Market Update April 2019 – Westlake Village, Agoura Hills, Thousand Oaks, Oak Park, and Newbury Park
(Released April 3, 2019)
MICHAEL’S THOUGHTS ABOUT THE LOCAL MARKET
The demise of the real estate market has been greatly exaggerated.
- The busy spring market got off to a roaring start in March with median home prices jumping up 10% to $843,750.
- And 45% more homes went into escrow last month compared to the previous year.
- The sudden drop in interest rates (almost 1% since the end of last year to just over 4% on a 30 year loan) is fueling the surge in market activity.
- Causing the inventory of available homes to drop 9% to 686 homes for sale.
What Should We Expect Going Forward
- Market activity should continue to pick up over the next few months with a surge of new listings hitting the market.
- And competition will increase as the season gets going and continue at least through June.
- Expect good homes in popular neighborhoods to sell quickly and often with multiple offers.
- But don’t get discouraged, not every home is selling in days and many sellers are willing to negotiate.
WHAT’S THE 2019 CALIFORNIA FORECAST?
According to the California Association of REALTORS,
- The median price of a home is expected to increase 3.1% in 2019.
- The number of home sales is expected to decrease by 3.3%.
- Interest rates are expected to climb to 5.2% on a 30 year fixed mortgage.
- (Read: Detailed Conejo Valley 2019 Forecast)
Market Snapshot
Home Prices
- The median price of a Conejo Valley home was up in March to $842,500.
- That’s 1 consecutive month up for 2019.
- Prices are up 10% from $765,000 last March.
- And $79,500 higher than last month.
Home prices up 10%
Homes For Sale
- March ended with 680 homes for sale.
- Down 9% from last March.
- That’s 71 fewer homes than last year.
- But 85 more homes than last month.
Homes sales down by 9%
Days to Sell a Home
- It took 52 days on average to sell a home in March.
- Down 11% from last March.
- That’s 6 fewer days as last year.
- And 7 fewer days than last month.
52 days to sell a home
Interest Rates
Median Prices by City
(Prices below are for February 2019. City data is released a month late. Keep in mind that low volume of sales can cause large price fluctuations.)
| City/County | # Sold | Feb 2019 | Feb 2018 | Y-T-Y % Chg |
|---|---|---|---|---|
| Ventura County | 567 | $565,000 | $555,000 | 1.8% |
| San Fernando Valley | 664 | $598,000 | $620,000 | -3.5% |
| Agoura Hills | 22 | $955,000 | $857,500 | 11.4% |
| Calabasas | 21 | $1,087,500 | $1,537,500 | -29.3% |
| Camarillo | 63 | $597,000 | $580,000 | 2.9% |
| Moorpark | 33 | $630,500 | $705,000 | -10.6% |
| Newbury Park | 30 | $712,500 | $797,500 | -10.7% |
| Oak Park | 7 | $790,000 | $710,000 | 11.3% |
| Simi Valley | 90 | $565,000 | $531,500 | 6.3% |
| Thousand Oaks | 6.3 | $680,000 | $659,000 | 3.2% |
| Westlake Village (Ventura County) | 14 | $1,102,500 | $765,000 | 44.1% |
| Westlake Village (L.A. County) | 8 | $1,287,500 | $850,000 | 51.5% |
| Woodland Hills | 49 | $761,000 | $762,500 | -0.2% |
If you are looking for a home, here’s a great place to start: Conejo Valley Neighborhood Tours.
Want to learn more about buying and selling in the Conejo Valley?
