March Market Stats
Here is an update on Single Family Homes in Arcadia Proper...
Where are the opportunities for Buyers?
With only 4 homes sold so far this year priced between $2 and $3 million, this price range is experiencing a lot of competition with 20 homes available for sale. In last six months, 7 homes have sold in this range. If no new homes were to come on the market, it would take 17 months (over 510 days) to sell through all of the inventory. This favors buyers, a balanced market is 6 months worth of inventory.
As always, the real opportunity for buyers remains the same...homes that have a functional floor plan and just need a little bit of updating. After a little bit of remodeling, you get to experience the gain in equity for yourself.
Where is the opportunity for Sellers?
Many new construction homes are in this $2M to $3M price range. If you are a builder, this type of product seems to be the most desirable to Arcadia buyers, so the outlook might not be so bad. A well thought-out new home will typically sell more quickly than homes that need work. Also, Valley-wide, there is 21 months of inventory in that price range, so Arcadia's 17 months doesn't look so bad.
General Arcadia Snapshot
You can tell we are the the midst of our strong Spring selling season. Prices and volume are up, but homes are taking a little bit longer to sell than last year at this time.