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June 2016 Simi Valley Home Sales Report

June 2016 Simi Valley home SalesJune 2016 Simi Valley Home Sales continued to be strong with 141 single family detached homes selling, just out pacing June 2015 volume of 137 homes.  While sales are strong, there is still some negotiation going on between buyers and sellers in all segments of the market except for the few homes that have sold for less than $500,000.00.  These very scarce properties have entry level buyers scrambling to try and secure one of these homes.  The homes are not typically in great condition, lacking upgrades, but to get a home in Simi Valley under $500,00 is not an easy task.  This pressure is showing the strain on entry buyer affordability.

The Simi Valley Luxury Home Market saw strong sales volume with homes selling an average of 2.5% below the original asking price. Some negotiation between buyers and Sellers is a good thing for the market in general and makes for a more stable market.

Median prices for Simi Valley are 2.25% higher than the median price for June 2015.  The market should continue to edge up before the end of the year with an over all average gain in price probably in the 5%-6% range.

While a market moving upward is always welcome by home owners we are entering a phase in Simi Valley home sales where affordability is being impacted by the rising prices.  Lower interest rates have helped keep the market moving; however any significant increase in interest rates will slow sales and price increases.

 

Posted in: Market Updates Tagged: Home Sales, housing, Market Report, median sales, real estate, Simi Valley

About Ted Mackel

Active real estate broker and entrepreneur in Simi Valley. Ted has a passion for business, has deep knowledge about residential and commercial real estate and is one of the few to be a long time blogger/writer on these subjects. In his free time you'll find Ted enjoying baseball with his family (Go Dodgers), reaching his goal of spanish fluency, and pursuing his hobbies with RC aircraft and Lionel Trains.

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Client Testimonials

Ted actually helped us find a new home AND sell two homes. He was beyond helpful with everything. When looking for a home, Ted didn't waste our time…My husband and I are really busy so this meant a lot to us….he always had plenty of houses lined up for us to look at and he acted as our personal chauffeur. He really knows Simi, so he knew exactly where to take us….and ultimately he found us our beautiful new home. Selling the other two was a breeze…Ted took care of everything. No complaints here!

suelac2

Ted was wonderful in helping us sell our house. He was in constant communication with us and made the process very easy and stress-free. He was very knowledgeable and professional. I highly recommend him.

reuel

Professional and very easy to work with.

geralyn

Ted's continuing knowledge of local real estate markets enabled an immediate, correct valuation of the house we sold. Calm and competent throughout the process, he remained unflappable through the invevitable hurdles. His escrow team at Keller Williams were perfect.

jeff

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