The residential real estate market in the Conejo, Simi and Moorpark areas told a familiar story in November, with tight inventory, a slight uptick in prices, homes selling quickly and sellers receiving nearly all of their asking price.
“November’s numbers indicate that demand for homes remains strong in our area,” said Tim McDougall, 2023 Board President of the Conejo Simi Moorpark Association of REALTORS® (CSMAR). “While we did have a few more homes come onto the market last month, our inventory remains very limited. The months supply of inventory has hovered around two months for most of the year, which means we’re still in a seller’s market. We saw a significant drop in days on the market, which reinforces that demand remains strong as we move into the holidays.”
Median sales prices saw a 4.9% increase in November, from $872,000 to $915,000. The number of closed sales dropped 4.5%, from 202 to 193. The median number of days to contract saw a significant 27.8% drop, from 36 to 26. The average percent of list price received increased 2%, from 97.9% to 99.9%. The median price per square foot for homes sold in November increased 5.6%, from $486 to $513. The number of new listings increased 10.9% from 238 to 264. The active inventory of available homes decreased 20.3%, from 558 to 445. The months supply of inventory, which is an estimation of the time it would take to sell off the current level of inventory, decreased 17.7%, from 2.8 to 2.3. A months supply of inventory below five months is typically considered a seller’s market.
Median Sales Price: +4.9%
November 2023: $915,000
November 2022: $872,000
Closed Sales: -4.5%
November 2023: 193
November 2022: 202
Median Days to Contract: -27.8%
November 2023: 26
November 2022: 36
Percent of List Price Received: +2%
November 2023: 99.9%
November 2022: 97.9%
Median Sold Price Per Square Foot: +5.6%
November 2023: $513
November 2022: $486
New Listings: +10.9%
November 2023: 264
November 2022: 238
Active Inventory: -20.3%
November 2023: 445
November 2022: 558
Months Supply of Inventory: -17.7%
November 2023: 2.3
November 2022: 2.8