July Market Snapshot
July stats for greater Arcadia area. Home size is up 27% and prices are up 47% from last year at this time...but they are taking 38% longer to sell. Of course, this is VERY general, give me a shout to drill down into your hood.
If we look at Arcadia Proper (Camelback to Indian School, 44th Street to 68th Street), the homes that sold are 9% bigger and cost 13% more than in July 2015. The really surprising stat: they are taking 74% longer to sell, the days on market increased from 81 to 141. What can we attribute to that uptick in marketing time? Most likely sellers have a false sense of their home's value and have listed their property at too high of a price. It might be take several reductions to find the "correct" price and hence, longer days on market.