Summer is typically the busiest time for real estate sales and rental activity. With all the talk of another potential economic slowdown, we wanted to take a look at how home prices fared in our local markets so far this summer.Â
I have divided our reports up into the following cities Simi Valley, Moorpark, Conejo Valley (Thousand Oaks-Newbury Park- Westlake Village) and Oxnard. Full reports can be downloaded atÂ presidiorentalsolutions.com.
This post will focus on the Conejo Valley.
Conejo Valley Home Sales Aug 2011
The median price of sold properties at the end of July was $555,000 a 2% increase over July 2010, interesting to note, theÂ median price of sold properties compared to properties for sale $ 609,000 differs by $54,000. List high sell low. Probably not a great strategy in this market. There were 132 homes sold in July 2011, down 3%.Â We expect sales numbers, the number of homes soldÂ to increase the next few months since the number of properties under contract is up 17% as summer buyers rush to close deals.
On another note though there are less homes being listed for sale and more and more properties are not receiving acceptable offers. The number of properties that saw their listings expire was up 35%. As supply continues to fall, homeowners are able to sell their properties more quickly. The avg. time it took to sell a property fell below 100 days for the first time in 12 months. Inventory levels are at their lowest point in more than two years.
The supply of homes available for sale has continued to trend downward. ThisÂ helped sellers somewhat,Â as prices climbed a modest few percentage points. It looks as though most of the new propertiesÂ that came on the market in JulyÂ were priced correctly. The median of newly listed homes was $565,000 in July. In three of the previous 4 months newly listed properties had a median price of $599,000 or higher. Looking a the numbers,Â I anticipate the median sales price will be down the next few months. Good news for buyers, bad news for sellers. Overall it is still a great time to buy. Interest rates have fallen againÂ lowering lowers the overall cost of home ownership. I would expectÂ to see the banks accelerate foreclosures since inventory levels are at a point that new listings won't hurt demand and lower prices.
As always, this is just my opinion of things. If you would like additional insight please feel free to email me at firstname.lastname@example.org or call 805-499-7300.