November 2018 Market Comments
Posted on November 29,2018 By Greg Cox in Simi Valley Real Estate Market Comments
We ended October with it being our 5th strongest sales month of the year. The data shows we achieved this by many sellers reducing their price. The average DOM (Days On The Market) continues to increase and substantially more in the 800k range and higher. The inventory numbers are not shown here, but they went down by 30 unites from this time last month.
Now is the time sellers usually take lower offers than they want, reduce their price or pull their home off the market for the Holidays and wait until Spring when the momentum starts again. We are currently entering the slowest 2 months of the year for homes being put into escrow. Yes, Januaray and February are traditionally our slowest months for "Recorded" sales but remember, homes usually take 30-45 days to close so that makes 11/15 through 1/15ish as truly being the slowest time for home sales. Right now is the BEST time of the year to buy a ome. Not so muich the best time to sell unless you are ready to get aggressive.
Interest rates continue to increase and this pricing some buyers out of their desired price range which in turn, has the ability to reduce home prices for those sellers needing to sell.
As always, I will be watching the activity in the coming months on a weekly basis.
Call me if you have any questions or simple need advice on anything real estate related.
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