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Arcadia Real Estate Market Report - September 2008

Arcadia real estate trends for September 2008

This Arcadia real estate market report is a few weeks overdue. My apologies for the delay, but I was struck down with the worst flu that I ever remember having. Oh well... it's over and done with. I hope at least. :-)

Single Family Home sales in Arcadia remained at 31 closed escrows just like in August, down from the high of 50 home sales in July. Inventory increased a bit to 129 listings, but essentially remained flat if you look at the last five months of data. Arcadia homes are selling at 96.33% of asking price in September, with 9 out of the 31 selling at or over asking.

Arcadia condos have seen an increase in sales in September, but the inventory remains pretty stable. If the rate of sales will hold and inventory remains the same, it'll take approximately 10 weeks to move the existing inventory. Arcadia home sellers are still overpricing their condos and are listing them on average at $317 per square foot. The sold price per square foot has fallen under $300.

Arcadia townhomes had an increase in inventory mainly due to a new complex that hit the market in early September at 1016 - 1020 West Huntington Drive. These townhomes were built in 2007 and are selling in the low $800,000 range. Again, listing price per square foot ($347) on most of the townhome listings is way higher than the actual sold price per square foot ($293) in September. Arcadia townhome sellers need to track the real estate trends a bit closer or they will end up sitting on these homes for a long time and then reducing home prices more significantly to bring in a buyer. The absorption rate increase speaks clearly to the overabundance of townhome listings vs. buyers.

Also Read: Arcadia Real Estate Market Trends for August 2008

Arcadia Real Estate Market Statistics for September 2008:

Single Family Residence	May-08	Jun-08	Jul-08	Aug-08	Sep-08
New Listings	77	46	48	31	42
Total Listings	156	157	132	106	129
Sales Pending	20	48	22	16	22
Homes Sold	27	30	50	31	31
Listings Expired	23	16	28	19	26
Average Days on the Market	80	193	93	188	56
Average Price Per Sq. Ft.	$420	$414	$431	$416	$427
Average Selling Price	$972,274	$991,057	$917,052	$1,007,310	$951,542
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	25.0	22.7	11.4	14.8	18.0

Condos	May-08	Jun-08	Jul-08	Aug-08	Sep-08
New Listings	6	5	8	4	7
Total Listings	18	20	20	17	19
Sales Pending	4	3	2	3	3
Condos Sold	3	5	7	5	8
Listings Expired	6	1	2	2	9
Average Days on the Market	153	98	74	153	138
Average Price per Sq. Ft.	$299	$343	$315	$303	$292
Average Selling Price	$503,296	$559,300	$475,357	$456,800	$502,350
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	26.0	17.3	12.4	14.7	10.3

Townhomes	May-08	Jun-08	Jul-08	Aug-08	Sep-08
New Listings	10	16	16	6	15
Total Listings	33	34	35	20	32
Sales Pending	8	14	6	1	8
Townhomes Sold	15	6	18	7	7
Listings Expired	2	8	7	11	5
Average Days on the Market	111	80	86	83	55
Average Price Per Sq. Ft.	$329	$353	$316	$349	$293
Average Selling Price	$579,700	$579,333	$553,111	$603,571	$581,698
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	9.5	24.6	8.4	12.4	19.8

Data taken from ITEC (Pasadena Foothills Association MLS service)

SEARCH ARCADIA HOMES FOR SALE (Single Family Residence)

SEARCH ARCADIA CONDOS AND TOWNHOMES FOR SALE

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.

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