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
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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 |
|---|---|---|---|---|
| Ventura County | 761 | $563,000 | $519,000 | 8.5% |
| San Fernando Valley | 1052 | $595,000 | $535,000 | 11.2% |
| Agoura Hills | 33 | $750,000 | $751,500 | -0.2% |
| Calabasas | 24 | $1,510,100 | $1,385,750 | 9.0% |
| Camarillo | 80 | $622,000 | $594,250 | 4.7% |
| Moorpark | 50 | $710,500 | $627,500 | 13.2% |
| Newbury Park | 60 | $654,000 | $686,500 | -4.7% |
| Oak Park | 10 | $777,500 | $704,000 | 10.4% |
| Simi Valley | 115 | $530,000 | $507,000 | 4.5% |
| Thousand Oaks | 106 | $649,000 | $635,000 | 2.2% |
| Westlake Village (Ventura County) | 17 | $1,000,000 | $915,000 | 9.3% |
| Westlake Village (L.A. County) | 12 | $1,002,500 | $1,125,000 | -10.9% |
| Woodland Hills | 92 | $787,000 | $659,000 | 19.4% |
If you are looking for a home, here’s a great place to start: Conejo Valley Neighborhood Video Tours.
