Market Update October 2018 – Westlake Village, Agoura Hills, Thousand Oaks, Oak Park, and Newbury Park

(Released October 5, 2018)

MICHAEL’S THOUGHTS ABOUT THE LOCAL MARKET

After a slow August, the local market showed signs of a rebound in September.

  • Prices jumped 2% in Sept. to a median price of $792k up $17k over last Sept.
  • While fewer homes closed escrow in Sept. vs the previous year, many more homes (+42%) went into escrow this Sept. compared to last year.
  • The inventory of available homes was also up 2% vs. the previous year.
  • Indicating that buyers have been snatching up leftover inventory that’s been sitting on the market since spring and summer.

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

What Should We Expect Going Forward

  • Expect a bit of a softer market over the next few months.
  • And more price reductions as some homes continue to sit on the market.
  • Inventory of available homes may continue to hold steady or maybe even increase over the next month.
  • However not because of a surge of new listings, mainly due to longer time on the market as demand slows giving buyers good opportunities to negotiate with sellers.

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.
  • (Read: Detailed Conejo Valley 2018 Forecast)

Market Snapshot

Home Prices

  • The median price of a Conejo Valley home was up in September to $791,000.
  • That’s 17 consecutive months up.
  • Prices are up 2% from $775,000 last September.
  • But $4,000 less than last month.

Home prices were up 2%

Homes For Sale

  • September ended with 781 homes for sale.
  • Up 1% from last September.
  • That’s 8 more homes than last year.
  • and 38 fewer homes than last month.

Homes for sale up by 1%

Days to Sell a Home

  • It took 64 days on average to sell a home in September.
  • Up 14% from last September.
  • 8 more days than last year.
  • and 11 more days than last month.

64 Days to sell a home

Interest Rates

Median Prices by City

(Prices below are for August 2018. City data is released a month late. Keep in mind that low volume of sales can cause large price fluctuations.)

City/County# SoldAug 2017Aug 2016Y-T-Y % Chg
Ventura County975$585,000$565,0003.5%
San Fernando Valley 1,184$635,000$584,0008.7%
Agoura Hills34$877,500$777,00012.9%
Calabasas32$1,560,500$1,476,0005.7%
Camarillo101$570,000$567,5000.4%
Moorpark46$673,750$620,5008.6%
Newbury Park60$766,500$747,0002.6%
Oak Park27$825,000$847,500-2.7%
Simi Valley176$560,000$562,250-0.4%
Thousand Oaks124$719,000$685,0005.0%
Westlake Village
(Ventura County)
25$885,000$1,310,000-32.4%
Westlake Village
(L.A. County)
12$752,500$875,000-14.0%
Woodland Hills102$812,500$720,50012.8%

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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