Yes that is right, Simi Valley inventory has dropped, but before you go out into the streets and celebrate, let me explain the numbers a little more.
Single Family Detached homes inventory has dropped, Town homes and condos inventory has risen 13%.
Buyers are still very cautious and even though there has been some increased buying, it is still early to tell whether this market will begin to level off or continue as it has for the last 12 months. Most major financial news sources are still forecasting many more foreclosures to hit the market, but even if this is true, some sellers could have a big advantage if their home is in tip top condition, recently upgraded and staged to sell.
Many buyers out there do not want to take on the rehab and repair work required of most the bank owned properties. If you are one of these sellers, please keep in mind your home will be compared with new homes if you have an older home. The design styles and decorating taste of the new model homes will impact your home if your upgrades are not very recent.
Please view the chart in the blog post just before this one to get a better idea on closings since January 2006 and the rate at which new listings hit the market.
Good