Market Update January 2021
Westlake Village, Agoura Hills, Oak Park, Thousand Oaks and Newbury Park
By: Michael Rice | January 5, 2020
Released January 5, 2021
My View From Inside
The stricter lockdown restrictions and the holiday season did little to slow the Conejo Valley real estate market. In fact, quite the opposite. 136% more homes (227 vs. 96 homes) went into escrow this December compared to 2019. And the median home price increased 4% to $875,000.
The holiday season and lockdown did have an affect on one thing for sure – new listings. Inventory dropped 18% to just 394 homes to sell. But before you get too discouraged, we should begin to see more homes coming on the market this month with a steady increase through the busy spring selling season.
Will this surge in sales be a preview of what’s to come in 2021? That’s the expectation as the flight from the cities to the suburbs continues. More homes are expected to sell in 2021 and that’s really good news. More home sales means more happy home owners.
What should you expect in 2021? | California and Conejo Valley 2021 Housing Market Forecast
JANUARY 2021 CONEJO VALLEY REAL ESTATE MARKET UPDATE
- End of the year home shoppers caused home prices to surge in December.
- The median home price increased 4% to $875,000 posting the 6th straight month of price gains.
- And the inventory of available homes continued to plunge, down 18% to only 394 homes for sale.
- Indicating that buyer demand is still strong in spite of all the uncertainty.
What Should We Expect Going Forward
- All signs point to another strong local housing market going into 2021.
- Expect low interest rates and lack of inventory to keep demand strong while putting upward pressure on prices.
- It’s still a seller’s market so expect to be competing for the good homes.
- Expect home prices to go up (+1.3% forecast for CA) and interest rates to remain historically low (3.1%) as 2021 progresses.
What's The 2021 California Forecast?
According to the California Association of REALTORS,
- The median price of a home is expected to increase 1.3% in 2021.
- The number of home sales is expected to increase by 3.3%.
- Interest rates are expected to average 3.1% on a 30 year fixed mortgage.
Market Snapshot
Prices
- The median price of a Conejo Valley home was up in December at $875,000.
- That’s now 6 consecutive months up.
- Prices are up 4% from $842,500 last December.
- And up $30,000 from last month.
Homes for Sale
- December ended with 394 homes for sale.
- Down 18% from last December.
- That’s 89 fewer homes than last year.
- And 68 fewer homes than last month.
Days on Market
- It took 49 days on average to sell a home in December.
- Down 21% from last December.
- That’s 13 fewer days than last year.
- And 6 more days than last month.
Interest Rates
Median Prices by City
(Prices are for November 2020. City data is two months behind. Keep in mind that low volume of sales can cause large price fluctuations.)
| City/County | # Sold | Nov 2020 | Nov 2019 | Y-T-Y % Chg |
|---|---|---|---|---|
| Ventura County | 1,005 | $659,500 | $580,000 | 13.7% |
| San Fernando Valley | 1,084 | $752,000 | $651,500 | 15.4% |
| Agoura Hills | 36 | $757,500 | $867,500 | -12.7% |
| Calabasas | 43 | $1,485,000 | $1,435,000 | 3.5% |
| Camarillo | 123 | $658,000 | $590,750 | 11.4% |
| Moorpark | 41 | $689,000 | $623,000 | 10.6% |
| Newbury Park | 64 | $768,500 | $680,000 | 13.0% |
| Oak Park | 19 | $798,000 | $745,000 | 7.1% |
| Simi Valley | 173 | $645,000 | $598,750 | 7.7% |
| Thousand Oaks | 124 | $815,000 | $667,500 | 22.1% |
| Westlake Village (Ventura County) | 20 | $1,255,000 | $892,500 | 40.6% |
| Westlake Village (L.A. County) | 10 | $1,269,500 | $1,648,750 | -23.0% |
| Woodland Hills | 98 | $861,500 | $860,000 | 0.2% |
