Camarillo real estate
Camarillo in Ventura County, California, has a population of nearly 60,000. Located on U. S. Route 101, it is easy to access. Originally a Spanish settlement, it still retains its Latin heritage. It is following a common trend to resist uncontrolled urban expansion and has already notified specific areas as agricultural zones.
Local citizens are not interested in rapid uncoordinated commercial development that will send real estate prices skyrocketing. They fear that it will put a strain on civic amenities. This is the result of a recent spurt in construction that has not gone too well with Camarillo residents, who fear that such unplanned real estate activity will affect the traditional character of the town, and permanently harm the environment also.
Camarillo Real Estate Trends
At the moment real estate activity in Camarillo is following the national trend and remains a little depressed. Slight variations take place at specific times, but these are rarely sustained. Approximate figures are 572 units listed at an average of $575,000 registering an increase of nearly1.7%. There were about 360 real estate advertisements at an average of nearly $710,000. The number of foreclosures stood around 150 at an average rate of about $425,000.
Mortgage rates have risen fractionally. The impact of these variations on Camarillo real estate is not yet very clear. Current mortgage rates are as follows: 1) 5.826% for 15 year fixed category, up 0.189% over the previous week 2) 6.199% for 30 year fixed category, up 0.108% 3) 5.388% for 1 year adjustable rate mortgage, up 0.448% 4) 5.21% for 3/1 year adjustable rate mortgage, up 0.290% and 5) 5.359% for 5/1 year adjustable rate mortgage, up 0.251%.
Listing prices for Camarillo homes range between $300,000 and $1,000,000 for single to four bedroom houses at an average rate of about $925,000. Average rates for different units are approximately $300,000 for single bedroom, $410,000 for two bedrooms, $645,000 for three bedrooms, and $1,000,000 for four bedrooms.
Camarillo real estate statistics are still depressed, with lower figures for the number of units sold and their prices. The number of units sold is down to 180 from about 295 for the same period last year. Average sales prices were $600,000 in 2007 and now stand around $535,000. Prices average about $270,000 for 1 bed, $350,000 for 2 bed, $475,000 for 3 bed and $670,000 for 4 bed units. The price per sq ft is around $355 for 1 bed, $290 for 2 bed, $300 for 3 bed, and $276 for 4 bed units.
Conclusion
Though nothing specific can be concluded at this point, on the basis of current figures Camarillo may be seeing the bottom levels of the real estate market. Local restrictions on urban expansion also contribute to the sentiment that prices will remain steady. There is no real expectation of any immediate spurt in prices. But prices are not crashing either. It is a good time for prospective real estate investors to start looking around for investments in Camarillo.
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