The Simi Valley June 2011 Real Estate Market Report is showing some improvement for June single family detached homes (SFD) sold. Average home price for Simi Valley rose approximately $30,000.00 on increased volume. While the rise in average sale price may be encouraging, it is premature to present this as any sign of recovery. The number of SFD Simi Valley homes selling under $300,000 remained higher than past trends and the bulk of the properties selling in the Simi Valley still dominate the $300,000 to $400,000 range. An interesting statistic to note is that conventional and cash buyers are out numbering the FHA/VA buyers. The increase volumes below $300,000 for Simi Valley SFD homes still shows softness in the overall real estate market. Buyers are taking advantage of lower prices and low interest rates which is driving slightly higher sales volumes.
Nationally, MacroMarkets, LLC recent (June 2011) survey of industry economists and real estate experts showed that most believe that housing prices will hit their bottom this year and may have in the 1st quarter, leading to stability of pricing through 2015.
Shiller added, “If it were to materialize, such a scenario might be better described as a forecast of price stability rather than a rebound. A 2% a year home price increase will not inspire a lot of consumer confidence.
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