Market Update March 2021
Westlake Village, Agoura Hills, Oak Park, Thousand Oaks and Newbury Park
By: Michael Rice | March 3, 2021
Released March 3, 2021
My View From Inside
Conejo Valley home prices continued to surge in February (+14%) as buyer demand remains high and inventory drops to new lows.
The question on every buyer’s mind – When is more inventory coming? Historically, inventory numbers peak two months from now in May. There are some reasons to be optimistic that new listings will start to pick up and buyer competition will ease a bit.
Many homeowners have put off selling their home since 2020 because of COVID fears – not wanting people in their house, busy homeschooling their kids, financial/job concerns, and many other reasons. Sellers will begin to feel more comfortable moving as restrictions begin to ease and life starts to get back to normal.
“Many COVID-19 restrictions could be eased and life could return to ‘near normal’ by late summer.”
– Dr. Robert Levin, Ventura County Health Officer ・ 2/23/21
Easing restrictions will also mildly damper buying demand. As things start to reopen, some buyer interest will start to shift elsewhere back to vacations that were put off, spending time with friends and family, and returning to the office.
Does this mean you should wait? Not necessarily. In a more typical market, if you started to seriously look today, you could be in a home within 2 months.
In today’s market, it may take some time for a home to come up in a neighborhood you like, and it may take several attempts before you get an offer accepted. Buying time has more than doubled for many buyers. Best to start as soon as possible.
Try these tips: How to get your offer accepted in 2021
MARCH 2021 CONEJO VALLEY REAL ESTATE MARKET UPDATE
- The buying frenzy continued in February with 82% more homes going into escrow compared to last February.
- Conejo Valley median home prices jumped 14% in February $927,500 (+114k) posting the 8th straight month of price gains.
- Lack of inventory of available homes continues to be our biggest challenge with only 377 homes for sale in the Conejo Valley, down 26%.
- And that’s likely to continue throughout the rest of the spring.
What Should We Expect Going Forward
- The spring home buying season has officially begun.
- Expect a steady and more consistent flow of new listings throughout the next several months as restrictions begin to ease.
- However multiple offers and bidding wars will continue to dominate the market.
- Be prepared to act quickly and creatively when a good house hits the market.
What's The 2021 California Forecast?
According to the California Association of REALTORS, (revised 2/26/21)
- The median price of a home is expected to increase 8% in 2021.
- The number of home sales is expected to increase by 11.2%.
- Interest rates are expected to average 3% on a 30 year fixed mortgage.
Market Snapshot
Prices
- The median price of a Conejo Valley home was up in February at $927,500.
- That’s now 8 consecutive months up.
- Prices are up 14% from $813,500 last February.
- And down $22,500 from last month.
Homes For Sale
- February ended with 377 homes for sale.
- Down 26% from last February.
- That’s 134 fewer homes than last year.
- And 39 more homes than last month.
Days on Market
- It took 34 days on average to sell a home in February.
- Down 47% from last February.
- That’s 30 fewer days than last year.
- And 8 fewer days than last month.
Interest Rates
Median Prices by City
(Prices are for January 2021. 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 | 771 | $650,000 | $589,000 | 10.4% |
| San Fernando Valley | 965 | $740,000 | $648,000 | 14.2% |
| Agoura Hills | 33 | $940,000 | $735,000 | 27.9% |
| Calabasas | 30 | $1,340,000 | $1,518,500 | -11.8% |
| Camarillo | 90 | $710,000 | $580,000 | 22.4% |
| Moorpark | 27 | $755,000 | $660,000 | 14.4% |
| Newbury Park | 44 | $765,000 | $700,000 | 9.3% |
| Oak Park | 16 | $922,500 | $859,000 | 7.4% |
| Simi Valley | 140 | $650,000 | $590,750 | 10.0% |
| Thousand Oaks | 85 | $756,000 | $767,000 | -1.4% |
| Westlake Village (Ventura County) | 19 | $1,050,000 | $949,500 | 10.6% |
| Westlake Village (L.A. County) | 13 | $1,370,000 | $1,162,500 | 17.8% |
| Woodland Hills | 105 | $900,000 | $765,000 | 17.6% |
