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.
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.
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.
Interest Rates
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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 | # Sold | Sept 2017 | Sept 2016 | Y-T-Y % Chg |
---|---|---|---|---|
Ventura County | 875 | $550,000 | $506,000 | 8.7% |
San Fernando Valley | 1100 | $593,000 | $545,500 | 8.7% |
Agoura Hills | 35 | $852,000 | $755,000 | 12.8% |
Calabasas | 29 | $1,376,000 | $1,620,750 | -15.1% |
Camarillo | 85 | $558,750 | $548,500 | 1.9% |
Moorpark | 50 | $705,000 | $635,000 | 11.0% |
Newbury Park | 52 | $665,000 | $711,000 | -6.5% |
Oak Park | 13 | $670,000 | $752,500 | -11.0% |
Simi Valley | 168 | $530,000 | $495,500 | 7.0% |
Thousand Oaks | 100 | $705,000 | $689,500 | 2.2% |
Westlake Village (Ventura County) | 25 | $1,000,864 | $838,000 | 19.4% |
Westlake Village (L.A. County) | 18 | $903,500 | $1,175,000 | -23.1% |
Woodland Hills | 99 | $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.