Market Update March 2018 – Westlake Village, Agoura Hills, Thousand Oaks, Oak Park, and Newbury Park
(Released March 5, 2018)
MICHAEL’S THOUGHTS ABOUT THE LOCAL MARKET
The spring season is upon us and it appears that it will be another competitive one for home buyers.
- New listings started to pick up in February – up 6% from last year.
- However 67% more homes went into escrow this February.
- Causing inventory of available homes to drop by 12% to 577 homes for sale.
- And the median price to increase 4% to $765,000.
What Should We Expect Going Forward
- Expect the spring buying and selling season to get rolling this month and continue through June.
- As more homes hit the market and buyers get more active in their search.
- If you are looking to buy under $1 million, be prepared to compete with other buyers.
- As low inventory and rising interest rates are motivating buyers to act now.
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 February to $765,000.
- That’s 10 consecutive months up.
- Prices are up 4% from $734,750 last February.
- and $15,000 less than last month.
Homes For Sale
- February ended with 573 homes for sale.
- Down 12% from last February.
- That’s 81 fewer homes than last year.
- and 60 more homes than last month.
Days to Sell a Home
- It took 53 days on average to sell a home in February.
- Down 32% from last February.
- 25 fewer days than last year.
- and 6 fewer days than last month.
Median Prices by City
(Prices below are for Jan 2018. City data is released a month late. Keep in mind that low volume of sales can cause large price fluctuations.)
|City/County||# Sold||Jan 2018||Jan 2017||Y-T-Y % Chg|
|San Fernando Valley||814||$580,000||$545,000||6.4%|
If you are looking for a home, here’s a great place to start: Conejo Valley Neighborhood Video Tours.