Is there a Calabasas real estate crisis? Perhaps crisis is a strong word but there is certainly an extreme shortage of real estate inventory throughout Calabasas, Woodland Hills, West Hills and the entire West Valley. The low end of the market is non existent with entry level prices starting near $700,000 in most places. The entry level Calabasas home which is usually around $1,000,000 is also extinct with very little on the market under $1,500,000. Certain Calabasas neighborhoods such as Mulwood, Calabasas Hills and Vista Point have inventory of 1 or 2 homes at best. Woodland Hills homes are $700,000 and up and again there are several popular areas with zero inventory.
At the high end of the real estate price scale there are more homes available but the prices being asked are beyond record levels. Mountain View Estates in Calabasas has several listings but some at prices 30% higher than existed several years ago. Homes in the Oaks which started around $2,000,000 in recent years are now hard to find below $3,000,000. In Woodland Hills the popular Walnut Acres neighborhood features large lots and many rebuilt estate homes. This was once a great bargain for the area buyer seeking value but these homes too, which were available in The $1.3-$1.5M range not long ago are now asking $2M-3M in many cases.
Real Estate Agents in Calabasas and the West Valley have their work cut out for them but the real challenge is for buyers. In the current environment it is very hard for buyers to identify what is a good deal and what is just a case of low inventory. The other trouble for today’s home buyer is that unless you happen to have an intimate knowledge of every neighborhood, the home you see available online do not accurately represent all the types of homes in a certain area. For example: If there are no homes available in the Classic section of Calabasas, or Mulwood, or Vista Point and only 1 in Calabasas Park Estates, then buyers only see 1 home available. They are not aware of the types (and prices) of homes that may come up in those other areas. They are only seeing one home and feel like what they really want does not exist
Home sellers may want to pay especially close attention to this market as well. With low inventory and high demand I can pretty much guarantee that you could sell your home for the highest price ever. That could change very quickly however. With rising rates and uncertainty about financial markets it is very difficult to assume prices will continue to climb. If I were thinking about selling in the next two years I would most likely do it now. Inventory can only go up, rates are going up and the sky high financial markets may be frothy as well. The key is to carefully market the home properly and being aware of what that all time high price is without shooting way past it.
If you are looking for a home in Calabasas or the West Valley we have quite a few suggestions as well. Touring areas that you may like before the homes actually come to market will help you be ready for a great purchase when it comes up. As an active realtor in the area I am often showing buyers mostly homes that “will be” coming to market not homes that are actually on the market. With low inventory we show a lot of homes that we will be listing shortly or that our network of agents will have coming in the near future. It is good to have the area and type of home you seek narrowed down so you can make a strong move when the opportunity presents itself. In a market with inventory this low, hesitant buyers will have a very hard time making a purchase.
If you would like to discuss this post further you can reach Aaron Scott at: here