Market Update | May 2026

Westlake Village, Agoura Hills, Oak Park, Thousand Oaks and Newbury Park

Quick Take: The market isn’t clearly hot or cold right now. It’s selective. Homes that check the boxes on price, condition, and location are still selling quickly. The ones that don’t are getting passed over. That’s what’s driving the mixed signals you’re seeing.

Here’s a quick look at where we are today.

My View From Inside

How’s the Market? It’s Not a Simple Answer Anymore

The most common question I get is:

“How’s the market?”

In years past, that was an easy answer:

“The market’s hot.”

Right now…it’s a little more complicated.

The Numbers Are Telling Two Different Stories

Some of the numbers still point to a strong seller’s market:

• Homes are selling at about 98% of their original asking price
• About a third of homes are still selling above asking
• And the median time to get into escrow is just 26 days

But then you look at a few other stats, and it tells a different story:

• Median home prices have dipped slightly to around $1,178,500
• Expired listings are up 84% compared to last year

So which is it? Strong market or a softer one?

It really depends on the house.

What I’ve noticed is that buyers are weighing 3 things more than anything else: Price, Condition, and Location.

If a home checks at least two of those boxes, it’s going to get attention.

→ If it’s move-in ready in a good location, buyers are willing to pay for it.
→ If it’s in a great location and priced right, there are still buyers willing to take on a remodel.

But when a home misses on more than one of those (i.e., it needs work and it’s priced high), it doesn’t matter how good the location is. Buyers are just moving on.

It Also Depends on the Buyer

Who the target buyer is also impacts the level of interest.

First-time buyers are still the most sensitive to monthly payments, so they’re the quickest to step back or wait when something doesn’t feel right.

Move-up and downsizer buyers, on the other hand, are still active, and in many cases, they’re the ones competing for the homes that are well-positioned.

That’s part of why you’re seeing some higher-end homes move faster than expected, while more “entry-level” homes don’t always get the same response.

Bottom Line

For Buyers: You have more control right now than you have in a while. There are more homes to choose from, and you don’t have to talk yourself into something that doesn’t check the boxes. But when the right home shows up, other buyers see it too. That’s still where competition shows up, and those homes can move fast.

The real opportunity is with homes that have been sitting for a few weeks. A lot of those aren’t bad homes. They just came out overpriced or didn’t make a great first impression. That’s where you can negotiate more than you could a year ago.

For Sellers: ”Testing the market” with a higher price is very risky right now. Buyers are out there and comparing everything. If your home doesn’t check the boxes, they’re just moving on to the next one. The homes that are selling are the ones that hit the market in good condition, ready to show, and priced right. The market still rewards the seller who gets those things right.

As always, if you want to talk through what any of this means for your situation, I’m happy to do that. Just reach out.

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