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  • Writer's pictureMike Gratland

Market update July 2923

Today's Mortgage rates :

Home Prices

Despite these interest rates, home prices continue to move upward. Many neighborhoods are above record highs at this point. The chart below represents all sales in Conejo Valley between January 2020-June 2023.

Inventory is at record lows.

If no other homes came on market, and we continued to sell the same amount of homes every month... How long would it take to sell all homes on the market? Today it would take only 1.3 months.

Mike's Pulse of the Market

The number of sales is down huge! This year we've come close to numbers we haven't seen since March 2020. Why are so few people moving around? My theory is that people just aren't motivated enough to sell their current home with a 3% mortgage to buy something else at 7%. This lack of supply combined with a LOT of motivated buyers is causing a massive move on prices. Things are getting very competitive right now on virtually every listing. Potential home buyers must put their best offer on the table if they have any hope of having an offer accepted.

Things to do in Ventura County

Click here for link to local event calendar

This is a great time to sell!

If you have given any thought about selling your property, call or text for a free - no obligation - realistic price evaluation for your home. (805) 857-5811.

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