Market Update August 2021

Westlake Village, Agoura Hills, Oak Park, Thousand Oaks and Newbury Park

By: Michael Rice | August 5, 2021

Released August 5, 2021

My View From Inside

Conejo Valley home prices continued to surge – up 19% in July compared to last year. However, the stampede of buyers sprinting to every new listing and throwing out huge offers has definitely slowed.

Is this the end of the seller’s market? Not likely. It’s just the annual August summer lull which means less competition from other buyers as the focus shifts to summer vacations and getting back to school.

Longer days on market and price reductions are happening in many parts of the Conejo Valley. Yes, many homes are still getting multiple offers and selling in days, but many others aren’t. Sellers who overpriced their home and didn’t sell in the first week are now feeling the heat from looking “stale” or even worse – defective.

Mortgage rates have dropped again to under 3% for most buyers, competition has leveled off, and home prices are forecast to keep going up through 2022 and beyond. The summer lull creates an opportunity for buyers to grab the homes that may have missed the spring market and really need to sell. This may be the eye of the storm buyers have been waiting for.

August 2021 CONEJO VALLEY REAL ESTATE MARKET UPDATE

  • The summer lull started mid-July and typically continues through August before the fall market picks up again.
  • The median price of a Conejo Valley home was up 19% in July to $970,000 vs $815,000 last year.
  •  The number of homes for sale dropped 29% to just 487 compared to last year, but up almost 10% from last month. 
  • Mortgage rates took a surprising drop to under 3% for many buyers which isn’t likely to last as inflation rises.

What Should We Expect Going Forward

  • Expect to see more price reductions for the motivated sellers that have been sitting on the market a couple weeks or more.
  • Competition will remain high for popular homes, but the days of competing against 10 offers is behind us for now.
  • Expect homes that have been on the market for 2+ weeks to be more flexible with the price and terms.
  • However that’s likely to be short lived as both inventory and interest rates are forecast to remain low. 

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.

Read Full 2021 Conejo Valley Market Forecast

Market Snapshot

Price

  • The median price of a Conejo Valley home was up in July at $970,000.
  • That’s now 13 consecutive months up.
  • Prices are up 19% from $815,000 last July.
  • And up $110,000 from last month.

Homes for Sale

  • July ended with 487 homes for sale.
  • Down 29% from last July.
  • That’s 196 fewer homes than last year.
  • And 42 more homes than last month.

Days to Sell a Home

  • It took 30 days on average to sell a home in July.
  • Down 38% from last July.
  • That’s 18 fewer days than last year.
  • And 2 fewer day than last month.

Interest Rates

Median Prices by City

(Prices are for June 2021. City data is two months behind. Keep in mind that low volume of sales can cause large price fluctuations.)

City/County# SoldJune 2020June 2019Y-T-Y % Chg
Ventura County1,186$735,500$600,00022.6%
San Fernando Valley1,341$840,000$692,50021.3%
Agoura Hills41$1,087,500$849,25028.1%
Calabasas51$2,060,000$2,130,000-3.3%
Camarillo148$733,500$612,50019.8%
Moorpark53$795,000$694,00014.6%
Newbury Park86$855,000$747,50014.4%
Oak Park28$1,077,000$780,00038.1%
Simi Valley224$725,000$580,00025.0%
Thousand Oaks136$950,000$745,00027.5%
Westlake Village
(Ventura County)
27$1,435,000$1,220,00017.6%
Westlake Village
(L.A. County)
20$1,455,000$990,00047.0%
Woodland Hills119$1,060,000$805,00031.7%

If you're looking to buy a home, here's a great place to start: Conejo Valley Neighborhoods


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