Westlake Village Real Estate Blog

 With all the numbers that are bandied about as indicators of  the health of the housing market, it’s hard to sort out what is  really happening in our own backyard. In a nutshell for the Conejo Valley, the number of homes on the market, the number of homes sold and the average and median prices are all down from 2010 – but not dramatically lower. For single-family homes, the number of sales dropped almost 11%, while the average sales price fell 6%. For condos and townhomes, the drop in sales was close to 13%, with prices down about 6%.

As we look forward, is there any reason for optimism?  The answer appears to be “yes,” with a drawl. To quote national real estate sales coach Tom Ferry, those people in the market to buy a home who don’t do so in the first half of 2012 will be sorry five years from now.  He does not predict a huge leap in prices but rather a gradual uptick.

His assessment coincides with my perception of what’s happening in our local area.  At the end of January, the supply of homes for sale was down almost 20% from January 2011, and closed sales were up 20%.  Tales of homes selling with multiple offers abound, and almost daily I get an email from an agent in my company who needs a particular property for a buyer and can’t find it in current inventory.  Eventually the law of supply and demand should kick in and nudge prices upward.  And although worries persist about the shadow inventory, most short sales and REOs (bank-owned properties) are selling at market value when their condition is taken into account.

As for my personal barometer, I am no longer getting coupons in the LA Times for the Macaroni Grill and CPK. Surely that is cause for optimism in the long run!

If you would like a market update for your neighborhood, please call or reply to this email. I am always happy to give you an update, be it for refinancing or simply a need to know.