Inventory and Market Report – 2/2/08

Zip Codes: 91006, 91007market_icon.jpg

Current Market Listings as of February 2nd, 2008
Properties for Sale: 256
Median Listing Price: $749,000

December 2007 Sales Report
Properties Sold: 29
Median Price: $790,000

Foreclosure Updates as of February 2nd, 2008
Properties in Foreclosure: 8
Properties in Pre-Foreclosure: 64

Although many local Realtors continue to claim that Arcadia’s housing market is still strong due to high demand, check out this Redfin link. Based on a rough estimate, about a quarter of the homes have been listed for 90+ days and we have just under 6 months worth of standing inventory. Although I expect these sales numbers to increase as we head towards Spring, I doubt 2008 will see the frenzy buying volume of ’05 and ’06.

Property and foreclosure numbers obtained from ZipRealty and Monthly sales numbers obtained from DataQuick News.

2 thoughts on “Inventory and Market Report – 2/2/08”

  1. I don’t understand the data. Median sales price is higher than median listing price? Does this mean buyers are paying more than list price? I’m not a mathematician, so…

  2. joanbob mounteer;

    The median listing price accounts for all the homes currently on the market.

    The median sales price reflects the just the properties sold in December.

    Based on these figures, the median asking price as of February 2nd, 2008 is lower that the median sales price of homes sold one month ago (Dec. 2007).

    I’ll clarify how the information above is presented. Sorry for the confusion.

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