Simi Valley Real Estate Housing Market Data, Trends and Forecast

Simi Valley Housing Market Trends 2019 Insight And Statistics

If we look at the median list price of real estate properties in Simi Valley, we can get a better idea of where the market is at. As per current figures, the mean price of properties in Simi Valley is $649,995. It’s also important to note that the median price has dropped around 1% since March 2019. This is perhaps due to the fact that the unsold inventory is around 285, which has increased by around 14% in just the last month. The median square foot price in April 2019 is $332 down from $333 in March. Hence, there is a very slight downward trend. However, this recent drop can be contextualized by the average median price in November 2018, which was $630,000. Overall, there has been steady growth in property values and overall demand for homes for sale in Simi Valley since last year.

Simi Valley Real Estate Market Forecast 2019, 2020 and 2021 With Graph

Taking a cue from the performances over the past six months and the entire year, in particular, there are a number of reasons to believe that this slight decrease in median price over the past month could be a temporary phenomenon. Over the next two years, it is likely that Simi Valley properties will experience healthy growth with 4% to 5% increases in real estate prices.

Currently, there are 315 listings in Simi Valley, CA with an estimated median home value of $614K

What Do Simi Valley Real Estate Market Trends Look Like?

By the end of 2019, many real estate experts project that we’ll see the average median price settling down at around $660,000. In 2020, predictions measure a 5% increase from this figure with the average median home price approaching $690,000 and in 2021 the average is expected to grow to $725,000.

Simi Valley Condos Trends

The average condominium for sale in Simi Valley averages at $450,000. Keep in mind that condo prices are certainly higher in the market where there is an HOA or buildings with facilities and amenities. Also, condo sizes could range from 800 square feet and even go up to 1500 or 2000 square feet. In Simi Valley, condo prices are projected to experience the same or similar growth as general housing properties in the local area.

Simi Valley Rental Market Trends

While looking at all of the recent real estate trends and data in Simi Valley, it’s important to take into account that there are a significant number of people within the city’s population that live in rental homes. If we look at the rental costs in Simi Valley from May 2018 and track it through 2019 so far, we can see that monthly rental rates have increased from $2,800 to around $2,950. This represents an increase of around $150 in absolute terms or 5.35 in percentile terms. If this is taken as a benchmark, and we try to formulate a reasonably accurate forecast, in 2020 we can predict that rental rates will increase up to $3,120, and reach $3,285 by 2021.  

Simi Valley Single Family And Multi-Family Homes

Throughout the years, the demand for single family and multi-family homes has remained high in Simi Valley. Therefore, many experts speculate that this trend will continue, and multi-family condominiums and single-family homes will contribute to almost 80% of the entire Simi Valley real estate market.      

Simi Valley Foreclosures And Bank Owned Homes     

The median home value in Simi Valley as mentioned above is currently at $650,000. The average growth of the local real estate market over the past few years has approached 3.1% and will continue to rise steadily with the average expected to reach 4-5% by 2020 and 2021. There is no doubt that foreclosures will play a role in impacting home values over the next few years and decades. Foreclosures in Simi Valley are calculated at 0.5 homes per 10,000. This is lower than the national average of 1.2 but higher than the Ventura County average. Mortgage delinquency is another yardstick that is used to forecast possible real estate prices. The percent of mortgages that are delinquent in Simi Valley makeup 0.6% of the total market. This is lower than the national metric which averages at 1.1%. Home values since 2007 have decreased dramatically due to the 2008 national housing crisis. However, because of the low delinquency and foreclosure rates in Simi Valley, real estate experts predict long-term, steady growth to continue within the local market.  

Simi Valley Home Prices And Real Estate Appreciation  

Given the above metrics and statistics, there are a plethora of reasons to believe that there will be a demand for new homes, condos, and apartments throughout Simi Valley. This upswing in demand will consequently lead to higher real estate prices and values that are expected to grow through 2019, 2020, and 2021.

Simi Valley Property Types

Demographics

Transportation in Oxnard Shores

The Best Neighborhoods In Simi Valley For Real Estate Investment

Although Simi Valley as a whole is a popular destination for buying real estate and investing in property, there are some specific neighborhoods of Simi Valley and locations that are considered the best of the best. These particular locations within the city include Alamo Street, E. Los Angeles Avenue, the famous City Center, Cochran Street, Tierra Rejada Road, and Madera Road because they offer more facilities, aesthetic and architectural value, safety, infrastructure, and other attractions. As a result, the real estate in these areas of Simi Valley will have a higher demand and higher prices than surrounding suburbs.

Your Go-To Simi Valley Real Estate Expert

Working in real estate since 1980, Alex Gandel is a Simi Valley local real estate expert at navigating the buying and selling process as well as the luxury property markets throughout Ventura County and the San Fernando Valley. The secret to Gandel’s long-term real estate success is that he prioritizes each and every one of his clients by offering boutique-style consultation and services in fast-growing and high-demand markets.  Do you have additional questions about the Simi Valley housing market? Or perhaps you want to start searching for your dream Southern California property. Contact Alex Gandel to gain insight and get started on a real estate purchase that will exceed your goals and dreams: (805) 522-6788!