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The last quarter of 2013 saw 3 consecutive months of fewer homes sold as compared to 2012. While pricing remains stable and strong, the year saw an average of 17%-18% increase in Median price for Simi Valley Single Family detached homes. Fewer home buyers entering the market is related to a combination smaller inventories, rising interest rates and rising prices. The buyers in the market at this time are paying close to full price or above in most price ranges, with only those homes in need of repairs selling below list price. Some closings significantly over asking price are a result of an artificially low listing price and those homes would not indicate a 20% (for example) increase for comps in that area.
The strongest segment of the market continues to be in the $400,000 t0 $500,000 range with almost 50% of all the sales for December. Market times under 90 days and even in the 60 day range are becoming the norm as the distressed property market continues to shrink. Negotiating advantage is still slightly tilted toward the Home Seller in the price ranges where homes are selling at list price or above.
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