Author: TheArcadian
March 9, 2008
Zip Codes: 91006, 91007
Current Market Listings as of March 7, 2008
Properties for Sale: 200 (-63)*
Median Listing Price: $758,000 (-2.7%)*
Median Sales Price for Homes in Arcadia
Weekly Foreclosure Update
Properties in Foreclosure: 14 (+0)*
Properties in Pre-Foreclosure:64 (+3)*
*+/- is compared to previous week’s data.
Interestingly enough, 63 Arcadia homes came off the market this week. How many of these were sales, de-listings or returned to the bank? I’ll be tracking this data as the figures come in.
A year ago people were saying that desirable cities like Irvine were immune to a significant decline in real estate values. Despite a bursting of the housing and credit bubble, higher family incomes and the influx of Asians would ultimately save that region of Southern California.
Readers of Irvine Housing Blog already know that this isn’t true and Irvine real estate is now bleeding from a stockpile of unsold homes and increasing foreclosures all throughout Orange County.
If last week’s series on empty McMansions was any indication, Arcadia will undoubtedly follow in Irvine’s footsteps as sellers begin realizing that their homes are being priced at ridiculous levels.
Property and foreclosure numbers obtained from U.S. Census, ZipRealty, Trulia, Yahoo Real Estate and Foreclosure.com. Market listings obtained from DataQuick News.
I guess the falling trend is moving from the south to north. San Diego, then Orange, and then LA. I would seriously consider moving to OC if the price there drops 30% in average.
San Diego was one of the first areas to boom so naturally they’re one of the first to fall. IHB has been documenting price rollbacks to 2004 in Irvine so things are moving. Prices 30% off (or more) the peak are coming. The wave of falling home prices and sales volume also comes from the IE out to the Westside in the direction of East to West.