Simi Valley housing sales bounced back in April this year. After several consecutive months of sluggish sales, April 2014 matched April 2013 in the number of single-family detached homes sold. The median sales price over this 12 month period is up approximately 6%. 2013 saw a dramatic jump in home pricing which began to cool the market in the fourth quarter. Eager buyers seeking to make a home purchase with interest rates around 4% became more cautious to sellers demands during negotiations which has stabilized pricing.
The second quarter of each year begins the traditional family home hunt as families consider school choices for the upcoming fall. The number of homes sold in April through August are always strongest. Simi Valley April home sales shows pricing to be equal to the asking price, however sellers have been unable to obtain asking prices significantly over area values. Only those homes with recent upgrades in very good to excellent condition are commanding premium pricing. Homes that lack upgrades, have dated interiors and are not properly staged for marketing have longer market times and sell below asking price.
In 2013 Simi Valley median home prices rose approximately 17% to 18% citywide. The combined increase in pricing and 30 year mortgage interest rates are significant contributing factors to the slowdown in stabilization of pricing. 2014 Simi Valley median home prices are trending at a 8.5% increase from January 1, 2014 through the end of April.
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