The Conejo Valley, Simi Valley and Moorpark area real estate market remained well within seller’s market territory in July, with lower inventory than last year and homes selling for more than asking price on average.
“Our market showed no signs of slowing down during July, which is no surprise given that summer is typically the busiest time of year for real estate,” said Tim McDougall, 2023 Board President for the Conejo Simi Moorpark Association of REALTORS® (CSMAR). “The low supply of homes on the market limited the number of sales. On average, the homes that sold in July spent less than a month on the market, and sellers earned more than their asking price. We expect these trends to continue as long as inventory remains tight, and demand remains strong.”
Median sales prices decreased 9.6% in July, from $960.000 to $867,500. The number of closed sales fell 26.5%, from 351 to 258. The median number of days to contract decreased 14.3%, from 28 to 24 days. The average percent of list price received increased 0.7%, from 100.7% to 101.4%. The median price per square foot of homes sold in July decreased 2.3%, from $515 to $503. The number of new listings dropped 18.7%, from 475 to 386. The active inventory of available homes decreased 35.1% from 723 to 469. The months supply of inventory, which is an estimation of the time it would take to sell off the current level of inventory, decreased 12.5%, from 2.1 to 1.8. A months supply of inventory below five months is typically considered a seller’s market.
Median Sales Price: -9.6%
July 2023: $867,500
July 2022: $960,000
Closed Sales: -26.5%
July 2023: 258
July 2022: 351
Median Days to Contract: -14.3%
July 2023: 24
July 2022: 28
Percent of List Price Received: +0.7%
July 2023: 101.4%
July 2022: 100.7%
Median Sold Price Per Square Foot: -2.3%
July 2023: $503
July 2022: $515
New Listings: -18.7%
July 2023: 386
July 2022: 475
Active Inventory: -35.1%
July 2023: 469
July 2022: 723
Months Supply of Inventory: -12.5%
July 2023: 1.8
July 2022: 2.1
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