Market Update February 2020
Westlake Village, Agoura Hills, Oak Park, Thousand Oaks and Newbury Park
By: Michael Rice | February 5, 2020
Released February 5, 2020
My View From Inside
Is it spring already? I cannot remember a year that began with more buyer activity than what we’ve experienced so far this year. Open houses are packed and homes in popular neighborhoods are often selling in a matter of days…and it’s only February.
What’s driving this demand? Interest rates are a big part of it. With rates hovering around 3.5% on a 30 year mortgage, many buyers view loans as practically free money. Nationally, purchase loan application volume hit the highest level since October 2009.
But it’s not just low rates that are driving this market. As the neighboring valley deals with the homeless crisis, many are electing to pack up and move north. We’re also experiencing a bit of a boom in relocating buyers to the area. And not just Amgen, many other companies across multiple industries are hiring and using the Conejo Valley lifestyle as a way to attract candidates.
With interest rates expected to remain low for the foreseeable future, expect the hot market to continue as the year progresses.
What should you expect in 2020? | California and Conejo Valley 2020 Housing Market Forecast
FEBRUARY 2020 CONEJO VALLEY REAL ESTATE MARKET UPDATE
- Homes that went into escrow doubled from last January.
- And inventory of available homes dropped 22% to just 511 homes for sale.
- Local home prices surged again in January, up 8% to $817,500 compared to last year.
- Indicating that the market may be gaining momentum as the season gets going.
What Should We Expect Going Forward
- Expect a slow but steady stream of new listings to hit the market over the next several months.
- And be prepared to act quickly if a move-in ready home comes up in a popular neighborhood.
- The busy season came early this year.
- As another year of increasing prices and dropping inventory appears likely.
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.
Market Snapshot
Home Prices
- The median price of a Conejo Valley home was up in January to $812,750
- That’s now 2 consecutive month up.
- Prices are up 8% from $755,000 last January.
- And down $24,750 from last month.
Homes For Sale
- January ended with 515 homes for sale.
- Down 21% from last January.
- That’s 136 fewer homes than last year.
- And 26 more homes than last month.
Days To Sell A Home
- It took 56 days on average to sell a home in January.
- Down 30% from last January.
- That’s 24 fewer days than last year.
- And 5 fewer days than last month.
Interest Rates
Median Prices by City
(Prices are for December 2019. City data is two months behind. Keep in mind that low volume of sales can cause large price fluctuations.)
| City/County | # Sold | Nov 2019 | Nov 2018 | Y-T-Y % Chg |
|---|---|---|---|---|
| Ventura County | 772 | $569,000 | $575,000 | -1.0% |
| San Fernando Valley | 981 | $650,000 | $602,000 | 8.0% |
| Agoura Hills | 26 | $752,250 | $1,002,500 | -25.0% |
| Calabasas | 32 | $1,827,500 | $1,799,500 | 1.6% |
| Camarillo | 106 | $573,000 | $576,500 | -0.6% |
| Moorpark | 34 | $625,000 | $630,000 | -0.8% |
| Newbury Park | 42 | $770,000 | $697,550 | 10.4% |
| Oak Park | 16 | $795,000 | $670,000 | 18.7% |
| Simi Valley | 158 | $542,000 | $537,000 | 0.9% |
| Thousand Oaks | 77 | $760,000 | $722,500 | 5.2% |
| Westlake Village (Ventura County) | 24 | $903,500 | $1,205,000 | -25.0% |
| Westlake Village (L.A. County) | 11 | $1,020,000 | $1,200,000 | -15.0% |
| Woodland Hills | 85 | $840,000 | $745,000 | 12.8% |
