The number of Simi Valley homes sold in March 2014 was approximately 17% lower than in March 2013. This is a continuation of a trend as I reported last month. Inventory or available homes for sale in Simi Valley are more than double what they were last year when buyers drove the market up close to 18%. List to sell ratios are interesting in that homes around the $700,000 price range seem to be selling the closest to full price while all other ranges are selling at an approximate 2% to 4% discount. One exception is that any single-family detached home that shows up on the market under $300,000 sell at full list price as well.
Even though fewer homes are selling each month and increased inventory is giving buyers more options, prices are stable and not dropping. There are still homes showing up selling with multiple offers, however plenty of the sales still are pretty traditional with a two-month or less “Days On Market” count.
Median and average home prices tend to fluctuate pretty widely when Simi Valley has multiple home selling over $1 million in any given month. Those months where no homes sell over $900,000 also has a pronounced effect on median and average home prices. The median price started leveling off in the $480,000 range in August 2013. March came in slightly lower at 475,000 however, buying activity always starts ramping up in April through July each year so I do not expect to see any significant declines in median home price unless something dramatic happens the market with interest rates or available credit.
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