As one of the most desirable places to live in the world, Southern California has always proven to be a strong housing market. Much of Southern California sees consistent growth that allows the housing market to remain stable at nearly all times. The Conejo Valley, in particular, is an ideal residential location because of its privacy among the beautiful Santa Monica Mountains as well as its proximity to major hubs like Downtown Los Angeles and the beaches of Malibu. No matter where you live in the Conejo Valley, you’re provided with easy access to the best shops, restaurants, and entertainment venues in Southern California.
When you’re thinking of purchasing a home in the area, you should be aware of the current trends within the Conejo Valley housing market, which will help you make the right decisions when it comes time to buy the home of your dreams. The following is a detailed look at the 2018 housing market in the Conejo Valley.
Agoura Hills
The Agoura Hills housing market has been a very stable one over the past five years. The median listing price of a home in Agoura Hills was $771,000 in September 2015 and is around $949,000 in August 2018, which is a sizable increase. In January of this year, the median listing price was at $853,000, which means that there’s been a nearly $100,000 increase throughout the year. Homes never stay on the market for too long in Agoura Hills, which is displayed by the 61-day average seen in 2016. In April 2018, homes remained on the market for an average of 43 days. While these numbers indicate that the market is a competitive one, it’s not highly competitive to the point where you’ll have difficulty finding a spectacular home.
There are typically hundreds of homes up for sale every month in Agoura Hills with the average number of sales in 2018 ranging from 55-99 in a given month. The future forecast for the housing market in Agoura Hills points towards an increase in home value of 11.3 percent in 2019, which is up from the 3.1 percent change in 2018. Given that home values are expected to increase substantially over the next year, you might want to consider purchasing a home in the near future if you’ve set your sights on Agoura Hills.
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Calabasas
Fortunately for homeowners, the Calabasas housing market hasn’t been a volatile one in many years. Throughout 2018, the median listing price of a home increased from around $1.3 million to $1.35 million, which means that buyers know what to expect when purchasing a home in Calabasas. The home inventory throughout the city is always in the hundreds, which provides buyers with many different homes to choose from. The number of homes that were sold each month in 2018 ranged from 55-107, which makes for a very healthy market.
A fantastic aspect of a buying a home in Calabasas is that the sale price is usually much lower than the listing price. Even though the median listing price for August 2018 was around $1.5 million, the sale price was much lower at $1 million, which means that you have a large amount of leverage when buying a home in the city. Currently, the market is balanced, which indicates that the supply and demand of homes in Calabasas are roughly the same. With a balanced market, the seller will need to be somewhat more aggressive when placing their home on the market.
While homes have remained on the market for an average of 51-68 days in 2018 before being sold, buyers don’t have a large amount of competition at the moment. When looking towards the future, the 6 percent increase in home values over 2018 is expected to lead to a similar increase in 2019 of 6.8 percent, which should keep shocking fluctuations at a minimum.
Hidden Valley
The Hidden Valley housing market is a healthy one with a median listing price of around $1.35 million in July 2018, which is only a small increase from the median listing price of $1.28 million in January of this year. It’s also a balanced market, which means that it’s healthy for both buyers and sellers. You won’t face much competition when searching for the right home and may be able to negotiate the list price down to your preferred price if you make the right moves. Depending on the month, homes in Hidden Valley can be on the market for anywhere from 48-84 days. The months of March and April are usually the most competitive with November and December being much less competitive. Given the consistency of median listing prices in Hidden Valley over the past three years, you shouldn’t expect much to change during your search for a home.
If you’re considering buying a home in the coming months, 2019 is being forecasted as a great year for buyers in Hidden Valley. Although 2018 saw an increase in home values of 5.8 percent, the increase for 2019 is expected to be a very small 0.9 percent, which means that a home that’s listed on the market for $1 million in 2018 might sell for around the same amount in 2019. A difficult aspect of buying a home can be finding that prices have skyrocketed since the last time you went house hunting. The stability of the markets in Hidden Valley and the Conejo Valley as a whole means that you shouldn’t be startled by the list price of a home you’re considering.
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Lake Sherwood
The Lake Sherwood housing market is one that’s represented by small increases and decreases in the median listing price with any given month. The median listing price for a home in January was around $1.28 million. Since then, the highest median listing price was just under $1.35 million in July. Homes stay on the market for an average of 56 days before being sold, which is a healthy number that’s beneficial for buyers and sellers.
