Market Update December 2019
Westlake Village, Agoura Hills, Oak Park, Thousand Oaks and Newbury Park
By: Michael Rice | December 4, 2019
My View From Inside
It’s tough to put a label on the market right now. Some homes are selling quickly and with multiple offers. Others are left wallowing, waiting for the right offer, or an offer at all.
A lot of it comes down to pricing. Many sellers are simply asking too much for their homes and unwilling to accept the reality that buyers are more cautious than they were a year ago.
However, all signs point to a strong 2020 with interest rates expected to remain low, prices expected to increase, and volume expected to remain steady. But the challenge of low inventory should continue for the foreseeable future.
Overall, we’ve entered a more balanced market over years past. And that’s likely to continue going into 2020.
P.S. I write the market update for number nerds like me who like stats and graphs. Continue reading for my insight on the local market. Give me a call when you want to talk about buying or selling your Conejo Valley home.
December 2019 CONEJO VALLEY REAL ESTATE MARKET UPDATE
- Conejo Valley home prices dropped 4% last month to $770,000.
- And only 137 new homes came on the market in November, down 7% from last year.
- Causing the overall inventory of available homes to drop 22% to just 565 homes for sale.
- Mortgage rates remained about the same at 3.7% for a 30 year fixed.
What Should We Expect Going Forward
- Expect the holiday slowdown to be in full effect this month.
- And sellers to be more open to negotiation.
- Expect bargain shoppers to be out in full force looking for deals from motivated sellers.
- As many indicators point to a strong local housing market in 2020.
Are you looking into buying or selling your home in the Conejo Valley? Let’s Connect!
What's The 2020 California Forecast?
According to the California Association of REALTORS,
- The median price of a home is expected to increase 2.5% in 2020.
- The number of home sales is expected to increase by 0.08%.
- Interest rates are expected to average 3.7% on a 30 year fixed mortgage.
- The median price of a Conejo Valley home was down in November to $770,000
- That’s now 2 consecutive months down for 2019.
- Prices are down 4% from $805,000 last November.
- And down $19,900 from last month.
Homes For Sale
- November ended with 565 homes for sale.
- Down 22% from last November.
- That’s 160 fewer homes than last year.
- And 85 homes less than last month.
Days To Sell A Home
- It took 59 days on average to sell a home in November.
- Down 9% from last November.
- That’s 6 fewer days than last year.
- And the same as last month.
Median Prices by City
(Prices below are for October 2019. City data is released a month late. Keep in mind that low volume of sales can cause large price fluctuations.)
|City/County||# Sold||Oct 2019||Oct 2018||Y-T-Y % Chg|
|San Fernando Valley||1,138||$660,000||$630,000||4.8%|