Arcadia & Biltmore Real Estate Market Update For July 2009

July 19, 2009

As damaging as the current downturn is, both Arcadia and the Biltmore are not as affected by foreclosures but the hurt is still there.

Welcome to another episode of how's the market in... I don't want to bore you with these numbers, but I will.
There is some value to following those little digits and how they change from month to month. They do tell their own story no matter how remedial or sleepy they it may be.

Arcadia, more or less 85018 except for that odd little piece right by the Phoenix Mountain Preserve that must have been left there as result of some mistake brought on by drugs or drink, has been doing well.
Inventory's been declining and sales increasing.

At last count there was an inventory of homes of 8 month. Still in the buyer's market but no so much as earlier in the year where it was almost double at 17 months: that's a number that probably had a lot of sellers weeping if they knew what it meant.
Sales are up to 35 in June. Expect sales to drop off as the summer continues and the seasonality of the market takes it affects.

Arcadia Neighborhood Real Estate Stats

Arcadia home sales statistics June 2008

The Distressed Market:

In Arcadia only 4% of the homes active are lender owned. 15% are short sale and the rest normal sales. However buyers want good deals so 26% of the home sold were lender owned and 14% short sale.

In the Biltmore area the numbers are a little bid different: 48% of the homes sold were lender owned and 22% were short sales.
Compare the numbers above to the market as whole where 57% were lender owned and 14% short sales.

Basically the fact is that the lower in the price range you go the higher the percentage of lender owned properties. The proportions may change a little bit in the future as the high end market goes through its owned pains but as a whole the trends will remain in que.

Biltmore Neighborhood Real Estate Stats

Biltmore area home sales statistics

In the Biltmore the same trends are visible as the entire market. That is seasonal the sales are up and inventory is down. Supply has dwindled down to a more respectable 6.1 months but on a days of inventory measure the number remains high at 277 days and in favor of the buyer. Expect some pressure on prices as the year continues.
We're heading in the right direction, but it will take a lot of effort and time to balance the market out.

To see what homes are for sale in these neighborhoods follow the links below the the respective dedicated neighborhood website.

(graphs are from The Cromford Report)