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.
"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're the last four months of real estate market statistics for Arcadia, California:
|Single Family Residence||May-08||Jun-08||Jul-08||Aug-08|
|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|
|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|
|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:
Irina is a Top Realtor and the founder and President of Pasadena Views Real Estate Team™. She is available to assist you in all of your Real Estate transactions. Email or call her today at (626)629-8439.
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