Itís 2005 and youíre housing hunting: SP median projected to be $263,600

March 21, 2001
Santa Paula News

Itís 2005 and youíre house hunting in Santa Paula: be prepared to pay a median price of $263,600, according to a newly released report that forecasts that home prices will increase in the Glen City by a whopping 53 percent.

By Peggy KellySanta Paula TimesItís 2005 and youíre house hunting in Santa Paula: be prepared to pay a median price of $263,600, according to a newly released report that forecasts that home prices will increase in the Glen City by a whopping 53 percent.The UC Santa Barbara Economic Forecast Project report estimated that property all over Ventura County would shoot up in price by 2005 including single-family homes, townhomes and condominiums.Median price means half the homes sell above the price and half below the price.According to the forecast, the median price of a home in Santa Paula in 2000 was $172,300 but could hit $263,600 in 2005, a 53 percent increase, the second lowest predicted for the future based on home sale trends.Fillmoreís median home price could grow 47 percent by 2005, from $182,200 in 2000 to $267,600 in four years.
Countywide, the median home price could jump by 57 percent from $294,700 lasts year to $462,600 in 2005.The biggest jump is expected in Thousand Oaks: the 2000 median price of $292,600 could soar to $525,700 in 2005, a 80 percent increase.The reportís projections can be impacted by numerous factors and assumes the countyís economy continues to grow at 5 to 6 percent per year, that the nation avoids a recession and that no major employers have massive layoffs or relocate outside Ventura County. But other factors, such as an end to the energy crisis, could make the median housing price climb even higher than the forecast.With an increase of home prices comes an increase in rent: the 2000 median in Ventura County was $1,009 and is estimated to hit a whopping $1,631 in 2005, a 62 percent increase.With the projected increase in housing prices came income projections: Ventura Countyís median family income of $68,500 in 2000 is estimated to be $85,924 in 2005, a 25 percent increase.



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