Published On: February 25, 2022220 words1.1 min read
Local home prices continue to climb as local inventory falls to historically low levels. Our local Board of Realtors reports local inventory at the close of 2021 as 92 listings, compared to 390 listings at the close of 2018, and only 15 homes/condos priced less than $750,000. Simi Moorpark statistics were no better with only 51 active listings. The Conejo Valley ended the year with 47% less inventory than a year ago. Median prices grew dramatically from $750,000 in 2019 to $960,000 at the close of last year. Due to the large number of expensive homes in the Conejo Valley, average prices climbed from $925,000 in 2019 to $1,222,000 by year’s end, that’s a 32% increase over two years. As of January 15, the average sales price was $1,159,040 and the average number of days on the MLS was 26. 26 days is scarcely enough time to get a conventional mortgage which points to the elevated number of cash transactions.
I continue to believe the “work from home” phenomenon is bringing an entirely new group of Buyers north to our friendly shores, and they think our home prices are cheap. As mortgage rates rise I believe demand will begin to slow, but tight supply will continue to hold prices up. Waiting for home prices to fall before you buy? Pull up a comfortable chair and a cold beverage, you may be in for a long wait.