Tuesday, December 16, 2008

Ventura County November 2008 Sales

Dataquick released figures for Ventura County today. Sales of 729 were down 9.1% MoM and up 41.3% YoY. The median prices was reported as $355,000 which is down 5.3% MoM and down 31.9% YoY. Foreclosure resales were 47.8% of sales for November. This is just more of the same deterioration with banks staying motivated during the slow months price suffers. Considering the headwinds of the market some might think this isn't that bad of a report. But in historical context this is clearly a dismal sales report.
Dataquick claims that sales were low because there were fewer business days that the recorders office was open. I think it is much more likely that sales were this weak and the effect on recording due to fewer business days wasn't that great. With the month ending on a holiday weekend that might have some minor affect but no data I see anywhere suggests that this will be a December of any strength.

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