Arcadia Real Estate Market Report for August 2008 and Real Estate Housing Trends

Arcadia Real Estate Market Activity and Prognosis

In reviewing the last four months of Arcadia's real estate market activity, it was interesting to note that the price per square foot of sold homes has remained fairly constant throughout the summer for all types of housing. The number of homes sold during July was the highest which is in line with the cyclical nature of real estate driven by summer moves and parents not wanting to disrupt their kids with school changes.

The inventory of Arcadia homes for sale is beginning to decrease which is a good sign since at the height of the summer season, we had over 22 weeks of absorption of existing homes on the market.

Arcadia real estate is still very clearly a buyers market and I anticipate it will remain a buyers market throughout the slower winter months.

In August, 31 SFR (Single Family Residences) sold at 95.16% of asking price. Having said that, the asking price of 9 of these homes was reduced from the original price and that was not included in the calculation of this statistic. A lot of Arcadia home sellers are still not realistic in setting their home prices and are overpricing their homes thereby chasing the market down and losing more money in the end.

If you are not a motivated seller, don't put your home on the market and save yourself a lot of grief.

Altos Research group after analyzing the Arcadia real estate market says the following:

"Inventory has been tightening and days-on-market increasing recently. The Market Action Index has been basically flat, not providing strong indication for market conditions."

Here's the Market Action Index Chart that Altos is referring to:

For more information on how to interpret the Market Action Index graph, see my post titled Buyers' or Sellers Market? Market Action Indicator may offer help!

Here're the last four months of real estate market statistics for Arcadia, California:

Single Family Residence	May-08	Jun-08	Jul-08	Aug-08
New Listings	77	46	48	31
Total Listings	156	157	132	106
Sales Pending	20	48	22	16
Homes Sold	27	30	50	31
Listings Expired	23	16	28	19
Average Days on the Market	80	193	93	188
Average Price Per Sq. Ft.	$420	$414	$431	$416
Average Selling Price	$972,274	$991,057	$917,052	$1,007,310
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	25.0	22.7	11.4	14.8

Condos	May-08	Jun-08	Jul-08	Aug-08
New Listings	6	5	8	4
Total Listings	18	20	20	17
Sales Pending	4	3	2	3
Condos Sold	3	5	7	5
Listings Expired	6	1	2	2
Average Days on the Market	153	98	74	153
Average Price per Sq. Ft.	$299	$343	$315	$303
Average Selling Price	$503,296	$559,300	$475,357	$456,800
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	26.0	17.3	12.4	14.7

Townhomes	May-08	Jun-08	Jul-08	Aug-08
New Listings	10	16	16	6
Total Listings	33	34	35	20
Sales Pending	8	14	6	1
Townhomes Sold	15	6	18	7
Listings Expired	2	8	7	11
Average Days on the Market	111	80	86	83
Average Price Per Sq. Ft.	$329	$353	$316	$349
Average Selling Price	$579,700	$579,333	$553,111	$603,571
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	9.5	24.6	8.4	12.4

See all current Arcadia properties on the market in the Multiple Listing Service (MLS) below:

SEARCH ARCADIA HOMES FOR SALE (Single Family Residence)

SEARCH ARCADIA CONDOS AND TOWNHOMES FOR SALE

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.

http://www.pasadenacarealestatehomes.com/007735