There are two major contingencies at the onset of the purchase process in real estate. Knowing when to remove the inspection contingency and loan contingency is important to move the process along to prevent you losing your deposit money.
When you buy a home or sell a home, once the terms are agreed upon and the contract is signed, there is an inspection period where the buyer gets to inspect the home, usually with a professional home inspector, so they understand the house – the good and the bad – and what exactly the are buying. The inspection period typically is about 14 days allowing time for people’s busy schedules. We try our best to shorten that period so that a seller’s home is not off the market should the deal fall through. During this inspection period, the buyer can walk away from the deal with their deposit money returns in most situations.
Here’s the latest data on the local real estate market and what I think we will see in July 2017.
June was very busy in real estate and that’s a good thing, considering May was a bit sluggish. Overall, the local real estate market inventory is up 37% from last quarter with 518 homes currently for sale. This represents a little over 1.5 months of inventory as 322 homes went into escrow this second quarter. Homes sold year-to-date are down 6% from prior year, but things are selling about 1 week faster than they did in 2016, taking about 61 days on average to sell.
It’s really interesting when you look at it by city though:
- Westlake Village has a 19% increase in inventory from 1st quarter and YTD sales are down 3% from 2016.
- Agoura/Oak Park has a 41% increase in inventory from 1st quarter and YTD sales are down 15% from 2016.
- Thousand Oaks East sits about the same as it did last year in terms of inventory, and YTD sold homes.
- Thousand Oaks West’s inventory jumped 52% from 1st quarter and YTD sales are down 8% from last year.
- Newbury Park put a lot of homes on the market this quarter – up 79% and YTD sales are up 36% from 2016.
When you look at the data by price point, we continue to see that homes under $1M are selling more quickly and that’s where almost 75% of our homes sales happened through June. Interestingly enough, year-to-date sold homes are down from 2016 across all price points, except over $1.5M, which is actually up 19% at 135 homes.
So, what to expect in July? It’s typically the last busy real estate month of the busy selling season as people try their best to move over the summer before school starts back up. Homes under $1M should continue to sell quickly. We see buyers being choosy above that price point. We are starting to see a shifting market that we are watching closely. Today’s buyers are very well prepared and selective when making their purchases. Great homes (staged/remodeled) that do come onto market tend to sell quickly and get in a bidding war. With inventory increasing, we are seeing more price reductions on homes that need a remodel. Buyers who are willing to see the potential and remodel may get some great values for their efforts. Does this mean you should only sell if your home is in tip top shape? Absolutely not. Right now, it’s all about pricing the home well for what it is because we are seeing homes in need of some updating go into multiple offers. We expect a busy 3rd quarter and look forward to updating you when the results are in next quarter.
If you have any questions, please contact Lydia Gable, Lydia Gable Realty Group with Keller Williams Westlake Village at 818-383-4335. CalBRE#01704493.
 Represents Agoura, Oak Park, Westlake Village, Thousand Oaks and Newbury Park.
Based on information from the Ventura County Regional Share (MLS) as of 7/6/17 and/or other sources.
Lately, people are asking me why they should pick a team (as in Lydia Gable Realty Group) over an individual agent. Both “types” have their advantages but I believe a team approach to real estate will always be the winning side:
- Your lead agent will always be you single point of contact for questions, concerns, to vent, stress or rejoice
- Your lead agent works extremely hard to find you a home or buyers and negotiate the contract
- Once the terms of the contract are finalized, we have a specialist to actually handle the execution of the contract to ensure a seamless and effortless close for you. Our specialist deals with nothing but real estate contracts. That’s her point of focus each and every day for you. She’s seen it all and been through it all so she has the knowledge, skills and contacts to make sure nothing slips through the cracks.
- We have a marketing expert on our team. She is constantly tweaking our marketing to ensure it is leading edge, connecting with target audiences to find you your buyer. So, while I am out showing you homes or pitching your home for sale with other agents and community leaders, she is working at the same time on marketing your home to get it sold and reach new eyes all the time.
- We have multiple agents on our team. We meet weekly as a team and then also individually. We are all very versed and familiar with you and your wants/needs. We brainstorm and work off of each other’s strengths. So if your lead agent gets sick or takes a much needed vacation, your needs are still being met and we are constantly working for you. It’s a huge win for you.
Hope this is helpful information. Please let me know if you have any questions or need additional information. I am here for you and your home always!
So, it’s a quirky real estate market right now. We saw inventory climb about 20% from April to May in our local area, yet the number of homes in escrow was relatively flat (even down a smidge) with March. The good news is, in June, we’ve already seen more homes go into escrow than for all of May and it’s not even mid-June. So the market is picking up; as more homes are coming on the market, more homes are selling. Yay! Right now, June inventory is about the same as in May. Now, here’s the quirky part…the buyers. Maybe not so much quirky as they are being choosy about what they buy. When I talk with real estate colleagues, we are consistently seeing homes that are fully renovated sell quickly and many with multiple offers. Homes that are not updated are sitting. Sorry to report that. We tend to think it’s because most buyers want all the work done so they can just move in and enjoy life. Renovations and dealing with contractors isn’t always easy and so even if the price is lower to “compensate” for it not being renovated, buyers aren’t biting. And those homes are just sitting. We are seeing more buyers and relocations now that school is out and summer is underway. Hoping homes will sell as buyers want to be in and settled before the Fall. Keep your fingers crossed!
April stats for our local Conejo Valley area are here.
Overall, we have seen a slight creep up in the housing inventory.
- Westlake Village has about 2 months of inventory
- The other cities have just over 1 month of inventory
- Some neighborhoods face little to no competition
- We are seeing multiple offers on many of our listings so if you are looking for a home under $1M and see one you like, please don’t wait to make an offer as you may miss out.
Sales remain strong in all our local cities and I expect that to continue through June as we are in the peak real estate market season.
Days on market are about the same as we reported in May except for Westlake Village where we saw an increase of 13 days which is most likely due to homes selling during this buying season that had lingered on the market at the end of 2016.
It’s a great time to sell if you are thinking about moving up or down. Always here for you and your home so please call me with any questions! 818-383-4335.
Here’s your 1st quarter real estate market update for the Conejo Valley and it’s looking great out there! Home values are up from 4th quarter and things are selling more quickly too, about 1-2 weeks better on average. The Spring market is here!
Average price of sold homes
Westlake Village – up 15%
Thousand Oaks East – 12%
Thousand Oaks West – 10%
Agoura/Oak Park – 1%
Newbury Park – 1%
When we look at the data, the sweet spot for activity is definitely homes priced $500,000-$999,999, but overall 558 homes sold this quarter in all price points so our inventory is selling.
Days on Market tends to increase with price point (so the more expensive the home, the longer it takes to sell), but homes that are in great condition and staged properly are the most appealing to buyers and often have multiple offers within days of going on the market. Buyer are being picky and swoop up the good ones as they come onto the market.
It’s a great time to sell if you are thinking of doing so. Give me a call – I’d love to help: 818-383-4335.
It’s a HOT Real Estate market right now in the Conejo Valley. Are you ready to be a part of it? Are you thinking of selling or buying? Watch this for some helpful insight and then be sure to watch our other Tuesday Tip video about getting pre-qualified on a loan before shopping for real estate. Selling doesn’t have to be overwhelming. Let’s chat for 15 minutes because you may not need to do as much as you think.