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Arcadia Real Estate Market Report for August 2008 and Real Estate Housing Trends
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.
“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:
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
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