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 over the last 12 months. 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 a 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 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. As per current figures, the median list price of properties in Simi Valley is $610K while the median price of homes that sold is $590K. It’s also important to note that the median price has dropped around 1.5% since December 2019. This is perhaps due to the fact that the unsold inventory is increased by around 12 percent in just the last month. The median list price per square foot is $328 as compared to $325 in December 2019. Hence, there is a very slight upward trend in 2020. The median rent price in Simi Valley is $2,945, which is slightly lower than the Ventura County median rent price of $3,050. Overall, there has been a steady growth in property values and overall demand for homes for sale in Simi Valley for the last year.
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 Rental Price Trends 2020
While tracking the rental price in Simi Valley through 2019 so far, we can see that monthly rental rates have increased from $2,800 to around $2,945. This represents an increase of around 5 percent; taking it as a benchmark, Park Regency projects, Simi Valley rental rates will increase up to $3,120 by the end of 2020, and reach $3,285 by 2021.
New Condominium Listings 2020
The average condominium for sale in Simi Valley averages at $465K and condo sizes range from 800 square feet to 2000 square feet. Keep in mind the Simi Valley condo prices are projected to experience the same or similar growth as general housing properties in the area.
New Single Family Homes Listings 2020
According to C.A.R.'s 2020 California Housing Market Forecast, a small uptick in existing single-family home sales projects to be 0.8 percent next year. Throughout the years, the demand for single-family and multi-family homes has remained high in Simi Valley. Therefore, many analysts speculate that this trend will continue, and single-family homes will contribute to almost 80% of the entire Simi Valley real estate market.
Simi Valley Real Estate Market Forecast 2020 and 2021
In this market forecast, Park Regency aims to offer educated input as far as property price trends in Simi Valley go. 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's median price trends for the next months and years. In December 2019 the housing market in Simi Valley, CA was a seller’s market, which means that there are roughly more buyers than there are active homes for sale. Out of all of the homes that were sold in the year 2019, 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 2019 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 for past 36 months. 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. If you are looking for homes for sale with a good quick profit, Simi Valley can be a profitable property investment option. Simi Valley home values have gone upward by 1.3% over the past year. Based on our forecasts, long-term appreciation is projected. Park Regency predicts that the home values in Simi Valley will rise 3.6% within the next year 2021 and the price of an average home will be $638K by 2021. And, for a 5-year investment, this home value is expected to be $680K by 2025 and the predicted sales prices will increase by 25.59% in the next 10 years based on our Simi Valley City real estate market research.
Let us get into some strategic projections to find out how the Simi Valley market forecast looks over the next 2 years starting from 2020 to 2021.
Simi Valley Housing Market Projections 2020 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 $610,000. This trend is likely to continue for the next three to five 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 Valley, CA 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 Projections 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.
Simi Valley Property Types
Transportation in Oxnard Shores
Rising Trends of Saleable Properties
Simi Valley's real estate prices and its market environment have been in a bullish cycle in the last 36 months. Simi Valley’s active inventory of apartments, condos, and homes put together as of 2021 is estimated at 350, and the median price continues to rule between $610K - $625K. This trend is likely to continue over the next two to 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 356 to 370, 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 three to five years. The possible reason for this depends upon a number of factors.
First and foremost, the number of individual houses is expected to increase by 2021. 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. Check out the reasons for Living in Simi Valley. 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.
Park Regency's property investment analysts team forecasts a positive trend in the near future and buying a house in Simi Valley, CA appears to be a profitable investment. All the above imply a positive outlook for the Simi Valley real estate property investment portfolio.
The Best Neighborhoods In Simi Valley For Real Estate Investment
- NeighborhoodMedian Sales Price
- Agoura Hills$834K
- Bell Canyon$1.84M
- NeighborhoodMedian Sales Price
- Hidden Hills$3.29M
- NeighborhoodMedian Sales Price
- Oak Park$781K
- Thousand Oaks$712K
- Westlake Village$979K
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 2020 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 trends and forecast, contact us today or call us now at 818-363-6116!