Published On: February 15, 2023174 words0.9 min read
Home Prices are holding steady as our local inventory sinks once more to record lows, I could find only 190 active homes/condos on the MLS. 71 of the 190 (37%) of active listings were priced less than $1ml and I found only 31 listings priced less than $700,000. That’s 31 homes (mostly condos) in the “affordable” price range for a community with 120,000 residents. These numbers seem to coincide with the Thousand Oaks median sales price of $1,050,000 (a number which varies depending upon the source).
The shrinking inventory continues to support prices (Supply and Demand), as the number of sales continues to fall, off 25% from a year ago. The median number of days on market is 38 days, historically short considering the recent Holiday period. Are local home prices going to fall, I’d say no… too little inventory, too much demand. The most expensive home listed locally is a fabulous 17,000 SF home on 12 acres with an equally fabulous view for $17,995,000.
For 2022 as a whole, residential real estate sales in California slumped, but the median home price increased 4.5 percent from 2021’s $786,750.