To understand market dynamics, we need to review supply and demand, if we are in a buyer’s or seller’s market, price trends and how long it takes to sell a home. This information directly impacts pricing strategy.
The number of homes available in Thousand Oaks the last 2 years has ranged between 140 and 220. The number of homes sold is typically between 80 and 100.
To determine if we are in a buyer’s or seller’s market, we look at the supply and demand, which is summarized in months of inventory. For months of inventory (if no new homes are listed for sale, and the number of homes that sold last month continues unchanged, how many months would it take to sell all of the homes currently available for sale), any number less than 3 indicates a seller’s market, between 3 – 6 is a neutral market, and over 6 a buyer’s market. In Thousand Oaks we’ve ranged between 2 and 3 months of inventory for the most part.
The average median sale price has been relatively flat the last 2 years, ranging between $650,000 and $700,000.
Finally, the amount of time it is taking to sell a home, as measured by days on market, has ranged between 60 and 70. There are a lot of factors that determine days on market, including the condition of the home and how it shows compared to others, how the home is priced and seller motivation, to name a few.
These statistics demonstrate that Thousand Oaks is in a seller’s market, driven by a low amount of homes for sale, though not according to expectations, prices have been flat. This directly impacts pricing strategy, and expectations on how long it might take to sell a home.