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Arcadia Real Estate Market and Housing Report – September 2008

Arcadia Real Estate Market and Housing Report – 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.

Related Posts:

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Posted on October 29th, 2008
Posted by: Irina Netchaev

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