Market Update | February 2026
Westlake Village, Agoura Hills, Oak Park, Thousand Oaks and Newbury Park
Quick Take: Rates have dropped (finally!), activity is starting to pick up, and the market feels calm, not frantic. Buyers still have leverage today, but that balance may begin to shift as we move closer to spring.
Here’s a quick look at where we are today.
Local Snapshot | End of January
- Prices remain relatively flat, down 5.4% year-over-year, but bouncing between 1.1M-1.2M annually → Median home price: $1,135,000
- 356 active listings, compared to 354 this time last year — virtually the same as last year.
- Homes are taking longer to sell – 44 days on average vs 36 days last January.
- Expired listings were up 90% from last year to 74 unsold homes for the month vs 39 last year indicating a divide between what sellers want and what buyers are willing to pay.
- Mortgage rates ended January at approx. 6.1% –down from 7.0% last year, and the lowest in 3 years.
My View From Inside
The thing we’ve all been waiting for is finally happening: Mortgage rates are coming down.
Rates have dropped close to a full percentage point from last year and are now around 6%, the lowest level we’ve seen in about three years.
So the question is: where are all the buyers?
The short answer is that they’re starting to notice, but they haven’t fully rushed back yet.
Activity is picking up. Phones are ringing more. Some homes are receiving multiple offers again. But overall, many buyers still don’t feel a strong sense of urgency. They’re taking a bit of a wait-and-see approach to see if something better comes available.
That may not last long.
An Opportunity for Buyers
Right now, buyers generally have the upper hand, a rarity for the Conejo Valley market.
- Homes are taking longer to sell. Average days on the market has been steadily increasing over the last 2 years up to 44 days on average vs 36 days last January.
- Homes are harder to sell. The number of expired (unsold) listings has nearly doubled compared to last year, a sign that some sellers aren’t meeting buyers where they are in some cases.
- Prices are more negotiable. Homes are selling for about 5% below asking price on average, a far cry from the bidding wars of recent years.
This combination gives buyers more room to negotiate, less pressure to act, and more leverage than they’ve had in quite some time.
Why This Window May Be Short-Lived
Lower rates don’t usually bring buyers back all at once, they come back gradually as we get closer to spring. As more buyers accept that this may be “as good as it gets” on rates for now, competition will increase.
At the same time, new listings typically increase starting now, with inventory peaking around May/June. More homes will come on the market, but more buyers usually come with them.
That’s when the balance between buyers and sellers starts to narrow.
Bottom Line…
For Buyers: This is the market a lot of buyers have been waiting for: lower rates, more choices, and less competition. It’s unlikely we’ll return to the hyper-competitive market of years past, but the coming spring market coupled with lower rates will bring more buyers back.
For Sellers: It’s only a buyer’s market for homes that aren’t positioned correctly. Homes that show well and are priced in line with recent sales rather than seller expectations, are still getting noticed. When the pricing and preparation are right, buyers are still stepping up.
If you want help thinking through your own timing or options, I’m always happy to talk it through.
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Explore Further
- Learn more about timing, costs, and the buying process on My Advice for Buying a Home in 2026.
- Browse Conejo Valley neighborhoods if you are ready to start exploring areas and homes.
- See a breakdown of numbers and net proceeds on How Much it Costs to Sell a Conejo Valley Home.
