September 2008 Market Update for Simi Valley Real Estate Home Sales

September 2008 Market Update for Simi Valley Real Estate Home Sales The following information is posted every month on my website www.homebuysblog.com You can look at previous month's reports to see the trending Simi Valley Real Estate Home Sales.

Over all while it seems encouraging that home sales in Simi Valley have averaged close to 110 per month since May of this year, it is still below prior year's averages.

The uncertain problems in Washington DC, Wall Street and our financial markets in general are going to make for very strict lending standards and this will impact home buyers negatively. In my discussions with many local mortgage brokers the bulk of the home loans for purchases is inline with all the activity on my reports. The entry level homes or any home that requires a conforming loan (under $417,00) is the portion of the market with all the activity.

In January the Jumbo conforming limit will go back down to $615,000 from $729,000 and it is uncertain if there will be an extension to keep the $729,000 limit.

Last, is that we will most likely see 95% LTV (Loan To Value) conventional loans disappear as the last of the Mortgage Insurance companies still insuring these loans stop insuring this product. If this happens then FHA will be the only vehicle to get LTVs with greater than 90%.

The buyers drive any business. We have lost approximately 30%-40% of our buyers now that the Lair's Loans of 2000-2006 no longer exists. These Liar's Loan programs will not return so we will be contending will a smaller Buyer pool for years to come.

The above difficult lending issues we are facing will impact the Simi Valley Real Estate Market with a slow recovery. Sometimes the facts do seem to sound all to fun, but the silver lining to all this is that properties that are in good condition and priced properly are selling and many times with multiple offers. There are terrific investment properties out there and many neighborhoods that were overpriced that are now attractive to those who were priced out before.

If you want to stay up to date on the Simi Valley Real Estate Market, then set your RSS reader to take the feed from my blog here and at www.homebuysblog.com.

Activity - Single Family Detached Homes
Active Listings	Simi Valley	Moorpark
Active
# Units	462	152
Average List Price	598,523	886,723
Average Days Listed	94	92
Pending Sales in Escrow
# Units	106	22
Average List Price	491,676	502,541
Average Days on Market	71	75
Total Closed Sales for 2008
# Units	728	163
Average List Price	538,195	608,823
Average Sold Price	518,195	587,536
Average Days Listed	86	100
Average Closed Sales per month	80.89	18.111
Unsold Inventory Index (in months)	5.71	9.00

Activity - Single Family Attached Homes
Active Listings	Simi Valley	Moorpark
Active
# Units	122	44
Average List Price	344,381	374,005
Average Days Listed	109	70
Pending Sales in Escrow
# Units	34	6
Average List Price	302,361	265,117
Average Days on Market	84	83
Total Closed Sales for 2008
# Units	133	43
Average List Price	320,301	318,553
Average Sold Price	308,486	307,912
Average Days Listed	82	89
Average Closed Sales per month	14.77	4.11
Unsold Inventory Index (in months)	9.00	9.02