The Simi Valley housing market seems to settled into a more stabilized market. June home sales volumes remained equal with 2013 sales volumes. May 2014 sales saw an increase in median home prices due to a high influx of sales over $900,000. June sales with fewer luxury home sales, showed that the median price settled back at this year’s average of approximately $475,000. While 2013 home prices in Simi Valley rose approximately 17 1/2%; the first half of 2014 is showing only a modest 6% increase in home prices.
Simi Valley Home Sellers should be aware that inventory is two and a half times larger than last year. Increases in home pricing will probably not mimic last year. So far, the 6% increase in home prices is almost double the 60 year national average. Interest rates and pricing affect the homebuyer’s monthly payment amount. Newer loan qualification requirements will keep homebuyers from leapfrogging pricing as we saw 10 years ago.
Simi Valley Home Buyers have been more critical in their purchase decisions with the increase in interest rates and the rise in prices. Buyers are not so willing to just sign up for a high monthly mortgage payment just to get in a home. The majority of sales in Simi Valley have been in the $400,000 to $500,000 range. These buyers were in the $300,000 to $00,000 range just 18-24 months ago. This jump has given home buyers more to consider in their purchase decisions. Summer months always are the strongest part of the market, the market should keep pace on volume with last year’s figures. Expect modest gains for the year to remain a 5%-6%.
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