Market Update June 2021
Westlake Village, Agoura Hills, Oak Park, Thousand Oaks and Newbury Park
By: Michael Rice | June 3, 2021
Released June 3, 2021
My View From Inside
Conejo Valley home prices continued to surge up 15% in May compared to last year. But buyers are starting to have a fighting chance in some neighborhoods as inventory begins to build.
So what’s going on? Sellers are feeling more comfortable selling. Zillow did a survey earlier this year that showed only 52% of homeowners felt comfortable moving in the near future. That number is now 70%.
Areas like Dos Vientos and Oak Park that had only 2-3 listings a month or so ago now have about 10 homes for sale.
Overall, demand still outpaces inventory and the market is very competitive. Multiple offers are the norm and homes selling above asking price is the expectation, not the exception.
As the Great Reshuffling continues (aka the flight to the suburbs) competition should remain high. Millennials are entering the home buying age and are competing with boomers who are living longer and wanting the same type of house. According to Zillow, this trend will continue for some time.
JUNE 2021 CONEJO VALLEY REAL ESTATE MARKET UPDATE
- Competition remained sky high for move-in ready homes in popular neighborhoods.
- Making a creative offer that’s over asking prices with minimal contingencies is the only way to win the popular homes.
- Conejo Valley median home prices increased 15% in May to $985,500 (+128k) vs last May posting the 11th straight month of year-over-year price gains.
- The number of homes for sale dropped 25% to just 438 homes for sale – about the same as the previous month.
What Should We Expect Going Forward
- Expect more of the same likely through the summer at least.
- Inventory should continue a slow and steady drip as more sellers finally feel comfortable selling.
- However, as inventory builds in some neighborhoods, sellers may be more negotiable wanting to avoid looking stale on the market.
- Older inventory is a good opportunity for buyers that are unable to compete when there are multiple offers.
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 May at $985,500.
- That’s now 11 consecutive months up.
- Prices are up 15% from $857,500 last May.
- And down $79,500 from last month.
Homes for Sale
- May ended with 438 homes for sale.
- Down 25% from last May.
- That’s 143 fewer homes than last year.
- And 19 fewer homes than last month.
Days to Sell a Home
- It took 27 days on average to sell a home in May.
- Down 51% from last May.
- That’s 28 fewer days than last year.
- And 6 fewer day than last month.
Interest Rates
Median Prices by City
(Prices are for April 2021. City data is two months behind. Keep in mind that low volume of sales can cause large price fluctuations.)
| City/County | # Sold | April 2020 | April 2019 | Y-T-Y % Chg |
|---|---|---|---|---|
| Ventura County | 1,193 | $705,000 | $595,000 | 18.5% |
| San Fernando Valley | 1,351 | $810,000 | $679,500 | 19.2% |
| Agoura Hills | 40 | $1,251,500 | $650,000 | 92.5% |
| Calabasas | 54 | $2,163,500 | $1,821,500 | 18.8% |
| Camarillo | 176 | $695,000 | $610,000 | 13.9% |
| Moorpark | 60 | $731,000 | $698,000 | 4.7% |
| Newbury Park | 76 | $837,500 | $715,000 | 17.1% |
| Oak Park | 24 | $1,097,500 | $715,000 | 53.5% |
| Simi Valley | 213 | $691,000 | $617,000 | 12.0% |
| Thousand Oaks | 148 | $965,000 | $735,000 | 31.3% |
| Westlake Village (Ventura County) | 39 | $1,303,000 | $1,039,000 | 25.4% |
| Westlake Village (L.A. County) | 19 | $1,090,000 | $1,137,500 | -4.2% |
| Woodland Hills | 108 | $964,000 | $777,000 | 24.1% |
