Comparing September 2008 with September 2009, this really is not very alarming other than September 2008 had some very troubling developments. Fannie Mae and Freddie Mac were taken over by the government; AIG, Indy Mac, Lehman, JP Morgan Chase and Merrill Lynch created a panic, yet more homes sold in September 2008 than September 2009. Part of this phenomenon is that the real estate market is not in recovery yet and the other part is that we are in a normal market trend period.
I have been digging around for this chart in my file cabinet and scanned this chart in so you can see how the Simi Valley Housing market moves. The chart below was put together by Lawyer's Title in 2007 and it really shows how sales slow in the fall and winter.
Breaking out the Single Family Detached Sales for Simi Valley shows that there was 22.6% fewer homes sold in September than in August of this year. We still have a way to go to get back to levels over 100 units per month.
What this means in the long run is that it is still a buyers market. The low inventory is helping sellers with less competition, but as we are seeing with a new REO Listing up on Fitzgerald this week, the price is still low even with 20 or more offers.
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