Simi Valley home sales for September 2010 held their ground and blended in with the running averages. Interest rates remained below 5% in September and some buyers were able to lock rates below 4 1/2%. Even with historically low interest rates Simi Valley Home buyers remain cautious. While the number of distressed properties listed for sale does not dominate the inventory, there is still a significant number of homeowners in trouble which adds negative pressure to the market.
Homeowners trying to modify and keep their homes, sometimes end up more than half a year behind on payments only to find out that they do not qualify for modification. This backlog of distressed inventory is part of what’s driving lack of confidence in the market.
Simi Valley saw a low in May of 2009 and so far, the market has not retreated back to those numbers. The Simi Valley Housing Market looks to have stabilized and is holding ground for the time being. Only has the tax incentives added any excitement to the market.
Buyers tend to have a slight advantage in purchases now as inventories are more balanced, Interest Rates are incredibly low and the distressed market created some influence in favor of Simi Valley Home Buyers.
This first chart has the Simi Valley detached home sales broken down by price range for the month of September 2010.
This next chart represents the number of single family detached Simi Valley homes sold by month.
This chart show the average sales price of single family detached homes ove the last 3 years
Does the chart indicate that if I bought my house for say $450 K in April 2009, then I can list it today for a higher price for say $475K?
Manju, No it does not. the increase in your home value is based off the sales in your neighborhood. These charts cover all of Simi Valley and are not neighborhood specific.