Ventura and Santa Barbara County Multifamily Trends

January 2024

These insights provide a comprehensive overview of the real estate market in Ventura County and Santa Barbara County for January 2024. It’s essential to keep an eye on the evolving trends and factors that continue to shape the market in the coming months.

 

Buyer sentiment has experienced a significant improvement, coinciding with the 10-year treasury’s decline to below 4% from its peak of 5% in mid-October 2023. The Federal Reserve has forecasted multiple interest rate cuts throughout 2024. This projection has played a pivotal role in the surge of properties entering the market, coupled with heightened interest from buyers. As the gap continues to narrow, we anticipate a corresponding acceleration in velocity.

 

Ventura County

• 4% rent cap in the city of Oxnard, effective July 1, 2022
• 4% rent cap in the city of Ojai, effective April 27, 2023
• The county falls under AB-1482 guidelines

2022

• In 2022, 36 properties were sold
• Average price per unit: $309,740
• Average price per foot: $394.86
• Average cap rate: 4.19%
• Average GRM: 15.56

 

2023

• In 2023, 26 properties were sold, a 27.78% decrease from last year
• Average price per unit: $337,287
• Average price per foot: $377.60
• Average cap rate: 4.66%
• Average GRM: 13.90

 

2024 Q1 Sold/On Market

• Zero sold as of January 2024

• 26 properties on the market, 9 are a portfolio

 

Santa Barbara County

The county falls under AB-1482 guidelines

 

2022

• In 2022, 31 were properties sold
• Average price per unit: $385,329
• Average price per foot: $495.40
• Average cap rate 3.58%
• Average GRM: 17.33

 

2023

• In 2023, 25 properties were sold. 19.35% decrease from last year
• Average price per unit: $383,887
• Average price per foot: $478.85
• Average cap rate: 4.64%
• Average GRM: 14.21

 

2024 Q1 Sold/On Market

• Four properties sold as of January 2024

• 10 properties on the market