Simi Valley Real Estate Market
There is no denying the fact that California is one of the most developed states in the United States. It’s the third largest state in terms of size--next to Alaska and Texas. However, when it comes to population, California is number one with 40 million residents according to 2019 figures. Many people flock to California because of its booming economy and big cities that are home to some of the world’s largest industries. Part of the Greater Los Angeles area, Simi Valley real estate market is currently catching the attention of many who are keen on investing in properties and high quality of life.
Located in the south-eastern tip of California within Ventura County, Simi Valley boasts a robust housing market for families and young professionals looking for their dream home or property. We will spend some time looking at various Simi Valley real estate market trends so that potential buyers and investors like you can make an informed and knowledgeable decision when purchasing a little slice of California.
A Look At The Simi Valley Real Estate Market 2019 Insights and Statistics
Because Simi Valley has so much to offer, many are choosing to invest in property and raise their families here, so let’s try to find out more about the existing property market and other factors. The average price of homes in Simi Valley as of 2019 is $580K. Without a doubt, this is higher than the average value of homes across the country. However, this statistic should be looked at from various perspectives rather than deeming Simi Valley an expensive place to live. When we study and analyze Simi Valley home prices trends, we ought to keep in mind some important facts. First and foremost, there is a huge variety of homes, apartments, condos and single family houses to choose from in this city. You also can come across townhomes and apartments for rent and lease in Simi Valley. When you are ready to browse listings, explore what Park Regency Realtors have to say and discover homes for sale in Simi Valley.
Overview of Real Estate Trends in Simi Valley, CA
Simi Valley Real Estate Market Forecast 2019, 2020 and 2021
In this market forecast, we aim to offer educated input as far as property price trends in Simi Valley goes. These trends and statistics can also be used as binoculars to find out where the property prices are headed until 2021. The following inputs are based on facts and figures gathered and picked from various sources. Therefore, we ensure the following insights will give you guidance while navigating the real estate market as it exists today and its trajectory over the next couple of years.
How Are The Prices Ruling Today in Simi Valley, CA?
The best way to forecast the future is to start with the present. Let’s have a look at Simi Valley median price trends as of 2019. Out of all of the homes that were sold in the year 2018, it’s important to keep in mind that almost 20% were priced between the range of $393,000 to $525,000. Around 58% of homes fell in between $525,000 to $984,000. Hence, nearly 80% of all 2018 Simi Valley properties were priced in the range of $393,000 to $984,000. Therefore, if you are planning to invest in a property in Simi Valley, you have to keep this in mind.
Though there are a few homes, condos and small properties available below the price of $393,000, they are very few and far between, and such lower-priced homes actually only contribute to around 13% of the total homes built and sold in Simi Valley in 2018. Another 7% of properties in Simi Valley are priced over $984,000, another small percentage ideal for a smaller pool of buyers. Keeping in mind average home prices will only help you as a buyer plan your budget and stake your claim accordingly.
What Does The Future Look Like?
Based on the current median prices of properties, it would be interesting to have a look at the future. Hence, let us get into some strategic projections to find out how the Simi Valley market forecast looks over the next three years starting from 2019 to 2021.
Simi Valley Housing Market Forecast 2019 to 2021
In particular, the growth of Simi Valley’s real estate market has been quite impressive over the past three years, and the trend is likely to continue over the next two to three years. The median list price of properties in Simi Valley, as mentioned above, hovers around $680,000. This trend is likely to continue for the next two to three years. With annual inflation remaining well below 2 to 3 percent, it is estimated that by 2021, the mean average rates of housing properties in Simi will go up to $695,000.
Keep in mind this average listing price could even reach $700,000 given an increase in demand for housing in the area. The growth of Simi Valley in terms of infrastructure, tourist facilities, quality of life, safety, and other parameters has also been on the rise. This could also be one of the main reasons why there will be a continuing demand for quality properties in and around Simi Valley. The mean price of $700,000 of 2021 has been reached while taking into account rising inflation levels across the country. This is an extrapolation based on the Simi Valley Housing Market Forecast of 2020 and also various local factors that could impact the price of real estate properties in Simi Valley. The price is expected to exceed average levels within mid-income and higher middle-income levels because the demand will obviously be higher here.
Rising Trends of Saleable Properties
Simi Valley’s active inventory of apartments, condos, and homes put together as of 2019 is estimated at 250, and the median price continues to rule at $695,000. This trend is likely to continue over the next three years. However, there is projected to be a growth spurt in demand over the next few years, which could push the number of active inventory to 256 to 260, roughly. The median house size is now around 2,050 square feet, while the median was higher at 2,210 square feet just a year ago. This is expected to come down to around 2,000 square feet over the next two to three years. The possible reason for this depends upon a number of factors.
First and foremost, the number of individual houses is expected to increase over the next two or three years. This might exert some pressure on the available space for new home construction, causing prices to increase and square footage to decrease ever so slightly. However, this statistic is not expected to have a major impact on the size of apartments, condos, or other high rise residential properties.
Why Move to Simi Valley?
If you’re planning to move to California, you have most likely come across and considered cities like Los Angeles, San Francisco, and San Diego and so on. However, if you’re ready to look beyond the obvious contenders, you’ll find many reasons that make Simi Valley an interesting and exciting option. Not only has it been named as the safest city in the country over the past five years, but Simi Valley still also remains full of exciting choices for those who are keen on spending their leisure time effectively and memorable. Located close to Thousand Oaks, Chatsworth, and Moorpark, Simi Valley is not an overcrowded city with a population of 127,000 residents. It is a scenically beautiful city and boasts some of the finest restaurants, recreational facilities, shopping centers in the Greater Los Angeles area and is also a good spot for businesses, especially those with an entrepreneurial spirit. There are a few more reasons as to why Simi Valley continues to be an attractive housing destination for scores of well-informed and quality-conscious customers. Among its impressive facilities, is the famous Ronald Reagan Presidential Library--the largest of the thirteen federally operated Presidential Libraries.
While there is no denying the fact that there are a variety of options available to current and potential Simi Valley buyers, you may have to seek expertise and assistance from quality builders, promoters, and real estate agencies. There are many real estate experts like Park Regency Realty who can be a huge resource when looking to purchase in this particular region. However, there is no denying the fact that you will be investing close to half a million dollars for a good home in Simi Valley--or more in some cases. Under such circumstances and situations, it is a buyer’s responsibility to research and gathers as much information as possible before investing hard earned money.
Is it the right time to invest in Simi Valley, CA Real Estate
With the following information in mind and given Simi Valley’s emerging popularity in the Greater Los Angeles area, the years 2019 to 2021 could be the right time to invest in this beautiful Southern California property while the price is right. If you have any questions or queries about purchasing or selling property, please don’t hesitate to contact your local real estate experts, Park Regency Realty. Our real estate experts have established ties throughout Simi Valley and will work closely with you according to your goals and specifications. If you have any more questions concerning Simi Valley’s real estate market forecast, contact us today or call us now at 818-363-6116!