The real estate market in the Conejo Valley, Simi Valley and Moorpark areas saw fewer homes sold, fewer new listings and lower prices in February compared to last year. While fewer homes were sold last month, those that did sold quickly, and sellers continued to receive nearly 100% of their list price.
“Less activity doesn’t necessarily indicate that the market is cooling down,” said Tim McDougall, 2023 Board President for the Conejo Simi Moorpark Association of REALTORS® (CSMAR). “Homes continue to sell quickly, prices haven’t changed much, and we’re in a seller’s market; all indicators that demand remains strong.”
Median sales price decreased 3.6% compared to February 2022, from $881,500 to $850,000. The number of closed sales dropped 36.9%, from 268 to 169. The median number of days to contract increased 86.7%, from 15 to 28 days. The average percent of list price received decreased 4.2%, from 103.6% to 99.2%. The median price per square foot of homes sold in February decreased 0.4% compared to 2022, from $489 to $487.
The number of new listings in February decreased 14% compared to last year, from 357 to 307. The active inventory of available homes increased 26.5% from 328 to 415. 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 100.6% from 1.2 to 2.5. A months supply of inventory of less than five months is typically considered a seller’s market.
Median Sales Price: -3.6%
February 2023: $850,000
February 2022: $881,500
Closed Sales: -36.9%
February 2023: 169
February 2022: 268
Median Days to Contract: +86.7%
February 2023: 28
February 2022: 15
Percent of List Price Received: -4.2%
February 2023: 99.2%
February 2022: 103.6%
Median Sold Price Per Square Foot: -0.4%
February 2023: $487
February 2022: $489
New Listings: -14%
February 2023: 307
February 2022: 357
Active Inventory: +26.5%
February 2023: 415
February 2022: 328
Months Supply of Inventory: +100.6%
February 2023: 2.5
February 2022: 1.2