Simi Valley Real Estate Market Update Year Ending 12-31-08

Simi Valley Real Estate Market Update Year Ending 12-31-08

Happy New Year!!! I wish I could tell you everything is going to get better quick, but really looking at the bigger picture, the whole country especially California will be in for interesting times. If you watched any of the news over the budget battles in Sacramento before the Holidays, the attempts of the state legislature to impose new taxes disguised at fees to avoid the required 2/3rds majority vote is one of the many indicators that the economy has a long way to go. Additionally the bail out money our national congress approved in the fall is going to waste. Close to 6 billion was used to buy a bank in China, some of the College football Bowl sponsoring banks were recipients of the bail out money, the bank execs are still living the high life and there seems to be no accountability required when our elected officials give out money.

While all this may sound like doom and gloom…it really is not. I just want you to temper what you hear about real estate and know that this is the time to buy, BUT and this is a big “but” there is no run up in real estate prices, so you can still make smart purchases. This is a time for a long term buy and hold strategy. I post the closing data YTD for each month here on my blog and you can find that under the market updates categories on the right hand side of the page.

Make sure to read past the year end table as there will be a few charts for Simi Valley Real Estate Trends that I think you will find interesting.

Activity – Single Family Detached Homes
Active Listings	Simi Valley	Moorpark
Active
# Units	392	125
Average List Price	560,821	879,395
Average Days Listed	129	110
Pending Sales in Escrow
# Units	79	20
Average List Price	417,280	491,615
Average Days on Market	82	74
Total Closed Sales for 2008
# Units	972	227
Average List Price	522,247	611,736
Average Sold Price	504,897	585,287
Average Days Listed	91	105
Average Closed Sales per month	81.0	18.92
Unsold Inventory Index (in months)	4.84	6.61

Activity – Single Family Attached Homes
Active Listings	Simi Valley	Moorpark
Active
# Units	107	44
Average List Price	327,641	349,628
Average Days Listed	136	110
Pending Sales in Escrow
# Units	25	6
Average List Price	268,374	249,117
Average Days on Market	103	61
Total Closed Sales for 2008
# Units	173	58
Average List Price	316,392	313,577
Average Sold Price	306,003	303,502
Average Days Listed	85	94
Average Closed Sales per month	15.72	5.09
Unsold Inventory Index (in months)	7.12	8.84