Housing Market Update | Q3 | Conejo Valley

Market Update! Market Update! Market Update!

Here’s your Real Estate Market Update for Quarter 3, 2023 in the Conejo Valley.

The Conejo Valley consists of Thousand Oaks, Westlake Village, Newbury Park, Agoura Hills, & Oak Park.

New listings: 419. 

305 of those were single family homes, and 114 were condos or townhomes. 

You’ve heard talk about low inventory? Well this is even LOWER than last year! This time last year we had 587 new listings. Now we have 419. That’s a 29% drop.

Days on market: 25  (this means homes are selling quickly)

Months of inventory: 1.69 months  (this means inventory is incredibly low and we are in a Sellers market) A Buyers market is over 6 months of inventory. A balanced market is 5-6 months of inventory. Anything below that is a Seller’s market.

Median home price: $1.1M (for single family homes and condos combined) This is up 6.3% from Q3 last year when the median home price was $1,035,000. You guys. Even with higher interest rates, home values still rose over 6%!

If we are just looking at single family homes, the median home price is $1.22M.

What does all this mean for you as a buyer or seller?

Buyers – home values remain strong and continue to slowly go up, despite higher interest rates.

So what do you think will happen to home values when interest rates come down? I’ll wait while you think about it…

Savvy homebuyers are still purchasing homes, knowing they can refinance when interest rates come down.

Sellers – yes, we are in a sellers market, but buyers are more picky than they’ve been in years past. They will pay more for a home that is in great condition, and less for a home in not-so-great condition.

Condition and pricing are very important. If you price your home too high, it’s just going to sit on the market. If you want to sell your house for top dollar without it sitting for months, make sure you are pricing it in-line with the “comps”. Not sure what the comps are for your home? 

Reach out! I’d be happy to let you know how to properly price your home.

Emily Berdon | CalBRE#02166248 | Aviara Real Estate

emilyberdonRE@gmail.com | 310-525-0890

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