Market Update December 2018 – Westlake Village, Agoura Hills, Thousand Oaks, Oak Park, and Newbury Park
(Released December 4, 2018)
MICHAEL’S THOUGHTS ABOUT THE LOCAL MARKET
November started off rough for the Conejo Valley. The Woolsey Fire put the entire community on edge for a number of days leaving many members wondering if they would even have homes. While there was some devastation, we are happy to report that most of our housing market survived – and we are very grateful.
- For the 19th consecutive month, median home prices were up in November (+4% to $805k).
- And the inventory of available homes remained the same from the previous year.
- The number of new escrows surged 44% in November.
- Indicating that the overall impact of the Woolsey fire was minimal on the local housing market.
(Read: Surviving the Woolsey Fire)
(Read: Why Are There So Few Conejo Valley Homes For Sale)
What Should We Expect Going Forward
- Expect the holiday slowdown to be in full effect this month.
- Meaning fewer homes will come on the market and less competition from other buyers.
- However homes that are on the market are typically more negotiable.
- Creating an excellent opportunity for buyers to score a deal.
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.
Market Snapshot
Home Prices
- The median price of a Conejo Valley home was up in November to $805,000.
- That’s 19 consecutive months up.
- Prices are up 4% from $775,000 last November.
- And $5,000 more than last month.
Home prices up 4%
Homes For Sale
- November ended with 662 homes for sale.
- Down 0% from last November.
- That’s 3 fewer homes than last year.
- And 129 fewer homes than last month.
Home sales up by 0%
Days to Sell a Home
- It took 59 days on average to sell a home in November.
- Down 17% from last November.
- That’s 12 fewer days as last year.
- And 1 less day than last month.
59 days to sell a home.
Interest Rates
Median Prices by City
(Prices below are for October 2018. City data is released a month late. Keep in mind that low volume of sales can cause large price fluctuations.)
| City/County | # Sold | Oct 2018 | Oct 2017 | Y-T-Y % Chg |
|---|---|---|---|---|
| Ventura County | 862 | $595,000 | $545,500 | 9.1% |
| San Fernando Valley | 1,047 | $630,500 | $585,000 | 7.8% |
| Agoura Hills | 26 | $805,000 | $805,000 | -8.2% |
| Calabasas | 26 | $1,450,000 | $1,172,750 | 23.6% |
| Camarillo | 108 | $598,000 | $620,000 | -3.5% |
| Moorpark | 53 | $676,500 | $700,636 | -3.4% |
| Newbury Park | 44 | $705,500 | $695,000 | 1.5% |
| Oak Park | 13 | $875,000 | $670,000 | 30.6% |
| Simi Valley | 169 | $575,000 | $518,500 | 10.9% |
| Thousand Oaks | 100 | $727,500 | $652,500 | 11.5% |
| Westlake Village (Ventura County) | 26 | $865,000 | $945,000 | -8.5% |
| Westlake Village (L.A. County) | 9 | $940,000 | $1,170,000 | -19.7% |
| Woodland Hills | 74 | $770,500 | $790,000 | -2.5% |
If you are looking for a home, here’s a great place to start: Conejo Valley Neighborhood Video Tours.
