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Moorpark, CA, United States, 2006/05/03 - An shock to home sellers and opportunities for home buyers in Ventura County, Simi Valley, Moorpark Area - WesternRealEstateCA.com.
Sales of existing homes edged up in March following a strong rebound in February, according to Western Real Estate Services of Simi Valley, CA.
Total existing-home sales - including single-family, town homes, condominiums and co-ops - rose 0.3 percent to a seasonally adjusted annual rate1 of 6.92 million units in March from a pace of 6.90 million in February, but were 0.7 percent below a 6.97 million-unit level in March 2005.
Jim R. Wick, Western Real Estate's Broker/Owner, said sales are leveling out. “It's a good sign to see home sales holding close to the level of a strong rebound in the month before,” he said. “This is additional evidence that we're experiencing a soft landing. We may see some minor slowing in home sales as interest rates rise, but the market clearly is stabilizing.” Wick expects 2006 to be the third strongest year on record for home sales.
To View Existing Home Sales Data: You will find local home sales and data for Moorpark Real Estate, Simi Valley Real Estate, Conejo Valley Real Estate, Westlake and Ventura County Real Estate.
”We offer local information that is challenging to find on most real estate websites. By offering such search sites for buyers as SimiValleyMoorpark.com, Moorpark-MLS.com, SimiValley-MLS.com, ThousandOaks-MLS.com, and VenturaCounty-MLS.com, consumers have options to find the home of their dreams instead of spending countless hours online.” - says Corey Wick, Vice President Western Real Estate Services.
“We now see appreciation cooling to single-digit rates of price growth - another sign that the market is normalizing,” Wick said. The national median existing-home price2 for all housing types was $218,000 in March, up 7.4 percent from March 2005 when the median was $203,000. The median is a typical market price where half of the homes sold for more and half sold for less. Historic price data has been revised back to 1989, including updates to reflect geographic changes over time, but price patterns are consistent with previously reported data.
Total housing inventory levels rose 7.0 percent at the end of March to 3.19 million existing homes available for sale, which represents a 5.5-month supply at the current sales pace.
Corey R. Wick, Vice President, Western Real Estate, said changes in the home market mean consumers need more professional guidance. “Changing waters require adjustments, and this is especially true for home sellers in most areas who are now working with buyers that are on equal footing - it's no longer a seller's market”
“Most buyers in today's market are educated and have agents that represent their interests, so sellers need good advice on how to show and market their homes in the current environment, as well as negotiation skills - critical values that real estate agents bring to the table.”