Arcadia home sales came to a standstill in October. The number of new properties on the market increased for all categories - homes, condos and townhomes. The total number of units increased and the absorption rate is the highest it's been in awhile.
Interestingly enough, when I am out looking for homes in Arcadia under $1 million with my clients, we are having a difficult time finding decent properties iln that less than $1 million range. These homes tend to sell fairly quickly if they are in good condition and priced appropriately for the market. The homes over $1 million are being marketed much longer even if the price per square foot is reasonable. Partly, this has to do with the difficulty of obtaining financing and the higher down payment requirements that banks are requiring Arcadia buyers to put down.
Read More: California Housing Outlook by CAR (California Association of Realtors) Chief Economist
Back to statistics - Arcadia homes that are currently offered for sale are priced at an average of $451 per square foot. The solds tell the story of why these homes are sitting on the market for so long - Arcadia homes that closed escrow, sold for $378 per sq. ft. in October. There are also 6 foreclosures or bank owned properties available for Sale in Arcadia now.
The lowest priced Arcadia home on the market in October was 11314 E La Rosa Street. It is offered at $410,000 and has 3 bedrooms and 2 baths with 1,400 sq. ft.
The most expensive Arcadia home in October was 330 West Naomi Avenue. Offered at $3,680,000, it has 7 bedrooms and 8 baths and has an amazing 8,166 sq. ft.
If you are interested in searching Arcadia homes currently on the market and listed in the MLS (Multiple Listing Service), take a look at the direct MLS access below:
If you are interested in searching Arcadia homes currently on the market that are bank owned or in foreclosure status, you can see them below:
Arcadia Real Estate Housing Statistics for August 2008 - October 2008:
Single Family Residence |
Aug-08 | Sep-08 | Oct-08 |
New Listings |
31 | 42 | 55 |
Total Listings |
106 | 129 | 152 |
Sales Pending |
16 | 22 | 22 |
Homes Sold | 31 | 31 | 21 |
Listings Expired |
19 | 26 | 25 |
Average Days on the Market |
188 | 56 | 134 |
Average Price Per Sq. Ft. |
$416 | $427 | $378 |
Median Selling Price |
$825,000 | $808,000 | $780,000 |
Average Selling Price |
$1,007,310 | $951,542 | $900,643 |
Absorption Rate (# of weeks to sell current inventory at present rate of sales) |
14.8 | 18.0 | 31.4 |
Condos | Aug-08 | Sep-08 | Oct-08 |
New Listings |
4 | 7 | 18 |
Total Listings |
17 | 19 | 30 |
Sales Pending |
3 | 3 | 1 |
Condos Sold | 5 | 8 | 3 |
Listings Expired |
2 | 9 | 3 |
Average Days on the Market |
153 | 138 | 92 |
Average Price per Sq. Ft. |
$303 | $292 | $327 |
Median Selling Price |
$435,000 | $541,500 | $385,000 |
Average Selling Price |
$456,800 | $502,350 | $411,000 |
Absorption Rate (# of weeks to sell current inventory at present rate of sales) |
14.7 | 10.3 | 43.3 |
Townhomes | Aug-08 | Sep-08 | Oct-08 |
New Listings |
6 | 15 | 11 |
Total Listings |
20 | 32 | 29 |
Sales Pending |
1 | 8 | 5 |
Townhomes Sold | 7 | 7 | 3 |
Listings Expired |
11 | 5 | 7 |
Average Days on the Market |
83 | 55 | 123 |
Average Price Per Sq. Ft. |
$349 | $293 | $338 |
Median Selling Price |
$539,000 | $630,000 | $680,000 |
Average Selling Price |
$603,571 | $581,698 | $635,000 |
Absorption Rate (# of weeks to sell current inventory at present rate of sales) |
12.4 | 19.8 | 41.9 |
Data taken from ITEC (Pasadena Foothills Association MLS service)
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ARCADIA HOMES FOR SALE (Single Family Residence)
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ARCADIA CONDOS AND TOWNHOMES FOR SALE
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