Find out Real Stats
How is the Real Estate Market in Westlake Village and Thousand Oaks CA in March 2024, really?
Are you curious about Thousand Oaks and Westlake Village Real Estate? Then you are in the right place as I’m going to be sharing an update on the latest real estate market trends from March 2024 in Thousand Oaks and Westlake Village. Make sure you stick around to the end so that you can take advantage of some hidden opportunities whether you’re thinking about buying or selling.
Market Snap Shot
Months of Inventory – 2.4 –Seller’s Market
Average Sale Price – $1.3M
Average List to Sale Ratio – 99%
Average Days on Market – 20
Interest Rates 7 – 7.5%
DON’T FORGET: 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!
High Level Westlake Village Real Estate Market Overview
Alright from a high-level perspective, in March 2024 there were 2.4 months of supply available in Thousand Oaks and Westlake Village, which believe it or not, keeps things pretty firmly in seller’s market territory. What does that 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. 4-6 months of inventory indicates a more balanced market, less than 4 months means there’s not a lot of inventory available which can drive up the price. More than 6 months of supply means there’s lots of properties available for buyers to choose from which can send prices down. How is that number trending vs. last year? Well it’s up from 1.6 months last year. These low inventory levels are what I believe to be a key factor keeping the prices up. We all know, with less supply the demand goes up. Compared to last month, inventory supply is down from 2.6. We are heading into the spring market when typically more properties get listed but here levels are lower. With this slight change I wouldn’t conclude just yet that it means the market is shifting beyond what it normally does this time of year, but the overall lower volume is a key factor on pricing.
Average Price Sold
The average price for a home in Thousand Oaks and Westlake is $1.3M but keep in mind that’s the average across all neighborhoods. For example, when looking at details in March there was a sale in Lake Sherwood of $6.7M and manufactured home in Oak Forest where you own the land for $620k. That average price of $1.3M is up 15% vs this time last year, and up 1.2% vs last month, so with inventory levels decreased, prices are increasing. 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
Moving along, the average list to sale price ratio was 99% in March. That simply means that properties were selling for 99% of list price. So just below above asking. That’s down from 100.1% last month, and basically flat from 99.3% vs last year. Now 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, I’ll cover that in a second, it would seem sellers aren’t doing that these days, and with an average of 99% list to sale price means bidding wars are likely 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 trending down from last month where it took 25 days on average, and it is down to last year where it took 31 days. So just know that if you’re planning to sell your home– 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 today’s market.
Interest Rates
With energy prices and inflation up, it is looking less likely that the fed is going to be cutting rates in the near future. My lender reports mortgage rates are ranging between 7% to 7.5% with depending if you are going fixed or variable and whether you’re getting financing through a bank or an alternative lender. With these rates, I’m recommending that buyers check into buy downs. That can give an interest expense buffer during the buy down period and hope that the Fed with their rate cuts and refinance. Additionally, my lender has introduced a new 40 year mortgage, so that might be something to look into. Reach out here if I can connect you.
March Market Trends & Insights
So in summary when you look at March’s market statistics, prices are going up. I think that in Westlake Village and Thousand Oaks there is a lot of generational wealth getting transferred as well as with the S&P hitting an all-time high in March, folks are able to make offers on homes with family cash or large equity gains from the market that would be otherwise incredibly hard to finance at today’s interest rates. Did you know that last February’s percentage of all-cash purchases hit the highest point in 10 years! As a result, the prices continue to increase as the desire increases.
The double whammy is that March typically the beginning of the spring market with more inventory, but there is only 134 active listings compared to last month when we had 179! We need inventory.
One really important thing to understand is that macro level market statistics are important to the backstory 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 Foxmoor and Village Homes, you may actually see multiple offers if you’ve got a desirable updated home. I’m seeing that buyers are willing to spend much more on a home that is completely remodeled. So if you are considering selling your home, fixing it up to current market trends is going to show big rewards. Click here for Compass Concierge where you can get interest free loans to fix up your place. However, overpriced mediocre listings are sitting, so if you are looking for a project, buying a fixer right now might be a good opportunity.
Bottom Line
So whether you’re buying or selling, 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 just 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