- SALES STEADY
- INVENTORY GROWING
- MEDIAN PRICE DECLINING
Wow! There
are a lot of homes for sale in Arcadia. It seems every block has at least one
for sale sign. At the end of July there
were 338 single family (detached) homes for sale, Active 286, Pending 34,
Backup 18. This represents more than a 50 percent increase from a year
earlier!
Concern about the Arcadia market is not warranted. Sales have remained relatively consistent. Through July 256 SFR’s have sold versus 278 for the same 2014 period. Through July the median sales price was $1,260,000, 21 percent less than the $1,425,000 median price a year earlier. Arcadia’s moderate to midrange SFR market is holding up well with the higher end market softer than last year. With the ballooning inventory, average days to sell (open escrow) have more than doubled from thirty a year ago to almost seventy days today.
Concern about the Arcadia market is not warranted. Sales have remained relatively consistent. Through July 256 SFR’s have sold versus 278 for the same 2014 period. Through July the median sales price was $1,260,000, 21 percent less than the $1,425,000 median price a year earlier. Arcadia’s moderate to midrange SFR market is holding up well with the higher end market softer than last year. With the ballooning inventory, average days to sell (open escrow) have more than doubled from thirty a year ago to almost seventy days today.
The story
for Arcadia condominium and townhome sales is not much different from a year
ago. Through July, the number of sales and median sales price were a little
greater than for the same period in 2014. At the end of July 100 were listed
for sale. Coincidently, at the end of July the same number, 100, have sold YTD
with a median sale price of $623,000 versus 92 sales for the same 2014 period
with a median sales price of $578,000.
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