Market Update September 2021
Westlake Village, Agoura Hills, Oak Park, Thousand Oaks and Newbury Park
By: Michael Rice | September 3, 2021
Released September 3, 2021
My View From Inside
The hot market continued in spite of the annual August slow down. Home prices were up 13% year over year, but down slightly from last month. That small dip in prices from the previous month is more likely tied to a lower number of sales (which can skew the numbers) rather than a trend towards decreasing home prices.
To give a sense of how on fire this market has been, the National Association of Realtors released this data:
- In 2019, prior to the pandemic, it took on average 35 days to sell a home. Today, that number is cut in half to 17 days.
- In 2019, the number of offers per listing stood at 2.2. Today, that number is double at 4.5.
With fall quickly approaching, get ready for the second wave of home buying that typically starts in September and lasts through November. Multiple offers will continue to dominate the market (although fewer offers per house) as the inventory of available homes remains at historic lows.
If you’re thinking you might wait out the hot market and just rent, here’s a few things to reconsider: Should You Rent and Wait for Housing Prices to Come Down?
September 2021 CONEJO VALLEY REAL ESTATE MARKET UPDATE
- The hot market continued in August as buyers looked to lock in the unexpected drop in interest rates.
- The median price of a Conejo Valley home was up 13% to $950,000 vs $842,000 last year.
- The number of homes for sale dropped 31% to just 456 homes compared to last year.
- Multiple offers continued to dominate the market, although competition was less fierce than a few months ago.
What Should We Expect Going Forward
- Expect to see more buyers and sellers come back to the market over the next 90 days or so.
- Competition will remain high for the popular homes, but 2-5 offers will be more common than the 8-10+ of the spring market.
- Some neighborhoods are seeing a build up of inventory as some sellers overpriced their homes.
- You may want to take another look at some of the homes that have been on the market for over 30 days. There are some good opportunities to be found.
What's The 2021 California Forecast?
According to the California Association of REALTORS, (revised 2/26/21)
- The median price of a home is expected to increase 8% in 2021.
- The number of home sales is expected to increase by 11.2%.
- Interest rates are expected to average 3% on a 30 year fixed mortgage.
Market Snapshot
Price
- The median price of a Conejo Valley home was up in August at $950,000.
- That’s now 14 consecutive months up.
- Prices are up 13% from $842,500 last August.
- And down $20,000 from last month.
Homes For Sale
- August ended with 457 homes for sale.
- Down 31% from last August.
- That’s 205 fewer homes than last year.
- And 30 fewer homes than last month.
Days to Sell a Home
- It took 31 days on average to sell a home in August.
- Down 42% from last August.
- That’s 22 fewer days than last year.
- And 1 more day than last month.
Interest Rates
Median Prices by City
(Prices are for July 2021. City data is two months behind. Keep in mind that low volume of sales can cause large price fluctuations.)
| City/County | # Sold | July 2020 | July 2019 | Y-T-Y % Chg |
|---|---|---|---|---|
| Ventura County | 1,157 | $732,000 | $631,000 | 16.0% |
| San Fernando Valley | 1,321 | $849,000 | $700,000 | 21.3% |
| Agoura Hills | 59 | $1,155,000 | $969,500 | 19.1% |
| Calabasas | 41 | $1,760,000 | $1,380,000 | 27.5% |
| Camarillo | 142 | $755,000 | $639,000 | 18.2% |
| Moorpark | 58 | $800,000 | $731,750 | 9.3% |
| Newbury Park | 64 | $860,000 | $736,250 | 16.8% |
| Oak Park | 28 | $930,000 | $693,750 | 34.1% |
| Simi Valley | 235 | $720,000 | $610,000 | 18.0% |
| Thousand Oaks | 139 | $900,000 | $786,000 | 14.5% |
| Westlake Village (Ventura County) | 27 | $1,270,000 | $1,002,500 | 26.7% |
| Westlake Village (L.A. County) | 17 | $1,815,000 | $1,310,750 | 38.5% |
| Woodland Hills | 115 | $1,100,000 | $850,500 | 29.3% |
