2023 real estate market
Conejo Valley, Simi Valley, Moorpark area real estate market continues trend toward more typical numbers
Last month, the real estate market in the Conejo Valley, Simi Valley and Moorpark areas continued its trend toward more typical conditions. Prices were lower than January 2022, fewer homes were sold, and homes spent more time on the market.
“The changes we’re seeing in the market should be viewed as a normalization, not as a slowdown,” said Tim McDougall, 2023 Board President for the Conejo Simi Moorpark Association REALTORS® (CSMAR). “We’ve seen unprecedented numbers for the past few years, and our market is finally starting to return to more typical activity levels. With that said, the months supply of inventory is still well within what is considered a sellers’ market. We’ll continue watching these trends as we move into spring.”
Median sales price decreased 11.1% compared to January 2022, from $880,000 to $782,500. The number of closed sales dropped 31.6%, from 225 to 154. The median number of days to contract increased 107.9%, from 19 to 40 days. The average percent of list price received decreased 3.2%, from 101.9% to 98.6%. The median price per square foot of homes sold in January decreased 4.5% compared to 2022, from $481 to $460.
The number of new listings in January decreased 13.5%, from 356 to 308. The active inventory of available homes increased 29.9% from 335 to 435. The months supply of inventory, which is an estimation of the time it would take for all homes on the market to be sold, increased 89.7% from 1.5 to 2.8. A months supply of inventory of less than five months is typically considered a seller’s market.
These numbers include 7 local markets and this data can vary if fewer cities are selected. If you would like the up to date data for your area let us know.
Data Provided by Conejo Simi Moorpark Association of Realtors February 17, 2023
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