the Day
Friday, June 14, 2024
10:55 a.m.
Surprisingly, no new listings have come to the market on a Friday. The Open House and Things to Do in Ojai pages have been updated. Have a great weekend! Don’t forget to fly the flag today, and one of the biggest events of the year – the Ojai Wine Festival – is taking place at Lake Casitas tomorrow from 12 to 4 p.m.
Pic of the Day
Thursday, June 13, 2024
11:50 a.m.
There are four new listings on the market:
1975 Maricopa Highway #73 – $365,000
1273 S. Rice Road #25 – $299,000
1273 S. Rice Road #47 – $315,000
Prior “coming soon” listings, now on the market:
Mortgage rate update: Rates Drop Sharply After Inflation Data
Yesterday was an incredibly high consequence day for the bond market and, thus, mortgage rates due to the confluence of two extremely important events. The first event was the monthly release of the Consumer Price Index (CPI), which is one of the two economic reports with the far more power to influence interest rates than any other. The other report is the big jobs report that came out last Friday.
As much as the jobs data hurt, the CPI announcement helped. It brought the average top tier 30-yr fixed scenario down under 7.0% by a hair – one of the biggest single day drops in months.
The good times lasted, but they got less good after the afternoon’s Fed announcement. To be precise, it wasn’t the announcement itself, but rather the Fed’s updated rate projections that did most of the damage. After the last round of projections (in March) showed three rate cuts in 2024, yesterday’s only showed one. This wasn’t too terribly different from what the market expected, but it was slightly more conservative than hoped.
At the very least, traders didn’t find anything in the projections nor in Fed Chair Powell’s press conference to suggest that the good times should keep on rolling after already having been so good in the morning hours. Bonds ultimately retraced about half of their gains and several mortgage lenders had announced late-day rate increases by 4 p.m. Eastern Time. Lenders who didn’t bump rates a bit higher yesterday afternoon would need to account for the bond market movement in today’s rate offerings.
Current Rates:
30-yr fixed: 6.97%
15-yr fixed: 6.38%
30-yr Jumbo: 7.22%
30-yr FHA: 6.43%
30-yr VA: 6.45%
Pic of the Day
Wednesday, June 12, 2024
12:40 p.m.
There are four new listings on the market:
74 W. Catalina Drive – $900,000
171 Mountain View Street – $749,000
15450 Maricopa Highway – $1,895,000
1450 S. La Luna Avenue – $2,100,000
Pic of the Day
Monday, June 10, 2024
10:20 a.m.
There are no new listings for today.
Pic of the Day
Friday, June 7, 2024
1:15 p.m.
There are three new or “coming soon” listings on the market:
148 N. Arnaz Street – $1,400,000
474 Avenida De La Vereda – $886,000
12130 Chumash Road – $1,698,000 (coming soon, 6/13)
The Open House list and the Things to Do in Ojai page have been updated. Have a great weekend!
Pic of the Day
Thursday, June 6, 2024
10:00 a.m.
There are two new listings on the market:
338 E. Ojai Avenue – $1,300,000
Prior “coming soon” listings, now on the market:
Pic of the Day
Wednesday, June 5, 2024
11:05 a.m.
There are no new listings on the market for today. Here’s a quick mortgage rate update:
30-yr fixed: 7.03%
15-yr fixed: 6.55%
30-yr Jumbo: 7.31%
30-yr FHA: 6.55%
30-yr VA: 6.57%
No guarantees, but it looks as though interest rates may drop more in the next 30 days.
Recently cancelled, withdrawn, or expired listings – back on the market as “new:”
- 1944 Country Place – $1,185,000 (this had been recently cancelled on 5/8; it was listed at $1,199,000 at that time).
Pic of the Day
Nature is amazing! I love California poppies, yet had never seen them in my own yard. Last week, out of nowhere, this beautiful grouping showed up.
Tuesday, June 4, 2024
10:15 a.m.
There is a new “coming soon” listing on the market:
3490 E. Ojai Avenue – $3,300,000 (coming soon, 6/7)
Prior “coming soon” listings, now on the market:
To illustrate just how mild of a spring/early summer we’ve had, I consulted the historical weather data for Ojai. The last time we had an 80 degree day was on December 15th, 2023!
Pic of the Day
Monday, June 3, 2024
10:55 a.m.
There are two new listings on the market:
412 N. Signal Street – $1,049,000
305 S. Ventura Street – $1,895,000
A note unrelated to real estate: I read a fantastic book over the weekend titled “Project Hail Mary,” written by Andy Weir (who also wrote “The Martian”). I read it in two days, which of course meant a couple of late nights. If you’re into science fiction, I recommend it. They’re supposedly also making a movie out of it, due out in 2026. But you know how that goes – I may have already ruined the movie by reading the book first!
Pic of the Day
