February 3, 2012

Median Home Prices and Regional Reporting Misrepresents Local (Simi Valley) Market Conditions

Median Home Prices and Regional Reporting Misrepresents Local (Simi Valley) Market Conditions

To find the median home price, you take all the sales from highest to lowest and find the middle number. This approach to determining the current real estate market conditions is a waste of time and not reliable. The following chart below shows the volume of single-family detached home sales in Simi Valley for 2009. Notice that the bulk of the sales are taking place on the entry-level range of the market. Any months were sales creep up in the sub luxury and luxury markets and the median number gets skewed.

2009  Simi Valley home sales volume for single-family detached  homes

Another error in evaluating real estate market conditions is looking at regional data. Most traditional media sources get their information from sources like Dataquick. While Dataquick provides accurate regional data, the data is too broad for the current market conditions so we have to dig deeper and look locally or even hyper locally determine how the market is reacting. Current regional reporting is indicating price increases. This is a county wide report and when we look closer at just the home sales for Simi Valley a far different picture emerges.

Sales volume is dropped off since it’s high in December and Simi Valley’s average sales price has steadily declined over the last three months  erasing the games from the second half of the year. I have continually predicted a bumpy bottom and we are in that cycle now or should I say still.

If you look at the chart below, the last three years average sale prices for Simi Valley single-family detached homes show the importance of not lumping Simi Valley into a countywide report. If you are a Simi Valley home buyer or home seller, you need to know what the true market conditions are in order to plan properly.

2009 Simi Valley  single-family detached homes sales by average sales price

Any Real recovery in the Simi Valley real estate market in Southern California overall is going to be tied to employment, affordability, interest rates and a depletion of the mega inventory of distressed loans still unresolved by the banking industry.

Search for Homes in Simi Valley California Simi Valley Property Values

 

Thanks for reading Simi Valley’s Premiere Real Estate Blog!

Author – Ted Mackel Simi Valley Real Estate Agent – Keller Williams Realty

Ted Mackel is a top producer at Keller Williams Realty Simi Valley,

specializing in Simi Valley Real Estate

(805) 432-7705

5 things you need to know before moving to Simi Valley

5 things you need to know before moving to Simi Valley

  1. It gets windy here! Tradition has it that “Simi” is the Chumash Indian word for wind.  Some areas of Simi Valley can be like a wind tunnel during the fall and winter.  I know, I live in one of those tracts. The positive side of our winds is that during the hotter months of the summer it is more a breeze and night time cools off with the breeze.
  2. Simi Valley is not a destination.  Simi Valley has never been a destination and this will always affect what kinds of businesses and services locate in Simi Valley, which will ultimately limit those services and business.  The positive side is that since we are not along the traveling route to destination places, we get overlooked and are not in the “bulls-eye”.  This is a big part of why Simi Valley continually is rated one of the safer cities to live.
  3. Simi Valley and Ventura County have controlled growth. Our city and county will keep urban sprawl well checked.  The hill sides are protected from willy nilly development.  The negative impact from controlled growth is that the lower population numbers will contribute to the limited types of businesses and services that can survive in highly regulated cities.  It is very difficult to have our cake and eat it too.  Fortunately Simi Valley is located close enough to attractions in Los Angeles county and north west in Ventura County, so Simi Valley can maintain that small city feel so desired by it’s residents.
  4. Simi Valley is home to the Ronald Reagan Library. This is a terrific attraction for the area and definitely a plus for Simi Valley.  The negative is if you are not a Ronald Regaan supporter, then you will have to drive the Ronald Reagan Freeway regularly.
  5. Simi Valley is a family town and real bedroom community. If you are an urban dweller, this town shuts down about the same time Walmart and Target close…10pm.  Night life here is limited. However our family town environment is full of very active people who like the outdoors and a very active lifestyle as evidenced by Simi Valley neighborhoods dotted with RVs, boats, jet skis, ATV’s etc.

If you know of other things that people relocating to Simi Valley should know, then please post the good, the bad and the ugly. Show us your love for Simi Valley!

District Attorney Greg Totten’s visit to Simi Valley Sunrise Rotary Club

Ventrua County District Attorney Greg TottenDistrict Attorney Greg Totten’s visit to Simi Valley Sunrise Rotary Club

Thursday October 30th. District Attorney Greg Totten spoke at the Simi Valley Sunrise Rotary Club meeting.  DA Greg Totten had several important topics to share with the group.  This first was that the District Attorney was opening an office in the East County court house located in Simi Valley.  Noting the geography of Ventura County created a natural east-west split, the DA’ office hoped to bring services close to the residents in the Conejo Valley, Moorpark and Simi Valley areas.

