Conejo Valley Real Estate Update – June 2024

Published On: June 28, 2024224 words1.1 min read

Our local real estate market remains a Sellers’ market, although the number of listings in the Conejo Valley has increased a bit. The spring selling season kicks off with a 20% increase in active listings, up from an all-time low. I found 275 active listings, 68 of which were listed for less than $1ml., and 39 were listed above $3ml., which prices 61% of our homes for sale between $1ml and $3ml. The median home price in Thousand Oaks remains around $1,150,000, a little higher in Westlake Village.

Average listing times have fallen below 30 days and recently renovated homes continue to sell quickly with multiple offers. Westlake Village remains hot, even homes in “original” condition are attracting bids from hungry flippers. I found more than a dozen home improvement and flipping television shows, and they sure make it look easy… I can assure you it’s not. There is a rumor going around that home flippers are a cause of our increasing home prices, I disagree. The level of demand to live in our community exceeds the supply of homes, so prices go up. The dated condition of many of the homes invites investors to risk their capital through renovations. If the renovated home sells for more than the cost of acquisition, improvement, carry-costs and selling expenses, they make a profit. Of course, this plan falls apart if demand softens.

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