The Latest Westlake Village Real Estate Trends You Need to Know

Westlake Village, California is a desirable community located in the Conejo Valley region of Southern California. It is known for its picturesque scenery, great schools, and luxurious homes. If you are interested in buying or selling real estate in Westlake Village, it's important to stay up-to-date on the latest trends in the local real estate market. In this blog post, we'll explore the latest Westlake Village real estate trends that you need to know based on data from the last six months.

Increasing Home Values
One of the most notable trends in the Westlake Village real estate market is the increase in home values. Over the past six months, home values in the area have risen due to high demand and limited inventory, despite increasing interest rates/limited affordability. According to Redfin, the median sale price for homes in Westlake Village is $1.5 million as of February 2023, which is a 2.2% increase from the previous year.

Limited Inventory
While home values have been on the rise, inventory has remained limited. This means that there are fewer homes available for sale, which can make the market more competitive for buyers. As a result, homes in Westlake Village that are marketed properly are often selling quickly, sometimes within days of being listed.

High Demand for Luxury Homes
Westlake Village is known for its luxury homes and upscale lifestyle. As a result, there is high demand for luxury homes in the area. Many buyers are willing to pay a premium for a home that offers premium features such as turn-key condition, a pool, expansive views, or an oversized lot. High Demand Luxury neighborhoods such as North Ranch and Lake Sherwood continue to demand a premium and attract high end buyers from outside areas.

Interest Rates Effect on Affordability
Interest rates have increased substantialy, which is impacting the affordability of homes in Westlake Village. The average 30-year fixed mortgage rate has increased to 6.42% as of March 23, 2023 from its December 11, 2020 low of just 2.71%. This has resulted in much higher monthly mortgage payments and a reduced pool of qualified buyers.

Technology is Changing the Real Estate Landscape
Technology is changing the way real estate transactions are conducted. More buyers are starting their home search online, and virtual tours and 3D home tours are becoming more common. Real estate agents who are able to adapt to these changes and leverage technology to reach buyers are likely to have a competitive advantage in the market.

If you're interested in buying or selling real estate in Westlake Village, it's important to stay up-to-date on the latest trends in the local market and prepare your home to stand out from the competition. The increasing home values, limited inventory, high demand for luxury homes, increasing interest rates, and changing technology landscape are all factors to consider when making real estate decisions in Westlake Village. Partnering with an experienced local real estate agent can help you navigate the market and make informed decisions.