Understanding up to date data
Thinking of Thousand Oaks Housing in September? Here’s What August Taught Us About the Real Estate Market
If you are looking for real insights to the Westlake and Thousand Oaks Housing market for August 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 in September and beyond!
August 2024 Market Snap Shot
Months of Inventory – 3.3 –Seller’s Market
Average Sale Price – $1.27M
Average List to Sale Ratio – 99.7%
Average Days on Market – 28
Active Inventory – 192
Interest Rates – 20% down, jumbo, 30 year fixed, with tax returns is 5.9-6.3%
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
Alright from a high-level perspective, in August 2024 there were 3.3 months of supply available in Thousand Oaks and Westlake Village, which is in the seller’s market territory but not by much. 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 current average sales volume. As a baseline, 4-6 months of inventory is considered 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 a lot of properties available for buyers to be choosey pushing prices down. How is that number trending? Well, it was 1.7 months this time last year and 2.2 last month. This means that there are more homes on the market for buyers to pick from, which is impacting the prices. Let’s get into that…
Average Price Sold
The average price for a home in Thousand Oaks and Westlake is $1.27M –which is the lowest it has been since last February! Now remember, this is the average across all neighborhoods. For example, when I look at the details in August there was a sale behind the gates of North Ranch for nearly $12M and single family 2bed home for $735K in the land owned manufactured park by the lake, Oak Forest Estates. That average price of $1.27M is up 4 % vs this time last year, and DOWN 12% vs last month. With more choices on the market prices are softening. Time will tell when the fall market gets underway if decreased interest rates gets even more buyers that have been on the sidelines into the market again driving prices back up.
List to Sales Price Ratio
The average list to sale price ratio was 99.7% in August. That means that properties were selling for 99.7% of list price. So just below asking. That’s up from 98.9% last month, and from 99.5% vs last year. As I’ve mentioned before, 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 still quite low, which we’ll cover that in a second, it would seem sellers aren’t doing that, and with an average of 99.7% list to sale price -it means currently sellers are getting the price they are asking for. So get ready and be sure to talk strategy with your agent when putting in an offer so that yours is accepted!
Days on Market
Now you might be wondering how long it’s taking properties to sell right now? On average in August in Westlake and Thousand Oaks it was taking 28 days for a property to sell. That a bit less than last month where it took 33 days on average, and it is up to last year where it took 24 days. So just know, that if you’re planning to sell your home– you’ll know if it is priced right 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 your situation and in today’s market.
Interest Rates
Rates have dropped over the last 30 days! In fact, buyers who qualify for government loans like *VA and *FHA can really take advantage already of rates around 5.3%. Bottom line is that as the rates continue to decrease, I believe will bring more buyers out and the inventory will decrease again raising prices. Right now the 20% down, Jumbo, 30 Year Fixed, with tax returns: 5.9-6.3%. With this kind of range, it’s key that buyers shop around, as different lenders have different programs.
Market Trend Insights
So in summary when you look at August’s market statistics, the key take away is that the inventory levels are finally increasing!! The interesting thing here is that while the average price looks to be softening a bit, the days on market and list to sales price are fairly consistent.
One thing impacting things is the stock market. If you see here, nationally there has been incredible volatility in the markets since mid-July, first plummeting, and then making up most of their losses in a dramatic August rebound. Additionally, if you take a look at this national slide…you will see that 28% of homes were bought with cash last month. Now imagine that interest rates decrease further where buyers that have been on the sidelines decide to enter back into the market, inventory will shrink and prices will increase.
The good news is that we have more homes coming to market. This month there were 191 active inventory which is an increase from July at 177 and up from 138 at this time last year. Still with a seller’s market (remember 3.3 months supply), buyers are forced into quick sales with asking price tags in order to get a home.
August Take Away...
So the bottom line is that, 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 a super 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 here to reach out.