The Arcadia residential real estate market can be described
as “Red Hot”. It is very simple. Lack of
inventory across all home price ranges coupled with very strong buyer demand
has resulted in a very heated market.
Properties that are priced “right” and effectively marketed receive
multiple offers and sell quickly. All
cash offers are common.
Clarus Market Metrics figures clearly tell the story. The December 2012 Arcadia median price of
residential homes sold was $995,000, up 27.6% from the year earlier! This
number is a little misleading because of
the number of newly built (high priced) homes sold; but is still a very
dramatic number. Illustrating lack of
inventory, in December the number of Arcadia homes for sale was 152, down 44.3%
from a year earlier. December inventory represented a 2.3 month “supply” of homes for sale per the current sale velocity.
Working with a young family who were looking for an Arcadia
home priced between $900,000 and $1,100,000, only five (5) homes in this price
range were available for sale at the end
of February – not much to choose from.
The L.A. Times recently reported the median sale price in
Arcadia 91007 zip code hit $1,199,000 during the 4th quarter of last
year – 18% higher than in the 4th quarter of 2007, when the median
sales price hit its peak before declining. The Times article stated Arcadia’s
91007 zip code was the only So. Calif. Zip code to pass its peak achieved
during the last real estate upturn.
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