Arden-Arcade Market Update: November 2008
The face of real estate in Arden-Arcade may be changing, or this month may have just seen a more normal month than October. There’s nothing “normal” about this market of course when 97 foreclosures make up just 2 months of inventory. Last month, I was surprised when one foreclosure was selling every day; needless to say, now I’m just speechless.
Year over year the numbers do not look good at all. Sold price per square foot has dropped 30.4% over last November - from $233.50 to $162.58, almost the same as last month’s $162.19. Average sales price has dropped 30% over last year from $350,724 to rest at $245,436. Median sale price is also down 38.2% from $275,000 to $170,000. Not great numbers, but a little heartening when compared with last month’s average of $218,954 and median of $166,000.
Of course, the majority of sales remain distress sales. 47.8% of inventory sold was foreclosed property and 16.4% were short sales. Non-distressed sales were down by 45.5% and made up just over a third of all sales: 36% to be exact. Overall unit volume is up by 13.6%.
Inventory is at 5.6 months based on the last 12 months of sales and 4.5 months based on the last 6 months of sales.
