The Conejo Valley, Simi Valley and Moorpark areas’ real estate market saw fewer homes sold, fewer new listings and a bump in active inventory in March compared to last year. Prices held steady compared to March 2022, and sellers continue to receive almost 100% of list price. While the months supply of inventory increased, it still remains well within seller’s market territory.
“While our market saw a decrease in sales activity last month compared to last year, we continue to see strong demand,” said Tim McDougall, 2023 Board President for the Conejo Simi Moorpark Association of REALTORS® (CSMAR). “Homes are selling in less than a month, and sellers are still receiving nearly all of their asking price. While the pace has slowed, we are still in a seller’s market as we move into Spring.”
Median sales prices held steady at $867,000 compared to last March. The number of closed sales dropped 36.9%, from 417 to 263. The median number of days to contract increased 92.9%, from 14 to 27 days. The average percent of list price received decreased 4.5%, from 104.2% to 99.5%. The median price per square foot of homes sold in March decreased 1%, from $503 to $498.
The number of new listings in March decreased 27%, from 519 to 379. The active inventory of available homes increased 10.8%, from 388 to 430. 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 75.7%, from 0.9 to 1.6. A months supply of inventory of less than five months is typically considered a seller’s market.
Median Sales Price: 0%
March 2023: $867,000
March 2022: $867,000
Closed Sales: -36.9%
March 2023: 263
March 2022: 417
Median Days to Contract: +92.9%
March 2023: 27
March 2022: 14
Percent of List Price Received: -4.5%
March 2023: 99.5%
March 2022: 104.2%
Median Sold Price Per Square Foot: -1%
March 2023: $498
March 2022: $503
New Listings: -27%
March 2023: 379
March 2022: 519
Active Inventory: +10.8%
March 2023: 430
March 2022: 388
Months Supply of Inventory: +75.7%
March 2023: 1.6
March 2022: 0.9