Conejo Valley Real Estate Update – June 2023
Home prices continue to rise in the face of recession chatter and higher mortgage rates, why you might ask? It’s the same old story, economics 101: more Buyers than Sellers. In short, more people are moving to the Conejo than leaving, this can be attributed to several factors, including:
- 1
Aging in place: Our senior population is living longer and not moving.
- 2
Remote work: The work from home model has allowed a whole new demographic to explore the Conejo Valley, and many of these imports bring with them significant income and equity.
- 3
The unprecedented wealth transfer from parent (grandparent) to child. An estimated $40 trillion has begun to transfer, and this trend will continue over the next 6-8 years. Wonder how these young people can afford a home locally, now you know.
- 4
Escape from LA: More and more people are simply fed-up with crime, homelessness, poor schools and traffic in LA.
- 5
Affordability: The wealth gap between the top 10% of Americans with household incomes of $173,176 (in 2020) and everyone else continues to grow, so does our local Median household income, now rumored to be $125,000. In short, our community is more affordable than many in LA.
Local marketing times remain near 30+ days, historically short and local Sales prices remain within 4% of asking prices, a sign of a Sellers’ market.
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