Calabasas Market Report – October 1, 2024
As we move into the fall season, the Calabasas real estate market offers plenty of opportunities for buyers and sellers alike. Currently, there are 85 active listings in the area, showcasing a variety of beautiful homes to choose from. Additionally, 20 homes are in escrow, indicating that the market is still moving, and 15 properties, including both condos and single-family homes, were successfully sold in September.
While September 2024 saw a slight slowdown compared to last year, with home prices dipping in select areas like The Oaks (where the median price is $6.59 million), this shift presents a great chance for buyers to enter the market with more negotiating power. Homes have been staying on the market a bit longer—an average of 86 days, but this extended time gives buyers more options and the ability to make thoughtful decisions.
Interest rates are also working in buyers’ favor. As of October, the average interest rate for a 30-year fixed mortgage with a 20% down payment in Calabasas is 6.03%, down from 6.47% earlier this year. This modest reduction offers potential savings over the life of a loan and provides a window of opportunity for those looking to secure financing now. Rates are expected to remain stable, which adds a sense of predictability to the market.
While the market has experienced a slower pace, historically, such conditions are common around election periods. This is often due to uncertainty, with buyers waiting for clarity on economic policies. However, the post-election period usually brings renewed energy, with real estate activity picking up as confidence grows. Buyers and sellers alike can expect increased movement and optimism as we head into the new year.
In summary, while September may have been quieter than previous years, Calabasas remains a vibrant and desirable market. The combination of more inventory, stable interest rates, and motivated sellers means there’s real potential for both buyers and sellers in the coming months. Looking ahead, we can expect a positive and active real estate market as 2025 approaches.