Oxnard, CA Metro Area Housing Market Analysis - November 2024
The Oxnard, CA metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in the region stands at $845,000, reflecting a decrease of 2.4% compared to the previous year. Similarly, the Median List Price has also seen a decline, albeit a smaller one, at 1.4%, bringing it to $850,000. This suggests a slight cooling in the market, potentially offering opportunities for buyers.
Conversely, the median Price Per Square Foot has increased by 2.6% year-over-year, reaching $514.40. This indicates that while overall prices have dipped, the value per square foot has appreciated, suggesting a demand for quality over quantity. The Median List Price per square foot has risen even more significantly, up by 6.1% to $536.04, highlighting a trend where sellers are pricing their properties higher on a per-square-foot basis.
In terms of sales activity, the number of Homes Sold has surged by 19.1% year-over-year, totaling 443 homes. Pending Sales have also increased by 10.3%, reaching 480. This uptick in sales activity suggests a robust demand in the market, despite the overall price adjustments. New Listings have remained relatively stable with a marginal increase of 0.2%, indicating a steady influx of properties entering the market.
Inventory levels have risen significantly by 21.2%, with 1,164 homes available, which could be contributing to the stabilization of prices. The Months of Supply remain unchanged at 2.6 months, indicating a balanced market where neither buyers nor sellers have a distinct advantage. The Median Days on Market have increased by 11.0% to 45 days, suggesting that homes are taking longer to sell compared to last year.
The average sale to list ratio is nearly unchanged at 99.5%, showing that homes are selling very close to their asking prices. However, the percentage of Homes Sold above list price has decreased slightly by 1.3% to 36.3%, indicating a slight reduction in competitive bidding. Price Drops have decreased by 1.1% to 19.3%, suggesting that sellers are adjusting their expectations in line with market conditions.
Finally, the percentage of homes going off the market within two weeks has decreased significantly by 12.7% to 26.9%, indicating a slower pace in the market compared to the previous year. This could be a reflection of the increased inventory and longer Median Days on Market.
Overall, the Oxnard, CA metro area housing market in November 2024 is characterized by a mix of declining prices and increased sales activity, with a notable rise in inventory and a slower pace of sales. These dynamics suggest a market in transition, offering both challenges and opportunities for buyers and sellers alike.
