Market Update January 2020
Westlake Village, Agoura Hills, Oak Park, Thousand Oaks and Newbury Park
By: Michael Rice | January 5, 2020
Released January 5, 2020
My View From Inside
After months of a standoff between eager buyers and dug-in sellers, something had to give. And it did – in favor of sellers.
An end of the year buying frenzy caused home prices to jump up 12% in December ending the slight downward trend over the last several months.
Home buyers were eager to lock in low interest rates and sellers dug in understanding the lack of competition from other homes gave buyers few choices.
Will this be a preview of what’s to come in 2020? There’s a feeling it may. Pent up demand for the safe lifestyle & excellent schools attracts many from our neighboring valleys. And corporate relocation to the area is surging as the local economy continues to thrive.
What should you expect in 2020? | California and Conejo Valley 2020 Housing Market Forecast
JANUARY 2020 CONEJO VALLEY REAL ESTATE MARKET UPDATE
- End of the year home shoppers caused prices to surge in December.
- After several consecutive down months, median home prices were up 12% to $837,500 compared to December of last year.
- And inventory of available homes continued to plunge, down 21% to only 489 homes for sale.
- Indicating that buyer demand is still strong as interest rates remain low.
What Should We Expect Going Forward
- All signs point to another strong local housing market going into 2020.
- Expect low interest rates and lack of inventory to keep demand strong while putting upward pressure on prices.
- Overall, our local market should be fairly balanced between buyers and sellers tilting slightly in favor of sellers in 2020.
- Expect home prices to go up (+2.5% forecast) and interest rates to remain historically low (3.75%) as 2020 progresses.
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 December to $837,500
- That’s now 1 consecutive months up ending 2019.
- Prices are up 12% from $745,000 last December.
- And up $67,500 from last month.
Homes For Sale
- December ended with 489 homes for sale.
- Down 21% from last December.
- That’s 131 fewer homes than last year.
- And 76 fewer homes than last month.
Days To Sell A Home
- It took 61 days on average to sell a home in December.
- Down 12% from last December.
- That’s 8 fewer days than last year.
- And 2 more days than last month.
Interest Rates
Median Prices by City
(Prices are for November 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 | 820 | $580,000 | $575,000 | 9.0% |
| San Fernando Valley | 968 | $652,000 | $620,000 | 5.2% |
| Agoura Hills | 20 | $867,500 | $680,000 | 27.6% |
| Calabasas | 30 | $1,435,000 | $1,515,000 | -5.3% |
| Camarillo | 120 | $590,750 | $565,000 | 4.6% |
| Moorpark | 35 | $623,000 | $602,500 | 3.4% |
| Newbury Park | 37 | $680,000 | $665,000 | 2.3% |
| Oak Park | 18 | $745,000 | $782,500 | -4.8% |
| Simi Valley | 160 | $598,750 | $587,750 | 1.9% |
| Thousand Oaks | 85 | $667,500 | $714,500 | -6.6% |
| Westlake Village (Ventura County) | 30 | $892,500 | $1,042,500 | -14.4% |
| Westlake Village (L.A. County) | 15 | $1,648,750 | $960,000 | 71.7% |
| Woodland Hills | 74 | $860,000 | $771,750 | 11.4% |
