Los Angeles County's median home price and sales dropped last month, a trend that was reflected statewide. Some San Gabriel Valley areas, such as Walnut, posted gains in June, but some cities, such as Duarte, Diamond Bar, and Arcadia, showed declines in their median home prices. Arcadia's median home price fell 5.8%.
Home sales rise sharply in February with a 69.3% increase in sales in Los Angeles County over the same period a year ago. People are buying up foreclosed homes as prices drop in the San Gabriel Valley. Arcadia home prices came down 6.6%, whereas Azusa's home prices fell 45.3%. The median price of a single family home in the county was $298,000 in February, compared with $465,000 last year. Arcadia's median home price was the highest in the San Gabriel Valley, at $635,000. A chart of February median home prices is shown.
Summary of Los Angeles County reform efforts that perhaps will make unnecessary the efforts of the San Fernando Valley, the San Gabriel Valley and other areas to secede from Los Angeles County.
A special supplement, "Hi Neighbor . . . A Guide to Living in the San Gabriel Valley," offers information on the organization, services, entertainment, shopping, etc. of various cities in the area, including Arcadia.
An association of various discontented areas seeking to secede from Los Angeles County has been formed, but the San Gabriel Valley has not yet joined. The six proposed counties are: San Fernando Valley, Canyon, Chumash, Santa Monica, South Bay and Peninsula.
Harry Hufford, the chief administrative officer for Los Angeles County, predicted that taxes would double for residents of Newhall-Saugus-Santa Clarita Valley area if they were to break away from Los Angeles County. The same would hold true for the San Gabriel Valley.
Secession took a new turn with the news that the San Fernando Valley is also considering splitting off from Los Angeles County. Background of the reasons and feelings behind these moves in both the San Fernando and San Gabriel valleys is outlined.
In this ailing economy, San Gabriel Valley property values have dropped significantly, as reflected in the county's home assessments. The county property roll is at $1.1 trillion, a nearly 1% decrease compared to 2008. Homeowners will have smaller tax bills but cities are having to reduce services and employees as they lose businesses, sales tax revenue, and property tax revenue. See a chart of Los Angeles County Assessor's Office property values report showing Arcadia and neighboring cities. Arcadia is a city whose 2009 value increased 2.2% compared to last year.
Home prices in California have dropped almost 42% from a year ago, November, as a glut of foreclosed homes drove first-home buyers to buy on the bottom end. Statewide, a single-family home cost a median price of $285,680. In Los Angeles County, the San Gabriel Valley housing market is in bad shape. According to the California Association of Realtors, prices around the San Gabriel Valley ranged from lows of $256,000 in La Puente to highs of $692,500 in Arcadia, which saw a slight drop of only 4.8%, compared to last year.
A special 40 page supplement titled A GUIDE TO LIVING IN THE WEST SAN GABRIEL VALLEY offers information on city governments, recreation facilities, service organizations, medical facilities, restaurants, etc.
Los Angeles County home prices and sales continue to decline. The median price of a Los Angeles County home fell in October to $339,910, down 2.6% from September's price of $349,040. However, Arcadia led all California cities with a 40% jump from last year's median price. Currently the median home price in Arcadia is $856,000. Other San Gabriel Valley area median home prices are given.