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.
(Read: Why Are There So Few Conejo Valley 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)
Market Snapshot
Home Prices
- 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.
Prices are up 7%
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.
Homes for sale down 18%
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.
65 days to sell a home
Interest Rates
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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 |
|---|---|---|---|---|
| Ventura County | 773 | $580,000 | $525,000 | 10.5% |
| San Fernando Valley | 1020 | $590,000 | $543,000 | 8.7% |
| Agoura Hills | 28 | $670,000 | $655,000 | 2.3% |
| Calabasas | 25 | $1,550,000 | $1,535,000 | 1.0% |
| Camarillo | 93 | $603,000 | $557,000 | 8.3% |
| Moorpark | 52 | $675,000 | $603,500 | 11.8% |
| Newbury Park | 47 | $700,000 | $637,500 | 9.8% |
| Oak Park | 12 | $882,500 | $599,000 | 47.3% |
| Simi Valley | 168 | $550,000 | $516,000 | 6.6% |
| Thousand Oaks | 88 | $744,500 | $652,500 | 14.1% |
| Westlake Village (Ventura County) | 13 | $1,312,473 | $975,000 | 34.6% |
| Westlake Village (L.A. County) | 11 | $1,285,000 | $790,000 | 62.7% |
| Woodland Hills | 84 | $722,500 | $690,000 | 4.7% |
If you are looking for a home, here’s a great place to start: Conejo Valley Neighborhood Video Tours.
