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

(Released September 4, 2018)

MICHAEL’S THOUGHTS ABOUT THE LOCAL MARKET

The market shows signs of cooling, but no signs of dropping.

  • Median home prices remained relatively unchanged in August up 1% ($5000) from last year.
  • And the inventory of available homes was virtually the same as last year with 6 more homes for sale this year.
  • Almost every notable market statistic was within a couple percent of last year.
  • Indicating the market is stable and likely leveling off.

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

What Should We Expect Going Forward

  • September usually kicks off the second buying season of the year that lasts through November.
  • But don’t hold your breath expecting a ton of new listings to hit the market.
  • Expect a more balanced market with buyers having the upper hand in some negotiations.
  • And sellers more willing to make concessions and accept lower offers.

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 August to $795,000.
  • That’s 16 consecutive months up.
  • Prices are up 1% from $790,000 last August.
  • But $8,600 less than last month.

Home prices were up 1%

Homes For Sale

  • August ended with 819 homes for sale.
  • Up 1% from last August.
  • That’s 6 more homes than last year.
  • and 32 fewer homes than last month.

Homes for sale up by 1%

Days to Sell a Home

  • It took 53 days on average to sell a home in August.
  • Up 3% from last August.
  • 1 more days than last year.
  • and 1 less day than last month.

53 Days to sell a home

Interest Rates

Median Prices by City

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

City/County# SoldJuly 2017July 2016Y-T-Y % Chg
Ventura County947$595,000$560,0006.3%
San Fernando Valley10$488,500$444,00010.0%
Agoura Hills34$834,000$818,2501.9%
Calabasas29$1,433,000$1,397,0002.6%
Camarillo117$590,000$553,0006.7%
Moorpark46$644,500$685,000-5.9%
Newbury Park54$695,000$695,0000.0%
Oak Park21$892,000$744,00019.9%
Simi Valley192$575,000$535,0007.5%
Thousand Oaks105$713,000$715,000-0.3%
Westlake Village
(Ventura County)
24$1,107,500$877,50026.2%
Westlake Village
(L.A. County)
14$1,212,500$1,050,00015.5%
Woodland Hills86$837,750$694,25020.7%

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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