Market Update February 2022
Westlake Village, Agoura Hills, Oak Park, Thousand Oaks and Newbury Park
By: Michael Rice | February 4, 2022
My View From Inside
No surprises this month, home prices continued up (+11%) and inventory continued down (-44%) vs last January. That’s been the market for 2+ years now and it’s unlikely to change anytime soon.
As discouraging as this may feel for those looking to buy a home, keep in mind that it’s very early. We’re still dealing with the effects of the pandemic and seller’s lack of desire to have people in their home. The hope is that a lot of sellers put off selling due to the Omicron surge and we’ll start to see a pickup in inventory over the next few months. One can hope!
In addition to the lack of inventory, there’s a lot of talk about interest rates and what they’ll do this year. The forecast is for rates to max out at about 3.5 – 3.7% this year – still historically low.
Let’s put that in perspective:
- In the past 50 years, interest rates have been under 3% for just 12 months.
- Between 3.0% and 3.5% for 16 months.
- And 55 months between 3.5% – 3.99%.
- That leaves 517 months over 4%!
In other words, the wonderfully low interest rates we’ve been enjoying (3.5% and below) account for only about 2 out of the last 50 years!
Bottom line
Yes it’s tough out there for buyers. There’s a reason why it’s so competitive. The Conejo Valley is a great place to live! But don’t give up! With the right mindset, qualifications and strategy, you will be successful.
February 2022 CONEJO VALLEY REAL ESTATE MARKET UPDATE
- The extremely competitive market continues in 2022 and will likely stay this way for the foreseeable future.
- The median home price increased 11% to $1,050,000 posting the 19th straight month of price gains.
- And the inventory of available homes continued to plunge, down 42% to only 232 homes for sale.
- Interest rates hovered around 3.5% and will likely remain there for a bit.
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 and aggressively for the good homes.
- The busy season came early this year.
- As another year of increasing prices and low inventory appears likely.
What's The 2022 California Forecast?
According to the California Association of REALTORS
- The median price of a home is expected to increase 5.2% in 2022.
- The number of home sales is expected to decrease by 5.2%.
- Interest rates are expected to average 3.5% on a 30 year fixed mortgage.
Market Snapshot
Price
- The median price of a Conejo Valley home was up in January at $1,050,000.
- That’s now 19 consecutive months up.
- Prices are up 11% from $950,000 last January.
- And up $49,000 from last month.
Homes for Sale
- January ended with 232 homes for sale.
- Down 42% from last January.
- That’s 168 fewer homes than last year.
- And 15 more homes than last month.
Days to Sell a Home
- It took 30 days on average to sell a home in January.
- Down 45% from last January.
- That’s 25 fewer days than last year.
- And 4 fewer day than last month.
Interest Rates
Median Prices by City
(Prices are for December 2021. City data is two months behind. Keep in mind that low volume of sales can cause large price fluctuations.)
| City/County | # Sold | Dec 2021 | Dec 2020 | Y-T-Y % Chg |
|---|---|---|---|---|
| Ventura County | 935 | $755,000 | $650,000 | 16.2% |
| San Fernando Valley | 1,187 | $860,000 | $750,000 | 14.7% |
| Agoura Hills | 35 | $950,000 | $885,000 | 7.3% |
| Calabasas | 33 | $1,636,000 | $1,485,000 | 10.2% |
| Camarillo | 124 | $811,500 | $682,500 | 18.9% |
| Moorpark | 49 | $855,000 | $707,000 | 20.9% |
| Newbury Park | 44 | $826,250 | $749,750 | 10.2% |
| Oak Park | 10 | $1,095,000 | $625,000 | 75.2% |
| Simi Valley | 175 | $750,000 | $667,000 | 12.4% |
| Thousand Oaks | 102 | $955,000 | $745,000 | 28.2% |
| Westlake Village (Ventura County) | 20 | $1,152,500 | $970,000 | 18.8% |
| Westlake Village (L.A. County) | 10 | $926,500 | $916,500 | 1.1% |
| Woodland Hills | 117 | $1,123,500 | $949,000 | 18.4% |
