Market Update January 2018 – Westlake Village, Agoura Hills, Thousand Oaks, Oak Park, and Newbury Park
(Released January 5, 2018)
MICHAEL’S THOUGHTS ABOUT THE LOCAL MARKET
End of the year bargain shopping caused a huge jump in sales as the inventory of available homes continued to dwindle.
- 195 homes went into escrow in December up 43% from last year.
- And only 84 new listings came on the market.
- Causing median home prices to jump 7% to $733,000.
- While the inventory of available homes plunged 18% to only 516 homes for sale.
What Should We Expect Going Forward
- January usually has a surge of new listings hit the market.
- However, this year is forecast to be fewer homes than last.
- Expect lower priced homes (under $1 mil) to sell relatively quickly.
- But homes over $1 mil will likely take longer and have more competition.
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)
- The median price of a Conejo Valley home was up in December to $730,000.
- That’s 8 consecutive months up.
- Prices are up 7% from $684,500 last December.
- and $45,000 less than last month.
Homes For Sale
- December ended with 515 homes for sale.
- Down 18% from last December.
- That’s 115 fewer homes than last year.
- and 89 fewer homes than last month.
Days to Sell a Home
- It took 65 days on average to sell a home in December.
- Down 13% from last December.
- 10 fewer days than last year.
- and 7 more days than last month.
Median Prices by City
(Prices below are for Nov 2017. City data is released a month late. Keep in mind that low volume of sales can cause large price fluctuations.)
|City/County||# Sold||Nov 2017||Nov 2016||Y-T-Y % Chg|
|San Fernando Valley||1020||$590,000||$543,000||8.7%|
If you are looking for a home, here’s a great place to start: Conejo Valley Neighborhood Video Tours.