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October sales of Simi Valley single-family detached homes saw volumes decrease approximately 23% over October 2012 sales. Additionally several homes over $900,000, including two homes over $1 million and one home over $2 million sold, artificially skewing median and average sales prices higher.
Homes selling between $400,000 and $500,000 continue to dominate sales with homes under $400,000 becoming few and far between. While most of the year home sellers have had the upper hand in most negotiations, the list to sell ratios have retreated back to an approximate 3% discount off the original list price.
Simi Valley home prices have seen an approximate 18% increase over last year, along with interest rates over 4%, the buying frenzy has cooled off somewhat. 2012 had much higher inventories and sales of properties under 350,000 which has slowly evaporated with the price increases and lower interest rates seen earlier this year.
Distressed properties are declining in number. Simi Valley is home to a large division of Bank of America employees that process short sales and foreclosures. Layoffs have already begun as the inventory of these distressed properties continues to shrink.
Inventory is still in short supply. The advantage in negotiations seems to have leveled off between buyer and seller with the seller having a slight advantage still. Average market times are running about 60 days or less and should continue that way for the foreseeable future.
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