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.