July 2016 Simi Valley Home Sales were quite a shocker. 46 fewer homes sold than in July 2015. While having 105 total single family homes sell in Simi Valley for any given month is not too unusual, this pull back is significant enough that we will need to watch the 2nd half of this year carefully.
The Median Price of $545,000 was a slight dip from last month at $550,000, however, Simi Valley Median Price was 1.38% higher than July 2015. Inventory is low at a 2 month supply. Looking closer at the different pricing segment, houses in $500,000 to just below $1 million range sold for just about 1% below the asking price in July, This 1% number shows there was not significant price negotiations to be able to label July’s lack luster sales volumes a shift in the market. Days on market are equally tracking with the 2 month supply. Another positive trend includes healthy sales in the lover $1 million market. The biggest negative at this time includes the continued evaporating entry level market.