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.
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)
- 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.
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.
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.
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||# Sold||Dec 2017||Dec 2016||Y-T-Y % Chg|
|San Fernando Valley||1052||$595,000||$535,000||11.2%|
If you are looking for a home, here’s a great place to start: Conejo Valley Neighborhood Video Tours.