June 28, 2024

Calabasas Real Estate Market: Trends and Insights for Homebuyers

The Calabasas real estate market is a microcosm of the broader Los Angeles market, with its own unique set of trends and insights that homebuyers should be aware of. In recent years, the Calabasas market has been characterized by strong demand and limited supply, which has led to rising prices and a competitive bidding environment.

One of the key factors driving demand in Calabasas is the city’s desirable location. Situated in the foothills of the Santa Monica Mountains, Calabasas offers stunning natural beauty, easy access to outdoor recreation, and close proximity to major employment centers in Los Angeles and Ventura County. The city also boasts excellent schools and a wide range of amenities, making it a popular choice for families and professionals alike.

On the supply side, the Calabasas real estate market has been constrained by a lack of new construction. In recent years, the city has seen very little new development, which has limited the number of homes available for sale. This has further exacerbated the supply-demand imbalance and contributed to rising prices.

As a result of these factors, the median home price in Calabasas has risen significantly in recent years. In 2023, the median home price in Calabasas was $1.3 million, up from $1 million just five years earlier. This represents an increase of over 30% in just five years.

The competitive bidding environment in Calabasas can make it difficult for buyers to find the home they want at a price they can afford. In many cases, buyers are forced to make offers over the asking price and waive contingencies in order to secure a deal. This can be a stressful and risky proposition, especially for first-time homebuyers.

Despite the challenges, there are still opportunities for homebuyers in the Calabasas real estate market. One strategy is to look for homes in less popular neighborhoods or to consider fixer-uppers that can be renovated to meet your needs. Buyers may also want to consider working with a real estate agent who is familiar with the Calabasas market and can help them navigate the competitive bidding process.

If you are considering buying a home in Calabasas, it is important to be prepared for a competitive market. Do your research, get pre-approved for a mortgage, and be prepared to make a strong offer when you find the home you want.

The Calabasas real estate market is a complex and ever-changing landscape. For the latest trends and insights, please contact me at 818-445-6909 or visit https://zeevperez.com.