Inventory & Market Report – 3/29/08

Zip Codes: 91006, 91007market_icon.jpg

Current Market Listings as of March 29th, 2008*
Properties for Sale: 234 (-11)
Median Listing Price: $775,000 (+0)

Weekly Foreclosure Update*
Properties in Foreclosure: 19 (+2)
Properties in Pre-Foreclosure: 64 (-1)
*+/- is compared to previous week’s data.

Last February’s housing numbers are reporting nothing but negative news. Let’s start on the national level:

National Housing Data
Bloomberg is reporting that “Home prices in 20 U.S. metropolitan areas fell in January by the most on record.” After 13 straight months of falling prices, the S&P/Case-Shiller home-price index has dropped 10.7% since January of this year.

At the state level, California fared no better as DataQuick reported that February home sales were the slowest ever on record. “Sales were up 7.1 percent from 19,145 in January and down 34.3 percent from 31,228 for February last year.”

Arcadia Housing Data
Although Arcadia is a great city to live in, it is not immune to this housing crisis we are facing. So here are the numbers:

Number of homes sold
Quarter-ending February 2008: 121
Quarter-ending February 2007: 168

Home sales in Arcadia are down 28% from last year.

Median price of homes sold
February 2008: $647,000
February 2007: $815,000

Arcadia’s median home price is down $168,000 or -20.61% from last year.

Property and foreclosure numbers obtained from U.S. Census, ZipRealty, Trulia, Yahoo Real Estate and Market listings and price data obtained from DataQuick News.

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