Market Update July 2020
Westlake Village, Agoura Hills, Oak Park, Thousand Oaks and Newbury Park
By: Michael Rice | July 3, 2020
Released July 3, 2020
My View From Inside
The beginning of June reminded me of those crazy videos of Walmart on Black Friday. Buyers pounced on the move-in ready homes the moment they hit the market. You didn’t ask if there were offers, you asked how many offers they already had.
Fortunately that’s starting to die down a little. Today feels more like a week or two into the shopping season – still busy, but a little less hectic.
A word of caution to home sellers » The “name your price” window is starting to close a bit. Buyers are still optimistic, but cautiously optimistic. Pricing your home correctly is once again becoming important or you may miss the market. More time on the market = lower sales price.
The number of homes that went into escrow surged 65% over the previous year. All that pent up demand from buyers who would have likely bought a home in April and May is now going through escrow.
Normally, we would start to see a slowdown in the real estate market beginning around the 4th of July and through the end of August. That’s unlikely to happen this year. Our busy spring season got pushed to the summer. Expect a steady flow of homes coming on the market and multiple offers on the move-in ready homes.
JULY 2020 CONEJO VALLEY REAL ESTATE MARKET UPDATE
- The median price of a Conejo Valley home was down 3% in June to $823,500.
- The number of homes for sale dropped 23% to just 678 homes for sale, but that’s 91 more homes for sale than last month.
- 65% more homes went into escrow in June vs. last year as home sales continue to catch up after the lockdown.
- And mortgage rates dipped below 3% for some borrowers adding fuel to an already hot market.
What Should We Expect Going Forward
- Expect to have a little more breathing room over the next couple months as the buying frenzy starts to calm down somewhat.
- However be prepared to act quickly on the move-in ready homes, especially under $1.3 million.
- New listings have been more steady and should continue that way through July.
- And sellers with homes that need work or have been on the market 3+ weeks will be more likely to negotiate moving forward.
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
Prices
- The median price of a Conejo Valley home was down in June at $825,000
- That’s now 1 consecutive month down.
- Prices are down 3% from $852,000 last June.
- And down $22,500 from last month.
Homes for Sale
- June ended with 670 homes for sale.
- Down 23% from last June.
- That’s 195 fewer homes than last year.
- And 91 more homes than last month.
Days to Sell a Home
- It took 44 days on average to sell a home in June.
- Down 19% from last June.
- That’s 10 fewer days than last year.
- And 3 fewer days than last month.
Interest Rates
Median Prices by City
(Prices are for May 2020. City data is two months behind. Keep in mind that low volume of sales can cause large price fluctuations.)
| City/County | # Sold | May 2020 | May 2019 | Y-T-Y % Chg |
|---|---|---|---|---|
| Ventura County | 491 | $580,000 | $590,000 | -1.7% |
| San Fernando Valley | 547 | $689,000 | $629,500 | 9.5% |
| Agoura Hills | 14 | $497,000 | $778,500 | -36.2% |
| Calabasas | 12 | $1,525,000 | $1,512,500 | 0.8% |
| Camarillo | 70 | $597,500 | $577,000 | 3.6% |
| Moorpark | 22 | $565,500 | $715,000 | -20.9% |
| Newbury Park | 17 | $790,000 | $740,000 | 6.8% |
| Oak Park | 8 | $476,250 | $885,000 | -46.2% |
| Simi Valley | 85 | $589,750 | $582,000 | 1.3% |
| Thousand Oaks | 50 | $715,000 | $715,000 | 0% |
| Westlake Village (Ventura County) | 9 | $718,000 | $985,000 | -27.1% |
| Westlake Village (L.A. County) | 7 | $1,225,000 | $928,000 | 32.0% |
| Woodland Hills | 52 | $865,000 | $790,000 | 9.5% |
