Arden-Arcade Real Estate Market Update: May 2009
If foreclosure sales fueled the real estate market, it goes without saying that once the foreclosure inventory begins to dry up, prices head up and sales begin to slow. Arden-Arcade is a textbook example of this: just 72 homes sold in the area this May, 25% less than a year ago. We see drops in just about every area of real estate too, from foreclosure sales (down 13.5%) to short sales (down 16.7%) to non-distressed property (down 48.6%) year over year.
The average sold price per square foot is currently at $174.73 which is higher than the last time we checked in March. It is however still 9.6% lower than a year ago when it was $193.29. Average sold price is $268,815 - a big jump over March’s $181,615 but still 9.8% lower than last May’s $297,877. Median sales price is currently at $179,000.
Inventory in Arden-Arcade is at 4.7 months based on the last year of sales and 5.1 months based on the last six months of sales. Foreclosure inventory is at 0.8 months no matter how you look at it.
