Market Update February 2018 – Westlake Village, Agoura Hills, Thousand Oaks, Oak Park, and Newbury Park

(Released February 5, 2018)

MICHAEL’S THOUGHTS ABOUT THE LOCAL MARKET

January got off to a hot start suggesting 2018 may be another strong year for home prices and sales volume.

  • Huge increase in new escrows this January vs last year – up 90%.
  • Indicating there was a lot of pent up demand towards the end of 2017.
  • Median home prices jumped up 12% to $780k.
  • As inventory of available homes continued to dwindle – down 15% to only 513 homes for sale.

(Read: Why Are There So Few Conejo Valley Homes For Sale)

What Should We Expect Going Forward

  • Expect more homes to start hitting the market in February as the spring season gets closer.
  • Consumer optimism and the expectation of higher prices and higher interest rates are motivating buyers to act now.
  • Competition for homes in popular neighborhoods will start to heat up.
  • As another year of increasing prices and dropping inventory appears likely.

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 January to $780,000.
  • That’s 9 consecutive months up.
  • Prices are up 12% from $696,500 last January.
  • and $50,000 more than last month.

Home Prices up 12%

Homes For Sale

  • January ended with 513 homes for sale.
  • Down 15% from last January.
  • That’s 94 fewer homes than last year.
  • and 2 fewer homes than last month.

Homes for sale down 15%

Days to Sell a Home

  • It took 59 days on average to sell a home in January.
  • Down 31% from last January.
  • 26 fewer days than last year.
  • and 6 fewer days than last month.

59 days to sell a home

Interest Rates

California Mortgage Rates
30 Year Fixed loading...
15 Year Fixed loading...
5/1 ARM loading...

Median Prices by City

(Prices below are for Dec 2017. City data is released a month late. Keep in mind that low volume of sales can cause large price fluctuations.)

City/County# SoldDec 2017Dec 2016Y-T-Y % Chg
Ventura County761$563,000$519,0008.5%
San Fernando Valley1052$595,000$535,00011.2%
Agoura Hills33$750,000$751,500-0.2%
Calabasas24$1,510,100$1,385,7509.0%
Camarillo80$622,000$594,2504.7%
Moorpark50$710,500$627,50013.2%
Newbury Park60$654,000$686,500-4.7%
Oak Park10$777,500$704,00010.4%
Simi Valley115$530,000$507,0004.5%
Thousand Oaks106$649,000$635,0002.2%
Westlake Village
(Ventura County)
17$1,000,000$915,0009.3%
Westlake Village
(L.A. County)
12$1,002,500$1,125,000-10.9%
Woodland Hills92$787,000$659,00019.4%

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

 

 



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