January 2017 Simi Valley Housing Update shows a stable market. Closed units for the month stayed on par looking back at January starts for the last few years and even though median price came in a little lower, it was not significant. While people may talk about a robust market with homes going out at multiple offers, the market is hitting all it’s typical trending averages and those homes that go out with multiple offers are not the norm. What causes homes to sell at multiple offers is a quite familiar formula that follows this criteria:
- The home is NOT over priced.
- The home has been upgraded through out (that includes bathrooms, kitchen, windows etc.)
- The home has been de-cluttered and staged professionally. It shows like a model home.
- The location is not near traffic and noise or on a busy street.
Homes selling with competition do not indicate a hot market at this time, because if you look at the over all closing statistics, homes in Simi Valley sold on average at 2.6% below the original asking price. Some price ranges were a littler tighter and other price ranges were looser. This is why we can be confident the market is stable. Measured steady appreciation with typical closing volumes continues for single family detached homes.