There is a lot of misleading information out there as it pertains to the Real Estate Market, but remember THIS –
“Headlines do more to Terrify than Clarify”.
So let’s talk about what’s really happening in the Conejo Valley:
In Quarter 2 of 2022, we saw 683 new listings vs last quarter’s 431 (that’s a 58% INCREASE, and more inventory is good news)
Those homes took an average of 24 days to sell vs last quarter’s 28 days (so they’re selling FASTER)
Q2 median home price is $1,162,000 vs last quarter’s $1,037,000.
That’s up $125,000 since last quarter!
And homes sold for 4% over list price in Q2 vs 2% over in Q1.
The increase in the median home price is likely due to buyers scrambling to purchase a home before interest rates go up any further.
So where are things headed from here?
As the Fed raises interest rates to combat inflation, you would expect home prices to flatten or go down. BUT, in California, and especially in the Conejo Valley, there are simply not enough homes to meet the housing demand in our community.
And what about the headlines that there is a “softening” of the market? Well, we’re just not seeing that quite yet in the Conejo Valley.
And don’t be fooled by the “price reductions” you’re seeing – many sellers are over-estimating the value of their homes, and listing too high initially, which is why the ONLY data that matters is what homes are SELLING for.
Now, we should expect that “softening” trend to affect our area at some point, BUT no relevant signs point toward a “correction” or an impending crash… so, barring any unforeseeable disaster hitting, don’t expect any big dips in the price of housing here anytime soon.
What does this all mean for YOU?
If you are a seller – and want to get top dollar for your home. Strategic planning, pricing, and marketing of your home MATTERS big time! So let’s talk about what we need to do to get your home prepared to sell, and come up with a plan that reaches TODAY’s buyers (almost HALF of which are millennials!).
If you are a buyer, you are in a good position right now, since fewer buyers are competing in the market. When you put in an offer, you may be up against just 1 or 2 others, instead of 10, like last year. But you should consider acting sooner than later before prices and interest rates go up more. Although they have gone up recently, rates are still historically low, so let’s find you a home before they go up any further.
Let me know if you have any questions about what’s going on in the Conejo Valley real estate market.
Aviara Real Estate