The Conejo Valley, Simi Valley and Moorpark area real estate market followed a familiar pattern in August, with strong demand and an increasingly tight inventory of homes leading to quick sales and prices ticking upward.
“Our market’s August numbers offer a great case study in the laws of supply and demand,” said Tim McDougall, 2023 Board President for the Conejo Simi Moorpark Association of REALTORS® (CSMAR). “Homes sold quickly and at full asking price, both of which are indicators of strong demand. While demand was strong, we saw fewer new listings and fewer homes on the market, which helped push median sales prices slightly higher. Given that demand remains strong and our months supply of inventory decreased last month, we’re still in a solid seller’s market .”
Median sales prices increased 2.2% in August, from $924,438 to $945,000. The number of closed sales fell 13.9%, from 338 to 291. The median number of days to contract decreased 21%, from 31 to 25 days. The average percent of list price received increased 0.4%, from 99.6% to 100%. The median price per square foot of homes sold in August increased 4.8%, from $500 to $524. The number of new listings dropped 11.8%, from 408 to 360. The active inventory of available homes decreased 37.4%, from 709 to 444. The months supply of inventory, which is an estimation of the time it would take to sell off the current level of inventory, decreased 27.3%, from 2.1 to 1.5. A months supply of inventory below five months is typically considered a seller’s market.
Median Sales Price: +2.2%
August 2023: $945,000
August 2022: $924,438
Closed Sales: -13.9%
August 2023: 291
August 2022: 338
Median Days to Contract: -19.4%
August 2023: 25
August 2022: 31
Percent of List Price Received: +0.4%
August 2023: 100%
August 2022: 99.6%
Median Sold Price Per Square Foot: +4.8%
August 2023: $524
August 2022: $500
New Listings: -11.8%
August 2023: 360
August 2022: 408
Active Inventory: -37.4%
August 2023: 444
August 2022: 709
Months Supply of Inventory: -27.3%
August 2023: 1.5
August 2022: 2.1
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