Inventory and Market Report – 4/26/08

Zip Codes: 91006, 91007market_icon.jpg

Current Market Listings as of April 26th, 2008*
Properties for Sale: 231(+9)
Median Listing Price: $779,000 (-2.5%)

Weekly Foreclosure Update*
Properties in Foreclosure: 24(+3)
Properties in Pre-Foreclosure: 64 (-2)
*+/- is compared to previous week’s data.

March numbers for Arcadia have been reported. Let’s take a look at how first quarter of 2008 fared.

2008 First Quarter Sales Report

Date Sold Median Price Change YOY
January 32 $687,500 4.17%
February 32 $815,000 -20.61%
March 35 $725,500 -13.16%

Looking at the numbers above, I would say the following Craigslist post holds more truth than humor (formatted for punctuation and spelling):

$300,000 – SAVE 20-30% more on Foreclosures and Lender Owned.

Go ahead and deal with some private party home represented by someone else looking to get into your pockets and asking for top dollar because they think it’s still 2006. Or the homeowner owes way more than the house is worth. Just wait and watch as thousands of homes currently in the foreclosure process pop up everywhere and houses that were selling for $600-800k are selling for $300-400k.

You would have to be rich and don’t care or completely clueless to even consider purchasing a home on a regular listing at this time. WAIT-WAIT-WAIT just 5-6 more months and you will save an additional 20-30% off a market that has alreadt dropped 20-25% in the last 6 months.

-313 mockingbird ln. at eddy & munster

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

5 thoughts on “Inventory and Market Report – 4/26/08”

  1. Great Blog. I like it Yesterday, I went to observe the auction for 38 W. Forest Ave. he final bid price is 557K, which is still too high to me.

  2. Auctions are tough to judge, most people tend to overpay if they are not careful. They get caught up in the competition and overbid.

    Many people who had friends pay 800K in the same area will see 557K as a huge discount. It may be high or may be a fair price, only time will tell. But I hope the prices continue to come down, I really can’t afford Los Angles at these prices and neither can fireman, policeman, nurses, etc. An overpriced housing market hurts everyone.

  3. Sean,

    I don’t think affordable housing is addressed enough by the media and our politicians. Here at AHB, we aren’t unrealistic in hoping to buy a decent 2,000SF home for $250k.

    I believe a decent home (depends on the buyer’s need) should be attainable through a 20% down payment and affordable monthly mortgage.

  4. Also don’t forget that at many of those auctions, they have a 5% fee for the auctioneer. Also, at some auctions, the seller doesn’t have to accept the final bid if they think it’s too low. Unclear if any of that applies to this particular auction, but many would-be buyers have gotten burned when they think they got a good price relative to comps.

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