Some interesting but not unusual shifts in the Simi Valley housing market happened during April. Sales occurring during January, February and March are the result of home buyers tying up homes under contract in the months of November through January. Typical home buyer activities during these months tend to be slower partly due to holidays. By the time April rolls around, buyers involved in those sales were putting homes under contract in February and March.
As newspaper reports caught up with the news of multiple offers and a stimulated buyer pool, home selling at or above the asking price became the norm. Single-family detached homes selling in April over almost all price ranges, closed at asking price or a little bit above. Certainly we all heard stories of home selling for $20,000 or $50,000 over asking price, however the average closing prices for the month show that 1% to 2% over asking was the norm and not some a higher amounts that we’ve heard around the water cooler or down at the local Starbucks.
Pricing has increased over the last 12 months and this most notably shows up in the homes priced under $500,000. Supplies of single-family detached homes under $300,000 are dwindling. Homes priced between $500,000 and $400,000 or now selling in higher volumes than the homes priced between $400,000 and $300,000. Homes between $500,000 and $800,000 are seeing increased closing volumes.
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