Home Price Trends in Westlake Village CA for September 2013

Real Estate Market Home Price Trends in Westlake Village, CA for September 2013 provided by Jay & Michelle Lieberman at Keller Williams Realty - Westlake Village CA.

Westlake Village CA Home Pricing Trends

The housing market in Westlake Village CA for September 2013 is very similar to August 2013 as far as inventory and pricing. Interesting to note that the total single family home listings in Westlake Village CA right now at 99 active represents only 1.20% of the entire single family housing inventory of the City. As summer has now ended, there will be a further decrease in inventory, along with a slight decrease in demand during post-summer months. However, even with lower inventory, lower demand and recent increases in interest rates, we believe pricing will remain strong. These factors will partially equalize themselves keeping current pricing very relevant.

Westlake Village CA Real Estate Report Summary

The median listing price for homes in Westlake Village CA for September 2013 is $2,008,080 or about $657 per square foot. This is about $300,000 less than last month as the higher priced homes have either sold or exited the market. This includes some of the very high end areas of Lake Sherwood and North Ranch.  By removing these 2 communities the median listing price for September 2013 is $1,153,423.  This has been rising over the last few months as buyer demand during the summer has affected the pricing. As you can see from the graph above, the listing price for the time period of April through September 2013 shows a significant decrease in listing price, with a slight lift in September, as the high priced homes have been taken out of the market. Significantly all are standard non-distressed sales, with only 6.4% being either short sale or lender owned sales. The median days on market increased to 71 days, up 20 days from the previous month, which is still  significantly shorter than the national average. Owner-occupied homes comprise over 65.84% of the Westlake Village CA housing market. Median household income for the median aged 47 year old Westlake Village resident is $103,661 per year, with 45% married, only 28% having children living in the home, and 82.88% of them with at some college or above education.

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Home Price Trends in Westlake Village CA for September 2013