Presidio Real Estate Services help our clients better understand the local housing market by monitoring monthly housing data. We continue to be amazed at what has happened in the local market. Home prices (Single Family Properties-we did not include condos and town-homes) in Thousand Oaks and Newbury Park have soared since Dec 2012. The median price has increased 14% since June of last year, but more importantly it is up 26.7 % since January. The median sold price in January was $521,000 it ballooned to $660,00 in June. This pace in unsustainable in our opinion. Either, homes were way undervalued or the local economy just got a lot stronger. Just when you thought it was a good time to buy a home, prices shoot upward leaving you scrambling to get in the game. In our opinion the reasons why prices have increased,
- Interest rates fell to new lows (3.375% 30 year fixed conforming loan) about nov/dec of last year. They have since moved up about 3/4% over the last 4 weeks. This should help bring prices back in line. A 1% int rate increase on a $400,000 loan requires a $40,000 price reduction to have the same payment.
- With minimal inventory buyers are starting to panic and are bidding up properties.
- The number of bank owned property sales drop off and since they sold for about 100K less on avg, that will help the median price increase.
Informed buyers and sellers make smart decisions. Please contact us if you would like a full copy of the local housing report. 805-499-7300 or via email at firstname.lastname@example.org