Conejo Valley Real Estate Update – October 2023
7.5% mortgage rates may have reduced the number of local sales, but Conejo Valley home prices continue to march higher as the demand for homes and condos continues to exceed record-low supply. I could find only 201 active listings from Newbury Park through Agoura, 68 of which were listed for less than $1ml., and only 38 of the 68 were single-family residences. The median sales price in the city of Westlake Village has increased 34% of the last 12 months and now stands at $2.17ml. The median in the city of Thousand Oaks has risen as well, now exceeding $1.15ml. with no sign of slowing. Marketing times remain near 30 days for all but the worst of properties. Fully renovated homes are in high demand and sell quickly 10% to 20% over neighborhood averages. What’s behind the persistent increase in local values?
- 1
Too many buyers, too few sellers. Even if you considered moving, you’ve got a 3%~ mortgage… you’re wearing golden handcuffs.
- 2
The Conejo Valley is an awesome place to raise a family, and it’s no longer a secret. Open space, low crime, great schools, great restaurants, and a relatively low homeless population, what more could you ask for?
- 3
The Conejo Valley is an awesome place to raise a family, and it’s no longer a secret. Open space, low crime, great schools, great restaurants, and a relatively low homeless population, what more could you ask for?
- 4
The great wealth transfer from the silver and baby boomer generations to the millennials is underway and helping young people purchase their first homes in the $800,000 to $1,200,00 range. Many of these buyers are high earning professionals but lack the necessary down payment to make our prices affordable without help from family.
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