Market Update July 2018 – Westlake Village, Agoura Hills, Thousand Oaks, Oak Park, and Newbury Park
(Released July 5, 2018)
MICHAEL’S THOUGHTS ABOUT THE LOCAL MARKET
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- Prices continued up as the market shows signs of slowing down.
- Median home prices crossed $800k for the first time last month – up 6% to $815k.
- And 29% fewer homes came on the market in June.
- Causing the inventory of available homes to drop 7% to 819 homes for sale.
- Indicating that the busy spring market is coming to an end.
(Read: Why Are There So Few Conejo Valley Homes For Sale)
What Should We Expect Going Forward
- July is typically the last busy month of the spring/summer season.
- However the overall market is already showing signs of cooling.
- Prices and interest rates have both gone up this year pricing some buyers out of the market.
- Making price drops and negotiable sellers more likely in the coming months.
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 June to $815,000.
- That’s 14 consecutive months up.
- Prices are up 6% from $769,900 last June.
- and $27,000 more than last month.
Home prices were up 6%
Homes For Sale
- June ended with 813 homes for sale.
- Down 8% from last June.
- That’s 66 fewer homes than last year.
- and 26 fewer homes than last month.
Homes for sale down 8%
Days to Sell a Home
- It took 56 days on average to sell a home in June.
- Up 19% from last June.
- 9 more days than last year.
- and 18 more days than last month.
56 days to sell a home
Interest Rates
Median Prices by City
(Prices below are for May 2018. City data is released a month late. Keep in mind that low volume of sales can cause large price fluctuations.)
| City/County | # Sold | Mar 2018 | Mar 2017 | Y-T-Y % Chg |
|---|---|---|---|---|
| Ventura County | 1,023 | $590,000 | $553,750 | 6.5% |
| San Fernando Valley | 1,182 | $631,000 | $580,000 | 8.8% |
| Agoura Hills | 55 | $865,500 | $870,000 | -0.5% |
| Calabasas | 44 | $1,480,000 | $1,306,000 | 13.3% |
| Camarillo | 131 | $605,455 | $564,500 | 7.3% |
| Moorpark | 51 | $650,000 | $681,750 | -4.7% |
| Newbury Park | 58 | $674,500 | $727,250 | -7.3% |
| Oak Park | 24 | $641,273 | $820,000 | -21.8% |
| Simi Valley | 187 | $575,000 | $550,000 | 4.5% |
| Thousand Oaks | 115 | $736,750 | $655,000 | 12.5% |
| Westlake Village (Ventura County) | 27 | $950,000 | $846,000 | 12.3% |
| Westlake Village (L.A. County) | 22 | $795,500 | $935,000 | -14.9% |
| Woodland Hills | 91 | $754,000 | $750,000 | 0.5% |
If you are looking for a home, here’s a great place to start: Conejo Valley Neighborhood Video Tours.
