Sales Volume for Simi Valley Single Family Detached homes is still strong, however Median and Average Sales prices retreated from the year’s high in April. This was the strongest May we have seen going back to 2006 and the highest monthly sales volume for 2012. Interesting that we have increased sales volumes, yet the pricing is not moving up.
Entry level single family detached homes in Simi Valley (under $300,000) saw an average of 147 days on market and on average sold for approximately 9% below the original listed price. The hottest sector of the Simi Valley housing market, homes between $300,000 and $400,000 saw list to sell ratios squeeze tight with a 1.6% difference, but market times for this price range remained typical at 83 days on market.
The higher end homes saw fewer numbers sold with just over 5% lower selling price compared to the original list price. While most news reports will talk about a heated market with the increased sales, lending requirements remain difficult shutting out many potential buyers. Those who can qualify are very frugal and not the types to run up pricing. The numbers are proving this to be true.
Outlook:
- 30 year interest rates will remain low to help keep buyers interested in the market
- We should see some tightening between the list and sales prices of homes and this is due to a very low inventory of available homes
- lending requirement on appraisals will help keep homes from jumping up in price too rapidly as buyers compete for the restricted inventory.
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