(click to enlarge)
This is June 2009 Demand versus Inventory for Ventura County. I have broke down demand into 3 separate parts, Completed sales, properties under some sort of contingent contract and properties that have cleared contingencies and are waiting to close escrow. With the spike in interest rates the large number of contingent properties are in danger of falling out if loan locks are lost and rates don't adjust back down. You can see that the $650,000+ market is still in much denial and the low end has a tremendous amount of activity. The story of the market going into summer is how much supply can be brought in on the low end and the pull through to closing on the large number of contingent contracts.