Market Update November 2020
Westlake Village, Agoura Hills, Oak Park, Thousand Oaks and Newbury Park
By: Michael Rice | November 9, 2020
My View From Inside
Covid concerns and a contentious election did little to slow down demand for Conejo Valley homes in October. The median home price surged 11% to $882,500 as inventory dropped 10% to just 572 homes for sale.
Considering that the move-in ready homes in popular neighborhoods go into escrow quickly, that means a lot of the 572 homes that are currently for sale are like the discount bin at the clothing store – picked through and rejected by many shoppers.
That leaves a lot of buyers on the sidelines waiting for new listings to hit the market and pouncing on the good ones often leading to multiple competing offers.
We’re all hoping for a bit of a post election surge in new listings, but as we head into the holiday season, inventory is likely to remain low keeping competition high.
NOVEMBER 2020 CONEJO VALLEY REAL ESTATE MARKET UPDATE
- The median price of a Conejo Valley home was up 11% in October to $882,500.
- The number of homes for sale dropped 10% to just 572 homes for sale versus last year and is trending downward compared to last month.
- 110% more homes went into escrow in October vs. last year as home sales continue to catch up after the lockdown.
- Mortgage rates stayed below 3% for some borrowers and are expected to remain low the rest of the year.
What Should We Expect Going Forward
- Expect the holiday slowdown to kick in as we get close to Thanksgiving.
- And sellers with older listings more open to negotiation hoping to sell before the holiday season begins.
- Mortgage rates are expected to dip slightly lower next year.
- And home prices in CA are expected to increase a modest 1.3% next year while the number of sales is expected to increase indicating another strong year for the housing market in 2021.
What's The 2021 California Forecast?
According to the California Association of REALTORS,
- The median price of a home is expected to increase 1.3% in 2021.
- The number of home sales is expected to increase by 3.3%.
- Interest rates are expected to average 3.1% on a 30 year fixed mortgage.
- The median price of a Conejo Valley home was up in October at $882,500
- That’s now 4 consecutive months up.
- Prices are up 11% from $792,450 last October.
- And up $52,500 from last month.
Homes for Sale
- October ended with 572 homes for sale.
- Down 10% from last October.
- That’s 65 fewer homes than last year.
- And 107 fewer homes than last month.
Days to Sell a Home
- It took 47 days on average to sell a home in October.
- Down 30% from last October.
- That’s 20 fewer days than last year.
- And 2 more days than last month.
Median Prices by City
(Prices are for September 2020. City data is two months behind. Keep in mind that low volume of sales can cause large price fluctuations.)
|City/County||# Sold||Sep 2020||Sep 2019||Y-T-Y % Chg|
|San Fernando Valley||1,245||$760,000||$650,000||16.9%|