Market Update December 2017 – Conejo Valley and Surrounding Area
(Released December 3, 2017)
MICHAEL’S THOUGHTS ABOUT THE LOCAL MARKET
Buyers jumped on available homes looking for last minute deals at the end of the year.
- Big surge (+63%) in new escrows last month.
- Creating a 12% jump in median home prices to $775,000.
- Buyers locked in low interest rates and favorable mortgage tax laws that may change in 2018.
- Causing inventory of available homes to drop 18% to only 604 homes for sale.
What Should We Expect Going Forward
- Expect new inventory of homes to be low this month.
- As the usual holiday slowdown goes into full effect.
- Which can lead to more motivated sellers willing to negotiate on price.
- Creating good opportunities for home buyers.
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.
- The median price of a Conejo Valley home was up in November to $775,000.
- That’s 7 consecutive months up.
- Prices are up 12% from $695,000 last November.
- and $22,250 more than last month.
Homes For Sale
- November ended with 604 homes for sale.
- Down 18% from last November.
- That’s 133 fewer homes than last year.
- and 53 fewer homes than last month.
Days to Sell a Home
- It took 58 days on average to sell a home in November.
- Down 23% from last November.
- 17 fewer days than last year.
- and 3 more days than last month.
Median Prices by City
(Prices below are for Oct 2017. City data is released a month late. Keep in mind that low volume of sales can cause large price fluctuations.)
|City/County||# Sold||Oct 2017||Oct 2016||Y-T-Y % Chg|
|San Fernando Valley||1144||$585,000||$549,500||6.5%|
If you are looking for a home, here’s a great place to start: Conejo Valley Neighborhood Video Tours.