Pasadena CA Real Estate

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:

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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Related Posts:

• Arcadia Real Estate Market Report for August 2008 and Real Estate Housing Trends