If you’re contemplating whether or not you should buy a home in Lake Sherwood sometime in the next year, the 2019 market is looking to be very similar to the 2018 with an even better home value increase for buyers. While home values increase by 7.3 percent in 2018 throughout Lake Sherwood, the increase for 2019 is expected to be 4.8 percent. This is a lower increase than many destinations in Southern California and can be advantageous when you’re in the market for a new home. With the market being a balanced one, you should be able to buy the home that you want without too much competition. With nearly 200 homes on sale in this area every month, there’s a large number of Lake Sherwood homes to choose from.
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Malibu
The Malibu housing market a consistent market that’s notable for having around 450 homes on sale in any given month. The median listing price has risen from around $3.2 million in January 2018 to $3.35 million in August, which tells us that housing market is stable and should continue to remain so. Within the past year, homes have remained on the market for anywhere from 78-146 days, which means that sellers are going to be interested in almost any offer they receive.
While many of the real estate markets in the Conejo Valley are considered to be balanced or slightly advantageous to the seller, the Malibu housing market is currently considered to be a buyer’s market, which means that there are more homes on the market than there are buyers. The relatively low competition means that you will have a high amount of leverage when buying a home in Malibu. In this type of market, the buyer will be more competitive than usual and might be willing to lower their listing price to match your preferred price. The housing market forecast for next year is looking to remain relatively flat with an increase in home values of 4 percent.
North Ranch
The North Ranch housing market has almost always been a balanced one that favors both buyers and sellers. There are more than 160 homes for sale on average, which means that there should never be too much competition for a single home. The median listing price for a home in North Ranch has decreased slightly in 2018 from $1.3 million in January to $1.05 million in August, which makes it a fantastic time for you to buy a home in this area.
Homes in North Ranch can remain on the market for anywhere from 43-99 days, which is flat since last year. When you go in to place on offer on a home, it’s unlikely that you’ll encounter a large number of other bids that would cause you to lose out on the home. As for the future, the home values in North Ranch are being predicted to increase by around 1 percent throughout 2019, which makes for a very stable market.
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Thousand Oaks
The Thousand Oaks housing market is currently a seller’s market but is usually balanced overall. If you’re a buyer who is looking to purchase a home in Thousand Oaks, the median listing prices in the area don’t fluctuate much. The median listing price in the city has increased from $849,000 in January to $855,000 in August, which is great for buyers who want to avoid volatile markets. These homes are typically on the market for around 50-60 days before being bought, which means that you shouldn’t have too much trouble with competing bids.
There are a little under 800 homes on sale in Thousand Oaks that range in price from $35,000 to $85 million. Whether you’re searching for a spacious ranch home or would prefer an estate house with beautiful views of the nearby mountain scenery, you should be able to find a home that matches your preferences. While 2018 saw a small increase in home values of 3.2 percent, the home values for 2019 are expected to increase by around 5.7 percent, which is a very healthy increase.
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Westlake Village
The Westlake Village housing market is a robust and balanced market that’s healthy for buyers and sellers alike. The median listing price in the city has decreased somewhat from $1.25 million in January 2018 to $1.03 million in August. The sale price, however, has increased by around $10,000. There are more than 400 homes on sale currently in Westlake village, which means that there’s something for everyone. Homes in Westlake Village usually remain on the market for around 48-66 days, which indicates that the seller has just as much competition as the buyer.
As is the case with nearly all of the other cities on this list, the housing market with Westlake Village is looking to continue its stability when it comes to growth in home values. Over the past year, home values have risen around 5.3 percent to $1,026,500 and are being forecast to increase at a rate of 5.2 percent over the next year. The consistency of the housing market in the Conejo Valley means that you should have a good idea of what to expect when searching for the right home.
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Conclusion: The Conejo Valley Housing Market
Whether you’re considering purchasing a home in Thousand Oaks or North Ranch, the housing markets within each of these destinations were healthy in 2018 and should remain so in 2019. Nearly all of these locations have a great balance between being beneficial for the buyer and advantageous for the seller. While home prices are steadily increasing in the Conejo Valley, these current trends are expected to remain on the milder side, which means that you as a buyer should feel comfortable during your home search. If you believe that now is the time to buy and you would like to start exploring your real estate options in the Conejo Valley housing market, Nicki & Karen Southern California Luxury Real Estate will help you buy or sell your Southern California Luxury Property!
Data & statistic sources: Realtor.com, Zillow.com