What is my Westlake Village home worth? Market Report for 05/11/17

By
Real Estate Broker/Owner with https://HugginsHomes.com 01234617

This Week's Home Prices in Westlake Village

 Real estate market data provided by Ryan Huggins of Huggins Homes


About the Westlake Village Area

Westlake Village is a planned community that straddles the Los Angeles and Ventura county line. The eastern portion is the incorporated city of Westlake Village, located on the western edge of Los Angeles County, California. The city, located in the region known as the Conejo Valley, encompasses half of the area surrounding Westlake Lake, and small neighborhoods primarily south of U.S. Route 101 and east of La Venta Drive. The population was 8,270 at the 2010 census, down from 8,368 at the 2000 census. It is also the headquarters of the Dole Food Company.

The western portion of Westlake Village is a community, within the city limits of Thousand Oaks, in Ventura County. Built across the county line as a planned development, residents recognize that the community of Westlake Village is not limited to the incorporated city in Los Angeles County, but encompassing the entire area surrounding the lake.

The original community was known simply as "Westlake". Roughly two-thirds of it was annexed by the city of Thousand Oaks in two portions, in 1968 and 1972. In 1981, the remaining third eventually incorporated as the City of Westlake Village.

At the time California was admitted to the union in 1850, most of the land that later became Ventura County was divided among only 19 families. The picturesque future Westlake Village site among rising knolls, arroyos, barrancas and ancient oaks was recognized as the central part of two Mexican land grants: Rancho El Conejo and Rancho Las Virgenes.

In 1881, the Russell brothers purchased a large portion of the land for cattle ranching. According to Patricia Allen, historian and family descendant, Andrew Russell beat the competition in buying the land by racing across 6,000 acres (24 km²) on a fifteen-minute trip in a buckboard and sealed the deal with a $20 gold piece. The price per acre was $2.50. The area continued to be known as the Russell Ranch although it was sold in 1925 to William Randolph Hearst and again in 1943 to Fred Albertson. The Russell family leased back part of the land to continue its successful cattle ranch operation while the Albertson Company used the vast area as a movie ranch. Many movies and television shows were filmed here, including Robin Hood, King Rat, Laredo, and various episodes of Tarzan, Buck Rogers, Gunsmoke and Bonanza.

In 1963, Daniel K. Ludwig's American-Hawaiian Steamship Company bought the 12,000 acre (49 km²) ranch for $32 million and, in partnership with Prudential Insurance Company, commissioned the preparation of a master plan by architectural and planning firm A. C. Martin and Associates. This new "city in the country" planned to have a firm economic base including commercial areas, residential neighborhoods, ample green space with the lake as a focal point. Prominent architects, engineers, and land planners participated in designing the new community, a prominent example of planned 1960's-style suburbanism.

The original tract was divided by the Los Angeles/Ventura county line. In 1968 and 1972, the Ventura County side, two portions of Westlake Village consisting of 8,544 acres (35 km2), were annexed into the city of Thousand Oaks. In 1981, the Los Angeles County portion (3,456 acres (13.99 km2) or roughly 1/3) of the Westlake Village master community was incorporated as the City of Westlake Village. California state law prevents a city from existing in two separate counties, so the areas in Ventura County remained part of Thousand Oaks.

 

Economy

Dole Food Company is headquartered in Westlake Village. In 1994 Dole announced that it would finalize its plans to build its world headquarters on a 30-acre (120,000 m2) site owned by the company, located north of the Ventura Freeway in Westlake Village.  K-Swiss, Guitar Center, ValueClick, and Ryland Homes also have their headquarters in Westlake Village.  There is also a Four Seasons Hotel located next to the Dole campus.

Source: https://en.wikipedia.org/wiki/Westlake_Village,_California

 

City Map

 

Westlake Village Real Estate Report Summary

Below is a current market snapshot of the Westlake Village area:

Westlake Village This week Last week Difference
Active: 120 112 8
Pending: 12 10 2
Sold (over the last six months): 115 113 2
Median list price: $1,615,000.00 $1,675,000.00 -$60,000
Median sales price: $1,189,400.00 $1,160,000.00 $29,400
Median days on market: 45 47 -2
Months of inventory: 5.67    
Market Type Seller's Market    

There are traditionally three types of real estate markets, the Buyer's Market, the Seller's Market and the Balanced Market.  I have taken this one step further and developed the "Strong" versions of the Buyer's and Seller's Market.  The strong markets are within 2.5 months of the end of the spectrum.  These markets are determined by the number of months it will take to sell all the homes actively on the market, at any given time.  

Below is the scale I developed to determine the type of market each area is in:

Strong Seller's: 2.5 months or less
Seller's: Less than 6 months
Balanced: 6 months
Buyer's: 7 months or more
Strong Buyer's: 9.5 months or more

 

CONTACT RYAN TODAY to find out what you home is worth!

Ryan Huggins
Huggins Homes
e:Ryan@HugginsHomes.com
c:805.905.4000
w:www.HugginsHomes.com

#Westlake #WestlakeVillage #WLV #RealEstate #HomeValue
#PropertyValues #WhatIsMyHomeWorth
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Ambassador
3,674,398
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Great information for both buyers & sellers in Westlake Village Ryan. Hope you have a great afternoon!

May 11, 2017 11:33 AM #1
Rainmaker
4,312,128
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Ryan, great market update for Westlake Village.   You sure have healthy sales prices in this community.

May 12, 2017 05:55 AM #2
Rainmaker
1,295,312
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Thank you Debe Maxwell, CRS and Joan Cox!

May 12, 2017 08:18 AM #3
Rainmaker
4,798,469
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Good morning Ryan.  Thanks for keeping us updated about the Westlake Village real estate market.

May 13, 2017 04:47 AM #4
Rainmaker
270,665
Don Hess
KW Elite Keller Williams 1280 Plaza Blvd. Lancaster, PA 17601 - Quarryville, PA

Interesting history Ryan. Great report.

May 13, 2017 08:50 AM #5
Rainmaker
1,295,312
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Thank you Gabe Sanders and Don Hess 

May 13, 2017 02:44 PM #6
Rainmaker
220,187
Foster Smith Summerville
Carolina One Real Estate - Summerville, SC
Summerville & Charleston Homes for Sale SC Realtor

Great market report Ryan! You are well informed about the Westlake Village Real Estate market!

 

May 15, 2017 05:25 AM #7
Rainmaker
1,295,312
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Thanks Foster Smith Summerville 

May 15, 2017 09:25 AM #8
Rainmaker
406,490
Venancio Gonzalez
Windermere Kelso/Longview - Longview, WA
Longview WA Real Estate Broker - 360-751-4001

Interesting history of the Westlake Village area. Thanks for information Ryan.

May 18, 2017 12:18 AM #9
Rainmaker
1,295,312
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Anytime Venancio!

May 18, 2017 09:49 AM #10
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Rainmaker
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Ryan Huggins - Thousand Oaks, CA

Residential Real Estate and Investment Properties
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