Arcadia’s real estate market sales conditions have remained pretty stable over the last couple of months. Looking at Single Family Residences (SFR), the inventory of available homes has slightly decreased, closed sales increased by 60%, but very few Arcadia home buyers have opened escrow this month – 22 escrows compared to 48 in June. July is traditionally one of the “hottest” real estate months and we usually would expect to see a lot more contracts signed. This is a strong indication that buyers are wary and are carefully considering their options.
Arcadia SFR inventory is trending up, but price per sq. ft. is relatively unchanged. It’s interesting to note that the Arcadia SFR home listing that expired were priced at $523 sq.ft. on average compared to the sold price per sq.ft. average of $431 per sq. ft. Sellers are still overpricing their homes!
READ MORE: August Dusty Deals Report
There were also several homes that went over asking price an indication that if the home is in good condition and priced correctly, it can drive multiple offers. For the most part selling to listing price was at 95.66%.
Arcadia condos are holding stable at 7 sales per month. Inventory is relatively the same holding at 20 overall condo listings per month.
Arcadia townhomes are struggling – quite a few are coming on the market and even though we had an increase in townhome sales in July, the number of buyers opening escrow dropped dramatically in July.
Arcadia Real Estate Market Statistics for May 2008 through July 2008:
|Single Family Residence||May-08||Jun-08||Jul-08|
|Average Days on the Market||80||193||93|
|Average Price Per Sq. Ft.||$420||$414||$431|
|Average Selling Price||$972,274||$991,057||$917,052|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||25.2||19.1|
|Average Days on the Market||153||98||74|
|Average Price per Sq. Ft.||$299||$343||$315|
|Average Selling Price||$503,296||$559,300||$475,357|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||28.9||17.3|
|Average Days on the Market||111||80||86|
|Average Price Per Sq. Ft.||$329||$353||$316|
|Average Selling Price||$579,700||$579,333||$553,111|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||9.8||25.3|
Data taken from ITEC (Pasadena Foothills Association MLS service)
For weekly updates on Arcadia real estate market activity, please feel free to request market analysis reports with detailed information by clicking here. These reports are gathered and updated by Altos Research and will be emailed to you with my compliments.
Posted by Irina Netchaev (626-629-8439 or email me)