Simi Valley Housing Market Update YTD 6-30-09
While the unit number below show a total inventory of 342 Simi Valley Homes for Sale, the reality is that under 170 are “Actives”; the balance are in escrow listed as “contingent”. This is import in that these “contingent properties” are mostly short sale properties and are not in a position to be “active” or take a back-up offer. This false positive reporting hides that fact that inventory is at all time lows and coupled with the low interest rates and the $8,000 Federal Tax Credit for 1st Time buyers, the market has been whipped up into a frenzy.
The underlying National and State economies, rising unemployment in California and the backlog of bad loans still on the books of many banks, will keep this market interesting for a while to come. It ain’t over till it’s over and this is no time to make an impulse home purchase.
I ran the interest rates from 2002 through 2008 last year and what was particularly interesting is that every time the interest rate went over 6%, Simi Valley Real Estate came to a screeching halt. Inventory exploded into very high levels and appreciation went from the teens to under a few percent each time. We can only imagine what might happen in this fragile market if rates went over six percent and buyers had a much larger selection of properties to look at.
My point is that the government can only come up with gimmicks for so long, so be cautious and make a smart buy. If you are a seller, well I should not have to tell you how great it is to be selling in a low inventory market. Just don’t get greedy, because if you wait too long things could change quickly.
| Activity – Single Family Detached Homes | ||
| Active Listings | Simi Valley | Moorpark |
| Active | ||
| # Units | 342 | 120 |
| Average List Price | 595,238 | 988,024 |
| Average Days Listed | 121 | 107 |
| Pending Sales in Escrow | ||
| # Units | 121 | 31 |
| Average List Price | 443,546 | 645,272 |
| Average Days on Market | 67 | 88 |
| Total Closed Sales for 2008 | ||
| # Units | 437 | 108 |
| Average List Price | 461,093 | 563,002 |
| Average Sold Price | 451,050 | 450,095 |
| Average Days Listed | 85 | 81 |
| Average Closed Sales per month | 72.83 | 18.00 |
| Unsold Inventory Index (in months) | 4.69 | 6.68 |
| Activity – Single Family Attached Homes | ||
| Active Listings | Simi Valley | Moorpark |
| Active | ||
| # Units | 138 | 27 |
| Average List Price | 307,570 | 257,735 |
| Average Days Listed | 178 | 123 |
| Pending Sales in Escrow | ||
| # Units | 26 | 18 |
| Average List Price | 260,167 | 280,590 |
| Average Days on Market | 82 | 74 |
| Total Closed Sales for 2008 | ||
| # Units | 80 | 39 |
| Average List Price | 274,483 | 261,948 |
| Average Sold Price | 266,831 | 253,539 |
| Average Days Listed | 95 | 98 |
| Average Closed Sales per month | 13.33 | 6.5 |
| Unsold Inventory Index (in months) | 10.35 | 4.15 |
{ 1 comment… read it below or add one }
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