Conejo Valley Real Estate Update – May 2024

Published On: May 7, 2024366 words1.8 min read

Our local real estate market remains strong, and unchanged. The pronounced and consistent lack of supply of homes for sale combined with our desirable community continues to bring more Buyers than Sellers. Local inventory remains near all-time lows, I could find only 211 homes and condos for sale in the Conejo. I found only 52 listings for less than $1ml., only 9 of which were single-family homes. 31 of the 211 homes were listed for more than $3ml. Average listing times still linger around 30 days and renovated homes continue to sell quickly with multiple offers. Median sales prices range between $1,050,000 to $1,300,000 locally… still edging up. The most expensive home available locally is a 6,720 SF home on 60 acres in Hidden Valley, asking price $18,900,000. The least expensive home I found listed locally is a 514 SF condo in a 55+ senior complex, listed for $299,999. The number of sales remains low due to 7% mortgage rates, but mom and dad (grandfather and grandmother) continue to show a willingness to help the younger generations with down-payment assistance.

Update on coming changes to best practices and R/E sales commissions due to the NAR lawsuit

In summary, the lawsuit will have two immediate (August 2024) impacts on residential real estate practice:

  1. The Seller will negotiate commissions with the Listing agent as they do today (no change).
  2. The Seller will be given a choice to compensate the Buyer’s agent, or not (no change).
  3. Properties listed on the MLS will no longer identify a commission to the buyer’s agents. (Big change).
  4. Homebuyers may choose to hire an agent to represent them or go it alone (no change).
  5. Homebuyers who choose to hire an agent will be required to sign a written agreement with that agent prior to touring a home, detailing the amount of and method of compensation (Big change).

Compensation for agents representing Buyers could come from several sources:

  1. Buyer direct (unpopular and unlikely).
  2. Seller paid compensation negotiated at the time of sale (mostly likely, business as usual).
  3. Included in Buyers mortgage (not available today, but a strong possibility for the near future).

Will these changes cause real estate commissions to drop locally? I’d say no. Discount brokers have been around for 50 years, and they’ve never popular.

Contour Realty

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