This office was the former office for Ventura County Supervisor Peter Foy who relocated to a building outside the east county complex.  Foy’s move was a great idea in that you had to go through all the court’s search screening of the metal detectors and xray machines just to visit the supervisor’s office.  Distric Attorney Greg Totten’s new east county office will serve the public and the DA explained that the following four areas will be the top activities for the Simi Valley office.

  • Victim services – Domestic Violence creates the need for restraining orders and restitution.
  • NSF check enforcement - Persons that receive bad checks can use the DA services to collect on those checks.  There are fees built into the collection and this service pays for itself.
  • Consumer services – the DAs office actually has mediation services to mediate between Business and Consumer disputes.
  • Government Fraud – Goes after welfare cheaters, mis-use of food stamps.  Checks on residence and income and also goes after section 8 housing cheaters.

District Attorney Greg Totten went on to explain that the only additional cost to the county budget in running this office was the addition of a community prosecutor.  The community prosecutor is here to work with Simi Valley and Moorpark police and learn about the issues relative to the Simi Valley and Moorpark areas.  Part of the funding ($52,000)  for the community prosecutor was obtained through the Department of Justice with the help from congressman Elton Gallegly.

District Attorney Greg Totten’s main topic for Rotary was the important issue of a prison hospital to be located in Camarillo.   Federal lawsuits brought by inmates regarding overcrowding claim that inmates are given inadequate health care and that inmates as a result are dying form inadequate care.  Currently California houses 170,000 inmates in 33 prisons.  Each inmate is budgeted approximately $14,000 per year in medical benefits. This lawsuit plans to force California to spend $8,000,000,000 (billion) of California state taxpayer money  to build 10 new prison hospitals for 10,000 inmate patients.  

The DA was quick to point several myths surrounding  this issue.

  • Myth #1 California has the fastest growing inmate population
  • Myth #2 Most inmates are in for petty crimes
  • Myth #3 Three Strikes is increasing the population
  • Myth #4 The prison system is a care systemfor the aging.

The fact is that the California Prison system has experienced a 1% per year growth rate over the last 10 years and there are 20 other states ahead of California in this growth rate.  This growth rate as a per capita comprison is decreasing.  140,000 of the 170,000 inmates are incarcerated for serious criminal convictions.  Before the three stikes law, Califonia had the 4th highest crime rate. California now is 29th.

District Attorney Greg Totten left us with a quick message to Vote No on Proposition 5.  This proposition is often referred to the Drug Dealer’s Bill of Rights.  There is sentiment that drug users are thrown in jail and they really only need rehabilitation in a drug treatment program.  The proprosition as it stands sounds good on the surface but  it creates and added expense in the budget with more bueracracy, shortens sentences and will release many form prison terms early.  The term non violent drug dealers seems to be an oxymoron as drug dealers will be some of the first to benefit from this proposition.    Even the very skewed Los Angeles Times is against this proposition along with our last 5 govenors, MADD and many others.

Overall, District Attorney Greg Totten was able to give the Simi Valley Sunrise Rotary Club great information on issues important to our county and state and his talk was warmly received.

Simi Valley Moorpark Real Estate Market Report YTD June 30, 2008

Simi Valley Moorpark Real Estate Market Report YTD June 30, 2008

The following information is the Year To Date numbers for Simi Valley Moorpark Real Estate Homes taken from the Ventrua County Regoinal Data Share MLS.  For reporting opn other months, check the Market Updates tab in the catagories section on the right hand side of the main blog page.

 

Activity – Single Family Detached Homes
     
Active Listings Simi Valley Moorpark
# Units 548 194
Average List Price 600,317 873,850
Average Days Listed 92 96
     
Pending Sales in Escrow    
# Units 121 21
Average List Price 485,717 555,461
Average Days on Market 73 118
     
Closed Sales    
# Units 439 94
Average List Price 561,352 650,424
Average Sold Price 538,160 625,263
Average Days Listed 89 101
     
Average Closed Sales per month 73.0 15.51
Unsold Inventory Index (in months) 7.51 12.52

 

Activity – Single Family Attached Homes
     
Active Listings Simi Valley Moorpark
# Units 152 33
Average List Price 361,800 313,035
Average Days Listed 100 103
     
Pending Sales in Escrow    
# Units 31 14
Average List Price 309,155 304,747
Average Days on Market 79 93
     
Closed Sales    
# Units 74 22
Average List Price 350,751 337,591
Average Sold Price 337,548 326,378
Average Days Listed 87 81
     
Average Closed Sales per month 12.33 3.66
Unsold Inventory Index (in months) 12.32 9.0