As previously mentioned local inventory remains near record low levels, I could find only 220 active listings in the Conejo Valley on the MLS. 70 of the 220 were listed for less than $1ml., 23 of which were single-family homes. In contrast, 26 of the 220 were listed at a price between $2ml., and $4ml. Average marketing times have increased a little, but remain near all-time lows. As you might expect homes that have been completely renovated (Kitchen, bathrooms, flooring, windows, landscaping and alike) are still selling at record prices with multiple offers. Homes in original condition or homes with older / partial remodels are experiencing longer marketing times and price reductions.
Please note, not all price reductions are created equal. If the listed price was a “dream” price (completely unreasonable from the get-go), than a price reduction may be a reduction to a more reasonable price. The highest priced local listing is a lovely 17,000 ft. North Ranch home in Country Club Estates, asking price $19,950,000, and it’s been on the market for more than a year. If you’re wondering what your home is worth now, give me a call.