Contact: Lloyd Martin Re/Max Olson & Assoc. Phone 805-501-9411 License # 01817531

2853 Cochran Street Simi Valley, CA 93065 Phone 805-578-8500

Simi Valley Ventura County Real Estate Trends

Press Release

Simi Valley Real Estate Prices have bottomed out.

Simi Valley – October 30, 2009: Home prices hit bottom in February 2009 and have been rebounding monthly ever since. September median home prices, (for $250K-$600K homes) have risen over 17% since the February 09’ bottom. Year over year prices are up 3.8% but still down 18.8% from two years ago.

Those waiting on the sidelines to find the right time to purchase or upgrade their homes, have missed the best home prices in years. Investors and first time buyers are out in droves. Every home priced under $600,000 has had multiple offers from anxious buyers. Realtors are reporting 20 plus offers on many homes, with many of those being “All Cash Offers”.

Regardless of what is happening in the nation as a whole, “All Real Estate Is Local”, appears as true as always. Expect the increased pricing trend to be sustainable until mitigated by more sellers coming to market and the cost of ownership reaching levels unable to be financed. However, if home finance market loosens up, Simi Valley Real Estate prices should continue to rise for the foreseeable future.

Multiple factors have influenced this surge in Simi Valley Real Estate prices. Most likely, the largest influence has been the chance of a lifetime prices, coupled with home inventory levels down 52% as compared to September 2008. The $8,000, government first-time buyer credit has also contributed to the surge in home sales.

Ventura County home prices also bottomed in February 2009 with September 2009 prices being up over 13% from the February low.  Other Ventura County

Other city home price increases from their lows show:

Agoura & Agoura Hills 15%

Camarillo 4%

Moorpark 27%

Newbury Park 19%

Oxnard 9%

Simi Valley 17%

Thousand Oaks 31%

Ventura 6%

Westlake Village 24%

Ventura County 13%