Market Update January 2022
Westlake Village, Agoura Hills, Oak Park, Thousand Oaks and Newbury Park
By: Michael Rice | January 4, 2022
Released January 4, 2022
My View From Inside
The massive inventory shortage continued to get worse in December. Only 60 new listings hit the market in December for the entire Conejo Valley and the inventory of available homes dropped 52% to just 217 homes for sale. If these aren’t record low numbers, it sure feels like they are.
But…it’s January now and for the Conejo Valley (since we have no real winter), our market gets going right at the beginning of the year. The hope is that many sellers put off selling until after the holidays and we will start to see a steady drip of new listings that will continue to trend upwards until inventory peaks in May.
It’s already looking like this year is going to be a lot like last year. Having a couple years experience navigating this extraordinarily tight market, I have a clear understanding between the buyer who gets the home they want vs. the buyer that ultimately quits in frustration. It comes down to 3 main things: Mindset, qualification, and strategy.
JANUARY 2022 CONEJO VALLEY REAL ESTATE MARKET UPDATE
- Extremely low inventory and few new listings continued to drive the market in December.
- The median home price increased 16% to $1,001,000 posting the 18th straight month of price gains.
- And the inventory of available homes continued to plunge, down 52% to only 217 homes for sale.
- Buyer demand shows no sign of slowing down anytime soon, in fact, it’s only going to go up over the next several months.
What Should We Expect Going Forward
- All signs point to another strong local housing market going into 2022.
- Interest rates will creep up during the year, but not enough to affect buyer demand.
- For the popular neighborhoods, asking price will be the starting point. Be prepared to go up.
- Expect home prices to go up (+5.2% forecast for CA) and interest rates to rise, but remain historically low (3.5%) as 2022 progresses.
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 December at $1,001,000.
- That’s now 18 consecutive months up.
- Prices are up 16% from $860,000 last December.
- And down $13,500 from last month.
Homes for Sale
- December ended with 217 homes for sale.
- Down 52% from last December.
- That’s 238 fewer homes than last year.
- And 93 fewer homes than last month.
Days to Sell a Home
- It took 34 days on average to sell a home in December.
- Down 37% from last December.
- That’s 20 fewer days than last year.
- And 10 mores day than last month.
Interest Rates
Median Prices by City
(Prices are for November 2021. City data is two months behind. Keep in mind that low volume of sales can cause large price fluctuations.)
| City/County | # Sold | Nov 2021 | Nov 2020 | Y-T-Y % Chg |
|---|---|---|---|---|
| Ventura County | 1,033 | $755,000 | $659,000 | 14.6% |
| San Fernando Valley | 1,174 | $840,000 | $754,000 | 11.4% |
| Agoura Hills | 41 | $947,500 | $757,500 | 25.1% |
| Calabasas | 33 | $1,636,000 | $1,485,000 | 10.2% |
| Camarillo | 132 | $760,000 | $658,000 | 15.5% |
| Moorpark | 42 | $815,000 | $689,000 | 18.3% |
| Newbury Park | 57 | $850,000 | $757,000 | 12.3% |
| Oak Park | 21 | $945,000 | $798,000 | 18.4% |
| Simi Valley | 188 | $740,000 | $645,000 | 14.7% |
| Thousand Oaks | 129 | $950,000 | $815,000 | 16.6% |
| Westlake Village (Ventura County) | 33 | $1,450,000 | $1,255,000 | 15.5% |
| Westlake Village (L.A. County) | 8 | $1,146,500 | $1,269,500 | -9.7% |
| Woodland Hills | 110 | $1,035,000 | $861,500 | 20.1% |
