Arcadia and Biltmore Homes Sales Update

January 14, 2009

Recent sales of homes in Arcadia 85018 and the Biltmore area 85016.

In Arcadia, that is 85018 zip code, sales dropped in December to 14 from 17 the previous month and they were down from 2007, but then again, the last quarter of 2007 was really bad, it was the period where everything just kinda dropped off. If was so bad that maybe we should just forget it, wipe it off. That goes for the Biltmore area which I'll define later.

So why were sales lower this year then last year. Lack of financing. It it's a jumbo loan and lots of properties qualify for jumbo loan status because of their price tags: jumbo loans are just expensive. Plus the financial markets tanked and this greatly influences the higher priced range homes.

Inventor is another thing. It's way up to 24 months from 21 the previous month and 13 in 2007. Median price followed with a drop to $394,000 from $495,000 in 2007 and $513,000 in 2006. 36% of the homes sold were lender owned.

In the Biltmore area results were similar but there is a greater diversity of housing in 85016 then 85018. The median price was $224,000 in December 2008 down from $339,000 in 2007 which was up from the $300,000 in 2006.

Sales were lower up by 10 to 28 from only 18 in November and they were up from 2007 and up from 2006 as well. It was the combination of a desirable area and very attractive pricing that sparked the interest of many more buyers. 64% of the homes sold were lender owned.