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 closedsales 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.
Median Sales Price: -11.1%
January 2023: $782,500
January 2022: $880,000
Closed Sales: -31.6%
January 2023: 154
January 2022: 225
Median Days to Contract: +107.9%
January 2023: 40
January 2022: 19
Percent of List Price Received: -3.2%
January 2023: 98.6%
January 2022: 101.9%
Median Sold Price Per Square Foot: -4.5%
January 2023: $460
January 2022: $481
New Listings: -13.5%
January 2023: 308
January 2022: 356
Active Inventory: +29.9%
January 2023: 435
January 2022: 335
Months Supply of Inventory: +89.7%
January 2023: 2.8
January 2022: 1.5