Market Update April 2018 – Westlake Village, Agoura Hills, Thousand Oaks, Oak Park, and Newbury Park
(Released April 4, 2018)
MICHAEL’S THOUGHTS ABOUT THE LOCAL MARKET
Home buyers get your ducks in a row – the busy season is upon us.
- The busy spring market started to heat up in March.
- Causing median home prices to increase 4% to $767,500.
- Low inventory continues to be the biggest challenge for buyers – down 10% to 697 homes for sale.
- And competition will increase as the season gets going and continue at least through June.
(Read: Why Are There So Few Conejo Valley Homes For Sale)
What Should We Expect Going Forward
- Don’t expect a huge surge of new homes to come on the market in the coming months.
- As many sellers are deciding to stay put unless they have to move.
- Expect good homes under $1 million to have multiple offers.
- But don’t get too discouraged, not every home is selling in days.
WHAT’S THE 2018 CALIFORNIA FORECAST?
According to the California Association of REALTORS,
- The median price of a home is expected to increase 4.2% in 2018.
- The number of home sales is expected to increase by 1%.
- Interest rates are expected to climb to 4.3% on a 30 year fixed mortgage.
- (Read: Detailed Conejo Valley 2018 Forecast)
Market Snapshot
Home Prices
- The median price of a Conejo Valley home was up in March to $767,500.
- That’s 11 consecutive months up.
- Prices are up 4% from $735,000 last March.
- and $2500 more than last month.
Homes For Sale
- March ended with 697 homes for sale.
- Down 10% from last March.
- That’s 75 fewer homes than last year.
- and 124 more homes than last month.
Days to Sell a Home
- It took 48 days on average to sell a home in March.
- Down 13% from last March.
- 7 fewer days than last year.
- and 5 fewer days than last month.
Interest Rates
Median Prices by City
(Prices below are for Feb 2018. City data is released a month late. Keep in mind that low volume of sales can cause large price fluctuations.)
City/County | # Sold | Feb 2018 | Feb 2017 | Y-T-Y % Chg |
---|---|---|---|---|
Ventura County | 645 | $555,500 | $520,000 | 6.7% |
San Fernando Valley | 748 | $620,000 | $540,000 | 14.8% |
Agoura Hills | 17 | $857,500 | $717,500 | 19.5% |
Calabasas | 27 | $1,537,500 | $1,181,000 | 30.2% |
Camarillo | 95 | $580,000 | $541,000 | -7.2% |
Moorpark | 35 | $705,000 | $532,550 | 32.4% |
Newbury Park | 32 | $797,500 | $561,750 | 42.0% |
Oak Park | 14 | $710,000 | $561,750 | 42.0% |
Simi Valley | 105 | $531,500 | $532,500 | -0.2% |
Thousand Oaks | 60 | $659,000 | $742,000 | -11.2% |
Westlake Village (Ventura County) | 11 | $765,000 | $630,000 | 21.4% |
Westlake Village (L.A. County) | 9 | $850,000 | $901,500 | -5.7% |
Woodland Hills | 68 | $762,500 | $664,000 | 14.8% |
If you are looking for a home, here’s a great place to start: Conejo Valley Neighborhood Video Tours.