Market Update June 2018 – Westlake Village, Agoura Hills, Thousand Oaks, Oak Park, and Newbury Park
(Released June 4, 2018)
MICHAEL’S THOUGHTS ABOUT THE LOCAL MARKET
Home prices continued up as buyers compete for the good homes.
- Median home prices were up 3% in May to $788,000.
- And 6% fewer homes came on the market this May compared to last year.
- Yet inventory of available homes for sale went up 4%.
- But that number may be deceiving as the struggle to find good homes in popular neighborhoods continues.
(Read: Why Are There So Few Conejo Valley Homes For Sale)
What Should We Expect Going Forward
- Expect last minute shoppers to jump on the good listings.
- And the busy spring season to start to wind down.
- Expect to see price reductions on listings that have been on the market over a month.
- And sellers to become a little more receptive to lower offers than they were a few months ago.
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 May to $788,000.
- That’s 13 consecutive months up.
- Prices are up 3% from $764,240 last May.
- and $1,500 less than last month.
Home prices were up 3%
Homes For Sale
- May ended with 839 homes for sale.
- Up 3% from last May.
- That’s 23 more homes than last year.
- and 72 more homes than last month.
Homes for sale down 3%
Days to Sell a Home
- It took 38 days on average to sell a home in May.
- Down 20% from last May.
- 10 fewer days than last year.
- and 5 fewer days than last month.
38 days to sell a home
Interest Rates
Median Prices by City
(Prices below are for April 2018. City data is released a month late. Keep in mind that low volume of sales can cause large price fluctuations.)
| City/County | # Sold | April 2017 | April 2016 | Y-T-Y % Chg |
|---|---|---|---|---|
| Ventura County | 857 | $585,000 | $560,500 | 4.4% |
| San Fernando Valley | 957 | $619,750 | $575,000 | 7.8% |
| Agoura Hills | 30 | $714,500 | $857,500 | -16.7% |
| Calabasas | 40 | $1,625,000 | $1,075,000 | 51.2% |
| Camarillo | 103 | $583,000 | $544,750 | 7.0% |
| Moorpark | 55 | $725,000 | $670,000 | 8.2% |
| Newbury Park | 57 | $700,000 | $695,000 | 0.7% |
| Oak Park | 14 | $826,750 | $850,000 | -2.7% |
| Simi Valley | 158 | $560,000 | $550,000 | 1.8% |
| Thousand Oaks | 93 | $722,500 | $670,000 | 7.8% |
| Westlake Village (Ventura County) | 26 | $920,000 | $896,000 | 2.7% |
| Westlake Village (L.A. County) | 12 | $1,037,500 | $592,500 | 75.1% |
| Woodland Hills | 78 | $720,000 | $740,000 | -2.7% |
If you are looking for a home, here’s a great place to start: Conejo Valley Neighborhood Video Tours.
