Author: TheArcadian
March 2, 2008
Zip Codes: 91006, 91007
Current Market Listings as of March 1, 2008
Properties for Sale: 263 (+16)*
Median Listing Price: $779,000 (+0%)*
Weekly Foreclosure Update
Properties in Foreclosure: 14 (+3)*
Properties in Pre-Foreclosure:61 (-1)*
*+/- is compared to previous week’s data.
January sales figures are in:
Number of homes sold: 32 (+3 from Dec. 2007)
Median sales price: $687,500 (-13% from Dec. 2007)
In one month we saw a $102,500 drop in the median sales price (-13%). With an estimated median household income of $64,200, the median home price of $687,500 is 10.7 times that number. As the Wall Street Journal reports, California home prices are still 40% overpriced and we have a long way to go before housing becomes affordable again.
Graph provided by Yahoo/WSJ.
Just to get down to seven times incomes, prices would have to fall 37% tomorrow.
Property and foreclosure numbers obtained from U.S. Census, ZipRealty, Trulia, Yahoo Real Estate and Foreclosure.com. Market listings obtained from DataQuick News.
found your BLOG while visiting IHB. Just want to say hello. I am a Arcadian too. Great work!
AKR,
Thanks for the support. We’re always happy to hear from new and current readers!
[...] and more competition on the market and prices still need to go much lower. TheArcadian reported in yesterday’s Inventory and Market Report that volume and foreclosures both rose while median sales price dropped 13% in just one [...]