Make educated decisions
Curious about the Westlake and Thousand Oaks Real Estate Market for April 2024?
If you are looking for real insights to the Westlake and Thousand Oaks Real Estate market for April 2024, then you are in the right place! I’m going to explore the latest market trends so stick around to take advantage of some of the insider tips whether you are thinking of buying or selling!
4-24 Market Snap Shot
Months of Inventory – 2.3 –Seller’s Market!
Average Sale Price – $1.465M
Average List to Sale Ratio – 101.4%
Average Days on Market – 20 days
Interest Rates 6.4 – 7.5%
KEY TIP: The market conditions can be different in in the same city creating little micro-markets. I’ve love to chat about what the market looks like in your specific area!
Month's Supply | WLV & Thousand Oaks Real Estate
From a high-level perspective, in April 2024 there were 2.3 months of supply available in Thousand Oaks and Westlake Village, which keeps things solidly in seller’s market territory. What does month’s supply mean? Months of supply tells you how many months it would take for all of the homes currently on the market to sell, given the average sales volume. So, 4-6 months of inventory is a balanced market, less than 4 months means there’s not a lot of inventory available which drives up the price. More than 6 months of supply means there’s lots of properties available for buyers to be choosey driving prices down. How is that number trending vs. last year? Well, it’s down from 2.4 months last year and last month. These low inventory levels are what I believe to be a key factor keeping the prices up. We are heading into the spring market when typically, more properties get listed let’s hope that happens!
Average Price Sold
The average price for a home in Thousand Oaks and Westlake is $1.465M but keep in mind that’s the average across all neighborhoods. For example, when I look at the details in April there was a sale behind the gates of North Ranch for over $8M and single family 2bed for $880K. That average price of $1.465M is up 28% vs this time last year, and up 14% vs last month, so with inventory levels decreased and a strong demand, prices are skyrocketing. In my opinion until the inventory balances out a bit more, we are in store for continued price increases. Time will tell when the spring market gets underway if more sellers are ready to enter the market.
List to Sales Price Ratio
In April, the average list to sale price ratio was 101.4% in April. That means that properties were selling for 101.4% of list price. So just above asking. That’s up from 99% last month, and basically flat from 99.9% vs last year. Of course, when you’re looking at this stat, you’ve got to keep in mind that it has a lot to do with the strategy a seller uses when they’re listing their property. At times sellers underprice their homes to entice bidding wars and other times sellers get aspirational with their sales price and because it is overpriced it sits on market. Since days on market are low, which we’ll cover that in a second, it would seem sellers aren’t doing that, and with an average of 101.4% list to sale price means bidding wars are happening again, so get ready and be sure to talk strategy with your agent when putting in an offer to get that house!
Days on Market
Now you might be wondering how long it’s taking properties to sell right now? On average in March in Westlake and Thousand Oaks it was taking 20 days for a property to sell. That is similar to last month where it took 20 days on average, and it is down to last year where it took 25 days. So just know that if you’re planning to sell your home– you’ll know if it is priced right cause things are moving quickly. And conversely, if you are a buyer, quick escrow terms appear to be key to getting your offers accepted. Be sure to talk to your agent about how to write a competitive offer in today’s market.
Interest Rates
Economists are still expecting 2 red rate cuts this year, some are saying as early as September. My lender reports mortgage rates are ranging between 6.4% to 7.5% with depending on terms and credit scores. With these rates, it’s key that buyers check into buy downs as well I’m telling my clients to shop around, as different lenders have different programs.
April Market Trends & Insights
When you look at April’s market statistics, the key take away is that there’s just plain not enough inventory. If you see here, nationally there has been limited active listings year over year for the past three years, driving up the price. In fact, on a National level, in March about 60% of sales sold in less than 1 month, 29% closed over list price, and 28% purchased all in cash!
Here in Westlake Village and Thousand Oaks there continues to be a lot of generational wealth getting transferred. With the population in TO over age 60 at around 28%, that’s a quarter of the population. I’m seeing that many people don’t want to leave the area but perhaps want to downsize. The good news is that with the spring market, we have seen a few more homes coming to market. This month there were 161 active inventory which is an increase from March at 134. This trend is in the right direction and expected this time of year with the spring market. Still with low inventory, buyers are forced into quick sales with over asking price tags in order to get a home.
As I mentioned, last month, one really important thing to remember is that macro level market statistics are an important backdrop, but local statistics are much more important to you. For example, what’s happening in one area of Westlake can be completely different than what’s happening somewhere else even within Westlake. There are different micro markets everywhere– real estate is incredibly hyper local. For instance, if you’re thinking of selling, for those of you in say First Neighborhood, you may likely seeing multiple offers if you’ve got a desirable updated home. These types of homes are still going fast and having bidding wars. So if you are considering selling your home, fixing it up to current market trends is going to show big dividends. Don’t forget that Compass Concierge can give you interest free loans to fix up your place before you sell. However, overpriced mediocre listings are sitting, so if you are looking for a project, buying a fixer right now might actually be a great opportunity.
April Bottom Line
Your situation is unique and a general market update should be taken with a grain of salt. If you want an accurate market analysis for your home or you’re thinking of buying and want to know where hidden opportunities may lie, you can either request a free no-obligation market evaluation or book a call with me to have a no-pressure conversation about your options. I’ll always give you an honest opinion so that you’re informed to make the best decision that’s right for you, based on your personal situation. If that would be helpful, you can click the link with this video and set it up. Otherwise feel free to check out my other videos. I’ll be back next month with an updated report for May!