Market Update August 2018 – Westlake Village, Agoura Hills, Thousand Oaks, Oak Park, and Newbury Park
(Released August 1, 2018)
MICHAEL’S THOUGHTS ABOUT THE LOCAL MARKET
Prices continued up in July, but the market is showing signs of losing some steam.
- Median home prices were up for the 15th consecutive month up 6% to $803,600.
- Both the inventory of homes and the average days on the market were up slightly as well.
- The number of expired homes (homes that didn’t sell) jumped 60% in July.
- Indicating some overall cooling of the market that’s been on fire for several years now.
(Read: Why Are There So Few Conejo Valley Homes For Sale)
What Should We Expect Going Forward
- Expect the annual August slowdown to go into full effect.
- Leading to more price reductions as demand continues to soften due to higher prices and rising interest rates.
- Which may just be a blip or could indicate the beginning of a market correction.
- Leaving more motivated and negotiable sellers who need to sell, but missed the hot market.
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 July to $803,600.
- That’s 15 consecutive months up.
- Prices are up 6% from $760,950 last July.
- But $11,400 less than last month.
Home prices were up 6%
Homes For Sale
- July ended with 851 homes for sale.
- Up 2% from last July.
- That’s 20 more homes than last year.
- and 38 more homes than last month.
Homes for sale up by 2%
Days to Sell a Home
- It took 52 days on average to sell a home in July.
- Up 9% from last July.
- 4 more days than last year.
- and 4 fewer days than last month.
52 Days to sell a home
Interest Rates
Median Prices by City
(Prices below are for June 2018. City data is released a month late. Keep in mind that low volume of sales can cause large price fluctuations.)
| City/County | # Sold | June 2017 | June 2016 | Y-T-Y % Chg |
|---|---|---|---|---|
| Ventura County | 952 | $615,000 | $565,000 | 8.8% |
| San Fernando Valley | 13 | $469,500 | $421,250 | 11.5% |
| Agoura Hills | 41 | $910,000 | $795,000 | 14.5% |
| Calabasas | 39 | $1,441,750 | $1,445,500 | -0.3% |
| Camarillo | 113 | $608,500 | $590,000 | 3.1% |
| Moorpark | 52 | $665,000 | $705,000 | -5.7% |
| Newbury Park | 56 | $694,500 | $718,000 | -3.3% |
| Oak Park | 17 | $790,000 | $790,000 | 0.0% |
| Simi Valley | 161 | $588,000 | $539,500 | 9.0% |
| Thousand Oaks | 134 | $730,000 | $700,000 | 4.3% |
| Westlake Village (Ventura County) | 25 | $1,000,000 | $890,100 | 12.3% |
| Westlake Village (L.A. County) | 24 | $1,070,000 | $1,157,500 | -7.6% |
| Woodland Hills | 116 | $832,000 | $736,750 | 12.9% |
If you are looking for a home, here’s a great place to start: Conejo Valley Neighborhood Video Tours.
