Single family homes sold quickly and above asking price during May in the Conejo Valley, Simi Valley and Moorpark areas, an indication that demand for homes remains strong. Median sales prices topped $1 million for the first time since August 2022, and sellers received more than asking price on average for the first time this year in May.
“It might sound like a broken record, but our market continues to demonstrate strength and stability,” said Tim McDougall, 2023 Board President for the Conejo Simi Moorpark Association of REALTORS® (CSMAR). “The demand for homes in our area isn’t letting up as we move into what is typically our most active selling season.”
Median sales prices increased 0.2% in May, from $1,097,500 to $1,100,000. The number of closed sales fell 23.1%, from 308 to 237. The median number of days to contract increased 15%, from 20 to 23 days. The average percent of list price received decreased 4.2%, from 105.5% to 101.1%. The median price per square foot of homes sold in May decreased 2.8%, from $531 to $516. The number of new listings decreased 30.3%, from 402 to 280. The active inventory of available homes decreased 22.8%, from 404 to 312. The months supply of inventory, which is an estimation of the time it would take to sell off the current level of inventory, stayed the same at 1.3. A months supply of inventory below five months is typically considered a seller’s market.
Median Sales Price: +0.2%
May 2023: $1,100,000
May 2022: $1,097,500
Closed Sales: -23.1%
May 2023: 237
May 2022: 308
Median Days to Contract: +15%
May 2023: 23
May 2022: 20
Percent of List Price Received: -4.2%
May 2023: 101.1%
May 2022: 105.5%
Median Sold Price Per Square Foot: -2.8%
May 2023: $516
May 2022: $531
New Listings: -30.3%
May 2023: 280
May 2022: 402
Active Inventory: -22.8%
May 2023: 312
May 2022: 404
Months Supply of Inventory: +0.3%
May 2023: 1.3
May 2022: 1.3
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