Simi Valley March 2010 home sales dropped 10% in the total number of homes sold over a year ago March. This is the continuation of the 3 month decline since December 2009. This is not completely unusual as the first quarter trends slower in sales volume historically. Separating out the single-family detached from attached sales, the detached homes suffered an 18% drop while the attached (condos) gained. Additionally inventory is creeping up, as in 2009 the average total active detached homes were approximately 160 to 170 units compared to approximately 220 units currently. Looking closer at what is on the market an interesting facts sticks out that only about 25% of those detached homes for sale currently are distressed properties. Also, our giant backlog of escrows is starting to shrink. Short Sales continue to dominate the inventory in Contingent Backup/Contingent 1st right status.
What does this mean for Simi Valley home sellers? Slower sales and more inventory creates longer market times, more competition and more buyer strength in the negotiations.
What does this mean for Simi Valley home buyers? More choices and more power to negotiating table.
The negotiating pendulum is not completely swung the buyers way, as a different price ranges are reacting differently. Below are couple of graphs showing the sales trends for Simi Valley home sales.
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