February single-family detached sales volumes in Simi Valley California pretty much mimicked January, however, median and average pricing vaulted upward due to increased closing volumes in homes priced over $500,000. A total of 81 single-family detached homes sold in February and breakdown as follows.
- 15 of the 81 homes were purchased with cash. 9 of those 15 properties closed with full price or better offers.
- 19 of the 81 homes were purchased with FHA financing. The sales averaged a closing ratio of 97% of the asking price.
- 46 of the 81 homes were purchased with conventional financing. These sales averaged closing ratio of 98.4% of the asking price.
- 29 of the 81 homes purchased were short sales while only four properties were foreclosures.
Low inventory continues to drive the market however an improving stock market and positive unemployment reports are beginning to push up 30 year fixed interest rates towards 4%. Low inventory will continue to keep this market heated up, however as monthly payments on these purchases begin increase and catch up with area market rental rates, we should expect to see buyers back off and be more cautious on purchases.
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