Tag Archives: Inventory

Inventory

Inventory & Market Report – 4/5/08

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Zip Codes: 91006, 91007market_icon.jpg

Current Market Listings as of April 5th, 2008*
Properties for Sale: 255 (+21)
Median Listing Price: $775,000 (+0.5%)

Weekly Foreclosure Update*
Properties in Foreclosure: 20 (+1)
Properties in Pre-Foreclosure: 67 (+3)
*+/- is compared to previous week’s data.

A friend came up to me a few weeks ago and he was saying how Arcadia’s high-end real estate market will hold up just fine. According to him, Asians would never miss a mortgage payment or allow their homes to go into foreclosure so prices won’t be forced to drop.

So I had two questions:

1) Who ever said Asians were the only one building and living in Arcadia McMansions?
2) What makes an Asian speculator (i.e. screwed flipper) different from, say, a white, hispanic or black speculator?

When your investments are tanking, there comes to a point when it’s time to cut your losses and move on. Many people who bought during the bubble were not planning to live in their homes for 15-30 years. Ask any honest Realtor and he/she will tell you that their were no shortage of individuals lured into the housing market due to its double digit price appreciation.

So why don’t you take a minute, pour through the pre-foreclosure listings, and let me know if Asians are exempt from this tanking market.

Oh yes, speaking of foreclosures, reading this story would make me think twice about bidding on a home that the previous owner was forced out of:

Woman Accused Of Burning Home On Eve Of Foreclosure

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

Inventory

Inventory and Market Report – 3/7/08

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Zip Codes: 91006, 91007market_icon.jpg

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
chart_median_sales_price_jan08.jpg

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.

Inventory

Inventory and Market Report – 2/16/08

Zip Codes: 91006, 91007market_icon.jpg

Current Market Listings as of February 16th, 2008
Properties for Sale: 248
Median Listing Price: $755,000

chart_median_sales_price.jpg

Foreclosure Updates as of February 16th, 2008
Properties in Foreclosure: 10 (+2*)
Properties in Pre-Foreclosure:70 (+4*)
*Compared to previous week.

In 2000, the estimated median value of homes and condos in Arcadia was $393,700. Based on U.S. Census data, that figured ballooned to $903,500 in 2005. That’s a 129% increase of value. Do your investments return 25.8% annually?

Just 5 months ago, Doctor Housing Bubble had reported that “Arcadia with a median of $752,000 is up 19.3 percent year-over-year.” Will 2008 see more record appreciation levels?

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

Inventory

Inventory and Market Report – 2/2/08

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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 Foreclosure.com. Monthly sales numbers obtained from DataQuick News.