Are the headlines scary? Or are they just scaring you regarding real estate? We're at the top of the month, so here we are giving you a quarterly update. There's a lot to share about the Conejo Valley. I'm Lydia Gable with Compass, and like always, I'm here at the top of the month to give you an update. Let's talk about what happened in the first quarter of 2023. The great news is that we actually have 70% more inventory than we did a year ago. We have 185 homes on the market right now, compared to 109 homes on the market last year. Regarding homes in escrow, we're still at about one month's supply. 171 homes are currently in escrow. That's down about 20% from last year, so there's a little bit more choice; buyers are taking their time a little bit; they're being a little pickier, but they're still buying homes and going into escrow, which is great. Homes sold were definitely down from last year. We sold 336 homes in January, February, and March, so we definitely saw a trend increase. January started off very slow, February slow, but March was great. And the reason why is that we started seeing interest rates come down. So we actually have today, as we're filming this, the lowest interest rates that we have seen throughout January and throughout 2023. So if you're a buyer, it's a great time. We have a great program that you can lock and shop, so if you're interested in that, it's a great time to lock in your interest rate and go find your home because interest rates are definitely lower than we've seen. Prices have come down, so they are down 14% from last year. Our average in the Conejo Valley is still 1,157,000. So again, that could just be less expensive home sales or less high-end home sales. We're seeing less 3 million and less 4 million, which is bringing our prices down. And we're definitely seeing fewer multiple offers than we did a year ago. So again, it's very neighborhood- and home-specific. So if you're thinking of selling, you still probably have 20–25% equity that you've gained in your home since 2019. So there's still a lot of equity in your home. Days on market almost doubled from last year. It's taking about 66 days on the market, compared to 36 days last year.

The buyers who want to buy, who are making a lifestyle change, who want to move up, who want to move away, we're gaining interest rates somewhere in the low sixes, maybe even high fives. We're going to see that, which is terrific. And then there are some great buyer programs that can lower the interest rate. But the important part is that we're moving into the second quarter. Don't let those headlines scare you.

If you are interested, bring a specialist in to discuss your home specifically. If you're wanting to think about buying, meet with a specialist to talk about a strategy to get you into home ownership. Home ownership's important, and if you're thinking of selling, we'd love to interview you for the job and talk to you about your home ownership. Again, we'll be back at the top of the month next month, and if you have any specific questions, you know how to reach me.