The Arcadia residential real estate market is very “hot”. It is simple. Lack of inventory (available houses for sale) across all home price ranges coupled with very strong (in some cases frenzied) 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. Many times the sales price will exceed the listed price.
The L.A. Times recently reported that Arcadia’s 91007 zip code was the first So. Calif. Zip code where in the median home sales price exceeded its peak achieved during the last real estate upturn.
If one were looking in early June for an Arcadia home in the $800,000 to $1,100,000 price range, there would only be seven homes listed and available for sale – not much to choose from.
Two sales in southwest Arcadia illustrate the temperature of the market. A 1966 built, exquisitely remodeled (turnkey) 3,045 sq. ft. (4BR 3BA) home situated on a 16,540 sq. ft. corner lot sold for over $705 per sq. ft., $2,150,000. About one-half mile away, a 1962 built, 5BR 5BA, 2,532 sq. ft. home situated on a 11,941 sq. ft. lot sold for $1,320,000, $220,000 over the $1,100,000 list price.
For more information on Market Conditions give me a call.
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