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.

Home prices are up 4%

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.

Homes for sale down 12%

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.

53 days to sell a home

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# SoldFeb 2018Feb 2017Y-T-Y % Chg
Ventura County645$555,500$520,0006.7%
San Fernando Valley748$620,000$540,00014.8%
Agoura Hills17$857,500$717,50019.5%
Calabasas27$1,537,500$1,181,00030.2%
Camarillo95$580,000$541,000-7.2%
Moorpark35$705,000$532,55032.4%
Newbury Park32$797,500$561,75042.0%
Oak Park14$710,000$561,75042.0%
Simi Valley105$531,500$532,500-0.2%
Thousand Oaks60$659,000$742,000-11.2%
Westlake Village
(Ventura County)
11$765,000$630,00021.4%
Westlake Village
(L.A. County)
9$850,000$901,500-5.7%
Woodland Hills68$762,500$664,00014.8%

If you are looking for a home, here’s a great place to start: Conejo Valley Neighborhood Video Tours.

 

If you're looking to buy a home, here's a great place to start: Conejo Valley Neighborhoods


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