I hope you had a fabulous holiday season! It’s the first Tuesday of January so I just wanted to give you an update of where the Conejo Valley ended up in 2019. You can watch my summary by clicking here. Otherwise, read on! A year ago, we talked about the real estate market potentially slowing down and everything was looking that way based on first quarter results. But what happened is interest rates dropped in the second quarter, sales picked up and the market actually ended up being relatively flat to 2018. 2,398 homes sold in 2018 and 2,366 sold in 2019. And what happened to home prices? On average, prices went up about 3%. However, homes over $1.5 million drove that price increase. When you look at prices below $1.5 million, it’s relatively flat with 2018, with less than a 1% price increase. It’s taking about 79 days on the market for homes to sell which about the same as in 2018 (77 days on market).
When interest rates fell during the 2nd quarter, the buyers really came out (as you can tell from the graph below) which meant a strong 3rd quarter.
158 homes went into escrow in December alone – that was a very active market for the holiday season. So what does that mean going forward? What it means right now is the market is active. Interest rates are forecasted to stay low, inventories tight, and buyers are shopping. We’ve been saying, all along, move-in ready houses that are staged and priced correctly are flying off the off the shelves. I’ll be breaking down the real estate market for the Conejo Valley in more detail in a video coming out next week so be sure to look for that on our YouTube Channel.