Market Update May 2018 – Westlake Village, Agoura Hills, Thousand Oaks, Oak Park, and Newbury Park
(Released May 4, 2018)
MICHAEL’S THOUGHTS ABOUT THE LOCAL MARKET
The market shows no signs of slowing in spite of rising interest rates.
- 71% more homes went into escrow this April vs April 2017.
- Causing a big 7% jump in median home prices in April to $789,500.
- Inventory of available homes actually rose slightly last month (767 homes vs 731 last year).
- But that’s likely a blip rather than a new trend.
(Read: Why Are There So Few Conejo Valley Homes For Sale)
What Should We Expect Going Forward
- Expect more of the same as the busy spring season moves along.
- And buyers compete for homes in popular neighborhoods.
- However there are some bargains to be had.
- As some sellers are sitting on the market and ready to make a deal.
WHAT’S THE 2018 CALIFORNIA FORECAST?
According to the California Association of REALTORS,
- The median price of a home is expected to increase 4.2% in 2018.
- The number of home sales is expected to increase by 1%.
- Interest rates are expected to climb to 4.3% on a 30 year fixed mortgage.
- (Read: Detailed Conejo Valley 2018 Forecast)
Market Snapshot
Home Prices
- The median price of a Conejo Valley home was up in April to $789,500.
- That’s 12 consecutive months up.
- Prices are up 7% from $738,250 last April.
- and $22,000 more than last month.
Homes For Sale
- April ended with 767 homes for sale.
- Up 5% from last April.
- That’s 36 more homes than last year.
- and 70 more homes than last month.
Days to Sell a Home
- It took 43 days on average to sell a home in April.
- Down 24% from last April.
- 14 fewer days than last year.
- and 5 fewer days than last month.
Interest Rates
Median Prices by City
(Prices below are for March 2018. City data is released a month late. Keep in mind that low volume of sales can cause large price fluctuations.)
| City/County | # Sold | Mar 2018 | Mar 2017 | Y-T-Y % Chg |
|---|---|---|---|---|
| Ventura County | 1,023 | $590,000 | $553,750 | 6.5% |
| San Fernando Valley | 1,182 | $631,000 | $580,000 | 8.8% |
| Agoura Hills | 55 | $865,500 | $870,000 | -0.5% |
| Calabasas | 44 | $1,480,000 | $1,306,000 | 13.3% |
| Camarillo | 131 | $605,455 | $564,500 | 7.3% |
| Moorpark | 51 | $650,000 | $681,750 | -4.7% |
| Newbury Park | 58 | $674,500 | $727,250 | -7.3% |
| Oak Park | 24 | $641,273 | $820,000 | -21.8% |
| Simi Valley | 187 | $575,000 | $550,000 | 4.5% |
| Thousand Oaks | 115 | $736,750 | $655,000 | 12.5% |
| Westlake Village (Ventura County) | 27 | $950,000 | $846,000 | 12.3% |
| Westlake Village (L.A. County) | 22 | $795,500 | $935,000 | -14.9% |
| Woodland Hills | 91 | $754,000 | $750,000 | 0.5% |
If you are looking for a home, here’s a great place to start: Conejo Valley Neighborhood Video Tours.
