Market Update November 2018 – Westlake Village, Agoura Hills, Thousand Oaks, Oak Park, and Newbury Park
(Released November 2, 2018)
MICHAEL’S THOUGHTS ABOUT THE LOCAL MARKET
Home prices continued up last month in spite of rising interest rates and increased inventory.
- The median price of a home hit $800k in Oct – up 6% from last year.
- And 30% more homes came on the market compared to last Oct.
- Leading to a 10% jump in the inventory of available homes for sale (791 homes).
- As more sellers reduced their price indicating that buyer demand has cooled substantially over the last few months.
(Read: Why Are There So Few Conejo Valley Homes For Sale)
What Should We Expect Going Forward
- Expect to see more price reductions as homeowners look to sell before the holiday season begins.
- Fewer new listings should come on the market this month, but inventory should rise as homes sit on the market longer.
- Expect home prices and interest rates to both increase in 2019 (see below).
- Creating a great opportunity for savvy buyers to take advantage of lower rates and motivated sellers today.
WHAT’S THE 2019 CALIFORNIA FORECAST?
According to the California Association of REALTORS,
- The median price of a home is expected to increase 3.1% in 2019.
- The number of home sales is expected to decrease by 3.3%.
- Interest rates are expected to climb to 5.2% on a 30 year fixed mortgage.
Market Snapshot
Home Prices
- The median price of a Conejo Valley home was up in October to $800,000.
- That’s 18 consecutive months up.
- Prices are up 6% from $752,750 last October.
- And $9,000 more than last month.
Home prices up 6%
Homes For Sale
- October ended with 791 homes for sale.
- Up 10% from last October.
- That’s 72 more homes than last year.
- And 10 more homes than last month.
Homes for sale up by 10%
Days to Sell a Home
- It took 60 days on average to sell a home in October.
- Up 0% from last October.
- The same amount of days as last year.
- However, 4 fewer days than last month.
60 Days to sell a home
Interest Rates
Median Prices by City
(Prices below are for September 2018. City data is released a month late. Keep in mind that low volume of sales can cause large price fluctuations.)
| City/County | # Sold | Sep 2017 | Sep 2016 | Y-T-Y % Chg |
|---|---|---|---|---|
| Ventura County | 741 | $590,000 | $550,000 | 7.3% |
| San Fernando Valley | 882 | $619,500 | $593,000 | 4.5% |
| Agoura Hills | 27 | $782,500 | $852,000 | -8.2% |
| Calabasas | 26 | $1,357,500 | $1,376,000 | -1.3% |
| Camarillo | 123 | $599,500 | $558,750 | 7.3% |
| Moorpark | 32 | $731,000 | $705,000 | 3.7% |
| Newbury Park | 47 | $719,000 | $665,000 | 8.1% |
| Oak Park | 16 | $687,500 | $670,000 | 2.6% |
| Simi Valley | 145 | $570,000 | $529,500 | 7.6% |
| Thousand Oaks | 87 | $690,000 | $705,000 | -2.1% |
| Westlake Village (Ventura County) | 17 | $1,018,000 | $1,000,864 | 1.7% |
| Westlake Village (L.A. County) | 15 | $949,000 | $903,500 | 5.0% |
| Woodland Hills | 51 | $769,000 | $670,000 | 14.8% |
If you are looking for a home, here’s a great place to start: Conejo Valley Neighborhood Video Tours.
