Arcadia's median home price dropped to $719,000, down 3.2% in June 2009 from June 2008. A chart shows June median home prices in San Gabriel Valley areas.
As median home prices dip throughout Southern California, many local homes are being foreclosed. In 2007, there were 215 foreclosure filings in Arcadia. See chart for figures on surrounding areas.
California home prices continue to increase. Chart shows the change in median home prices from March 2004 to March 2005. The median home price in Arcadia went up 7.5% in the last year.
California's median home price posted its biggest annual gain in more than 5 years last month, rising 20.8% to $301,790, as reported by California Association of Realtors. Arcadia has the second-largest increase in the state with its median home price jumping 40.2% in March to $726,136 compared to $518,000 a year earlier.
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.
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%.
Los Angeles County's median home price is rising. In July, 2009, it was $339,430, up from $319,860 in June 2009, but well below $395,240 a year ago. Broker Chris Vigil thinks the market has hit rock bottom. Arcadia's median home price in July 2009 was $663,000, up from $626,500 a year ago (July, 2008). A chart shows figures from surrounding cities.
Los Angeles County total property values are on the rise again. The county as a whole saw its first increase in two years, at 1.49%, according to the 2010-201the Los Angeles County Assessor's Office annual property roll report. Walnut, Temple City and San Marino saw some of the San Gabriel Valley's greatest growth in property values last year. Arcadia's property values went up 2.8%.
Property values in the West San Gabriel Valley (Pasadena and surrounding areas) continue to climb, fueled by high home prices and relatively low unemployment, despite a down economy, according to a year's worth of data released by the Los Angeles County Tax Assessor. Arcadia's combined property value rose 4.4%, more than any city in the county. The strong resale value of luxury homes and the increased demand for new construction are the main factors that led to Arcadia's growth. Jeanne Keating, a realtor and president of the Arcadia Association of Realtors, says Arcadia's great schools, availability of luxury homes, a solid city government, and a stable community, all factor into Arcadia's $713,500 median home price.