Market Update March 2020
Westlake Village, Agoura Hills, Oak Park, Thousand Oaks and Newbury Park
By: Michael Rice | March 9, 2020
Released March 9, 2020
My View From Inside
Since the beginning of the year, the market has completely shifted back to a Seller’s Market. In many neighborhoods, multiple offers are not only common, but expected. I wrote an offer on a house in Oak Park recently that had 9 offers in 2 days and sold well over asking price.
Historically low interest rates are definitely a driving factor. I’m working with a buyer who has a pre-approval letter with a rate quote of 2.875 on a $1.2 mil loan. That’s something I’ve never seen before. Low interest rates are not only bringing out more buyers, but it’s also increasing buyers purchasing power which is driving prices up.
So, what to do if you’re a buyer? You need to get creative with your offer – you may want to shorten your contingency periods, pay some seller fees, or waive the appraisal contingency. Most importantly, you need to work with a local agent who has relationships with listing agents and gets an early heads-up on upcoming listings (I just happen to be one of those agents!).
Not every home in every price range is flying off the shelf, but if you’re looking in one of our sweet spots, be prepared to act quickly – the market will likely stay this way at least through summer.
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MARCH 2020 CONEJO VALLEY REAL ESTATE MARKET UPDATE
- The buying frenzy continued in February with 77% more homes going into escrow compared to last February.
- And home prices jumped up 2% in February to $780k for a Conejo Valley home.
- Lack of inventory of available homes continues to be our biggest challenge with only 528 homes for sale in the Conejo Valley, down 20%.
- And that’s likely to continue throughout the rest of the spring.
What Should We Expect Going Forward
- The spring market has officially begun.
- Expect a steady and more consistent flow of new listings throughout the next several months.
- However record low interest rates will bring out even more buyers than years past.
- Be prepared to act quickly and creatively when a good house hits the market.
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 up in February to $780,000
- That’s now 3 consecutive month up.
- Prices are up 2% from $764,000 last February.
- And down $32,750 from last month.
Homes for Sale
- February ended with 528 homes for sale.
- Down 20% from last February.
- That’s 130 fewer homes than last year.
- And 13 more homes than last month.
Days to Sell a Home
- It took 54 days on average to sell a home in February.
- Down 23% from last February.
- That’s 16 fewer days than last year.
- And 2 fewer days than last month.
Interest Rates
Median Prices by City
(Prices are for January 2020. City data is two months behind. Keep in mind that low volume of sales can cause large price fluctuations.)
| City/County | # Sold | Jan 2020 | Jan 2019 | Y-T-Y % Chg |
|---|---|---|---|---|
| Ventura County | 643 | $589,000 | $570,000 | 3.3% |
| San Fernando Valley | 837 | $646,250 | $617,000 | 4.7% |
| Agoura Hills | 19 | $735,000 | $897,500 | -18.1% |
| Calabasas | 21 | $1,518,500 | $997,500 | 52.2% |
| Camarillo | 85 | $580,000 | $580,000 | 0.0% |
| Moorpark | 33 | $660,000 | $652,500 | 1.1% |
| Newbury Park | 37 | $700,000 | $675,000 | 3.7% |
| Oak Park | 9 | $859,000 | $470,000 | 82.8% |
| Simi Valley | 125 | $590,750 | $565,000 | 4.6% |
| Thousand Oaks | 62 | $767,000 | $725,000 | 5.8% |
| Westlake Village (Ventura County) | 8 | $949,500 | $1,025,000 | -7.4% |
| Westlake Village (L.A. County) | 11 | $1,162,500 | $970,000 | 19.8% |
| Woodland Hills | 86 | $767,500 | $785,000 | -2.2% |
