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Simi Valley October 2011 Home Sales

Simi valley Real Estate homes for saleOctober Single Family Detached Home Sales for Simi Valley did not react much different that September.  Volume is up over 2010 and 2009.  Homes under $400k are pulling the lion’s share of the activity and as interest rates drop into low 4’s and high 3’s buyers still remain cautious.

I mentioned last month the sluggish upper end of the market.  If you have a home in the $900k to $999,999 price range, did you know that only 4, yes that is right FOUR homes have sold since January 1, 2011 in  this price range for Simi Valley real estate?   Currently there are 6 homes on the market in this price range and the last sale for the price range was in May.  So, if you are listed in this range and wonder what is happening, wonder no more, even with attractive interest rates buyers for this range are not abundant at this time.  At the same time, 10 Simi Valley homes have sold over 1 million with one of those being a custom spec house.

The ditressed market still is a major influencer on the overall market.  RealtyTrac recently reported:

California default notices increased 17 percent from the previous month to a 13-month high, helping the state post the nation’s second highest foreclosure rate: one in every 243 housing units with a foreclosure filing in October. A total of 29,240 default notices were reported in California in October, a 1 percent increase from October 2010 — the first year-over-year increase in defaults in California since November 2009.

Even though other parts of the country are seeing some relief.  However; Nevada, California, Florida and Arizona continue to battle through many struggling home owner’s loans with modification attempts, short sales and foreclosure.

simi valley homes sales october 2011

 

 

 

 

 

 

 

simi valley homes sales october 2011 by volume

 

 

 

 

 

 

 

 

Below is the 30 year interest rate chart for 30 year conforming loans.  2011 has continues to average with the lowest rates.  It is no wonder that investors are out snapping up deals with money this cheap.  The Blue line below should be a wake up call to those sitting on the sidelines.  The distressed market is continuing to to keep prices in check.

30 year interest rates monthly  average

Posted in: Market Updates Tagged: Foreclosures, Home Sales, interest rates, Loan modification, short sales, Simi Valley

About Ted Mackel

Active real estate broker and entrepreneur in Simi Valley. Ted has a passion for business, has deep knowledge about residential and commercial real estate and is one of the few to be a long time blogger/writer on these subjects. In his free time you'll find Ted enjoying baseball with his family (Go Dodgers), reaching his goal of spanish fluency, and pursuing his hobbies with RC aircraft and Lionel Trains.

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Ted actually helped us find a new home AND sell two homes. He was beyond helpful with everything. When looking for a home, Ted didn't waste our time…My husband and I are really busy so this meant a lot to us….he always had plenty of houses lined up for us to look at and he acted as our personal chauffeur. He really knows Simi, so he knew exactly where to take us….and ultimately he found us our beautiful new home. Selling the other two was a breeze…Ted took care of everything. No complaints here!

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Ted was wonderful in helping us sell our house. He was in constant communication with us and made the process very easy and stress-free. He was very knowledgeable and professional. I highly recommend him.

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Ted's continuing knowledge of local real estate markets enabled an immediate, correct valuation of the house we sold. Calm and competent throughout the process, he remained unflappable through the invevitable hurdles. His escrow team at Keller Williams were perfect.

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