Simi Valley housing sales for May 2014 were approximately 8% lower on volume than in May 2013. While April 2014 didn’t gain any ground or lose any ground, four out of the first five months in 2014 have recorded lower sales volumes. Even though median home price was significantly up for the month of May, that significance was due to a higher number of homes selling over $900,000. Large volumes of luxury homes selling in any given month always moves the median price up. Home sales for the month trended at 2% to 3% below the original listing price. Simi Valley homes selling between $400,000 and $500,000 were more than half the sales with an average market time of just around two months.
The overall average increase in home pricing from the beginning of this year through the end of May is at just 6%. I’ve read some predictions of an overall 10% increase in pricing nationally, we will need to get through the summer see how strong the market will turn out. Simi Valley is definitely seeing a more stabilized market where neither the sellers nor the buyers have an upper hand in the negotiations
Available homes for sale is approximately 3 times higher than 18 months ago giving buyers more choices. Simi Valley currently has a 2.5 month supply of inventory versus the less than one month supply during 2012/2013. Continuing trends favor sellers with homes in excellent condition with good location. Those homes sell quicker and sometimes with multiple offers.
[wnt_grid maptype=”disabled” exactcity=”1″ ownertype=”all” paginated=”true” sortoptions=”false” maxresults=”12″ search_mode=”form” primarysearchtype=”active” searchtype=”city” state=”CA” min_price=”0″ max_price=”1000000000″ listing_status=”Active” newListings=”1″ county=”Ventura” city=”Simi Valley” /]
Leave a Reply