There are a couple of words being thrown around the media lately I thought we better discuss, the words are “Real Estate.” The nightly news never fails to report National real estate news, but how can you compare market prices in Malibu, California with prices in Malibu, Georgia? The median home price in Malibu Georgia is roughly $367k and the median home price in Malibu CA is roughly $3,400,000, and price is only the beginning of differences between the two communities. You might have heard the media describe a large drop in real estate sales (number of sales) and prices. The number of sales has dropped by as much as 25% in some communities, but the number of new listings has dropped by 22% Nationwide according to Redfin.
Conejo Valley home prices (below $2ml) continue to rise, along with demand. The recent drop in mortgage rates (see below) may have awoken a few more Buyers from hibernation and the work from home phenomenon continues to bring entirely new Buyers to our friendly shores. I found only 182 active listings in the Conejo today, a figure not far from our all-time low. 53 of the 182 listings (29%) were being marketed for more than $1ml and 43 (24%) were listed for more than $3ml. The hottest market continues to be Single-Family, Single-Story homes priced between $700,000 and $900,000, I could find only 3. The Thousand Oaks median sales price is approaching $1,100,000 and marketing times (time on the market before entering escrow) are less than 30 days, another sign of a Sellers’ market. “Is it going to get better if I wait…” No is the answer.