Market Update November 2017 – Conejo Valley and Surrounding Area

(Released November 3, 2017)

MICHAEL’S THOUGHTS ABOUT THE LOCAL MARKET

Interest rates are rising and are expected to rise more causing buyers to act now.

  • Median home price jumped another 8% to $752,750 in October.
  • And only 164 homes came on the market while 239 went into escrow.
  • Home buyers pounced on available homes expecting interest rates and prices to continue to rise.
  • Leading to less inventory – down 19% to 657 homes for sale.

(Read: Why Are There So Few Conejo Valley Homes For Sale)

What Should We Expect Going Forward

  • Buyers should expect less competition and more negotiable sellers this time of year.
  • And sellers should expect fewer showings, but more serious buyers.
  • The forecast for 2018 expects a 4.2% increase in home prices.
  • And interest rates are expected to rise to 4.3% next year.

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.

Market Snapshot

Home Prices

  • The median price of a Conejo Valley home was up in October to $752,750.
  • That’s 6 consecutive months up.
  • Prices are up 8% from $695,000 last October.
  • and $20,375 less than last month.

Home prices are up 8%

Homes For Sale

  • October ended with 657 homes for sale.
  • Down 18% from last October.
  • That’s 152 fewer homes than last year.
  • and 58 fewer homes than last month.

Homes for sale down 18%

Days to Sell a Home

  • It took 55 days on average to sell a home in October.
  • Down 23% from last October.
  • 16 fewer days than last year.
  • and 3 fewer days than last month.

55 Days to Sell a Home

Interest Rates

California Mortgage Rates
30 Year Fixedloading...
15 Year Fixedloading...
5/1 ARMloading...

Median Prices by City

(Prices below are for Sep 2017. City data is released a month late. Keep in mind that low volume of sales can cause large price fluctuations.)
Prices Released October 2, 2017

City/County# SoldSept 2017Sept 2016Y-T-Y % Chg
Ventura County875$550,000$506,0008.7%
San Fernando Valley1100$593,000$545,5008.7%
Agoura Hills35$852,000$755,00012.8%
Calabasas29$1,376,000$1,620,750-15.1%
Camarillo85$558,750$548,5001.9%
Moorpark50$705,000$635,00011.0%
Newbury Park52$665,000$711,000-6.5%
Oak Park13$670,000$752,500-11.0%
Simi Valley168$530,000$495,5007.0%
Thousand Oaks100$705,000$689,5002.2%
Westlake Village
(Ventura County)
25$1,000,864$838,00019.4%
Westlake Village
(L.A. County)
18$903,500$1,175,000-23.1%
Woodland Hills99$670,000$696,000-3.7%

If you are looking for a home, here’s a great place to start: Conejo Valley Neighborhood Video Tours.

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


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