November Arcadia Sales
Here is a summary of what happened in November in the general Arcadia area. Sales prices were down 6% as compared to last November, but up 4% as compared to last month. The length of time a home took to sell also increased by 3% last month as compared to October. Accurate pricing and quick adjustments are necessary to put your home in the best possible position with buyers. I can explain why pricing accurately out the gate leads to a shorter marketing time and greater returns.
Below is a look at just Arcadia Proper. We are slightly ahead of last year, but the real strength in the market this year has been in the lower end, 61 homes priced under $1 million have been gobbled up this year and the number available homes in that price range, 13, is only 2.3 months of inventory. Meaning that if no more homes were to come on the market in that price range, Arcadia would be out of homes in that price range in 2.3 months, very seller-favorable. But, that doesn't mean you can demand a higher price. The only properties that sell are accurately priced properties.
The price range between $2 and $3 million is exciting...more than one a month is selling. The homes priced over $3 million have a bit more competition for buyers and are selling a bit more slowly than last year, but still at a swift pace, given the limited number of buyers in that price range.