Simi Valley home sales trends for November 2010 continued to match patterns we’ve seen over the last year. Volumes, pricing and most other factors remain unchanged month over month. While this stability is a good sign for the Simi Valley real estate market, most are still uneasy about future outlook of home sales.
Interest rates below 5% coupled with rates hitting their lowest point in November have not created any new stimulus for the Simi Valley real estate market. Looking at the Sales Volume chart below, you can see that over the past five years November has had a very common pattern except for 2007.
The bulk of the activity in Simi Valley home sales still remains in the under 500,000 price range while homes above this price point fluctuate, the luxury markets are still selling at a very slow pace. Distressed properties including short sales and foreclosures are still negatively impacting the market and will continue throughout 2011.
Current market conditions are still favorable for qualified Simi Valley home buyers as low interest rates and average home pricing afford good opportunity. Looking at the Average Sale Price Graph below shows that average pricing seems to be holding steady without any major swings. Much if this is related to the low interest rates and the rental payment comparison. Renters looking to buy over the last few years are looking to keep monthly mortgage payments near what they would pay for rent and have been unwilling to enter the market without out a bid up mentality just because rates are the lowest we have seen in a long time.
Purchases made in this market are a long term position. Until the employment picture both on the State, Local and national levels recover overall home pricing and the Simi Valley real estate market will react on a similar pace as we have seen over the last couple years.
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