Conejo Valley Housing Market Report Oct 2011

House ImageAs 2011 comes to a close we wanted to take a look at how the Conejo Valley Real Estate market is holding up. This report includes home sales data from the following cities,  Thousand Oaks, Newbury Park, and Westlake Village and includes all Single Family Homes and Townhome/Condo Sales. You can download the full report using the link at the end of this story.

It is always interesting to compare our local market information to the information many of us are bombarded with in the national news media. Let’s see how we stack up. The median home price fell  9%, from  $585,000 to $530,000 and the number of properties for sale also fell off rather dramatically, falling  from 852 units in Oct 2010 to 658 in October 2011. It is taking homeowners on avg. 112 days to sell their property.

Thousand Oaks and Newbury Park Home Sales

If we remove Westlake Village from our data set, the median price in Thousand Oaks and Newbury Park  was $510,000 up from from ($497,000) in Oct. 2010.  This headline could read home prices increase 3% year over year.  That news might make homeowners feel better. One reason for this increase is the limited supply of homes for sale.  The months supply of inventory is at is lowest level in 18 months, with just over a 4.5 months supply of housing. Low inventory has helped prop up prices.

Home Sales Activity By Price

Price Range

Last 365 Days

Previous 365

Change

% Change

Bed

Bath

150-400 K 231 205 26 12.7 3 2
400-650K 470 462 8 1.7 4 2
650-900K 248 272 -24 -8.8 4 3
900-1150K 82 93 -11 -11.8 4 4
1150-1400K 54 50 4 8 5 4

Affordability

The Conejo Valley Housing Market is holding up fairly well. The most popular properties are homes priced between $ 450,000 – 650,000. Low interest rates continue to make properties more affordable. Assuming you purchased a property for $500,000 with 20% down payment your monthly payment including taxes and insurance would be roughly $2504 based on today’s interest rates. If you had no other debt,  it would take a minimum gross monthly  income of $5568 per month and a credit score of over 620 to qualify to purchase this $500,000 home.  I have to say we are getting close to a bottom. All the figures and statistics are lining up to make purchasing a home a smart decision. Please remember a home is not an investment. It is a place to live. If it goes up in value great. Your home is an investment in your lifestyle. If you want an investment, let’s talk and we’ll show you how to buy investment real estate.  

Download Charts and Tables Here:  Conejo Valley Housing Data Oct 2011

Source: Ventura County Regional Datashare

 

 

Source: Ventura County Regional Datashare 

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