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Recovery takes time!

* Duarte 2007 Home Sales = 195 with a Median Price of $460,000

* Duarte 2013 Home Sales = 197 with a Median Price of $350,000

* Monrovia 2007 Home Sales = 378 with a Median Price of $565,000

* Monrovia 2013 Home Sales = 377 with a Median Price of $490,000

* Arcadia 2007 Home Sales = 694 with a Median Price of $650,000

* Arcadia 2013 Home Sales = 704 with a Median Price of $730,000

So what does all this mean?

Although the San Gabriel Valley has been increasing its
sales volume numbers over the last few years this hasn’t necessarily
meant that we have returned to the price levels that we saw back in
2007.

Arcadia of course is the outlier here as it seems to have roared back
thanks to a run up of high real estate interest from all cash buyers
who pounced on relatively lower prices during the downturn.

Slow and steady wins the race though and to me, current opportunity
lies in the City of Duarte. In its neighborhoods, you’ll find the
small town appeal that Monrovia also boasts but house prices are much
more manageable for first time buyers or persons looking to downsize.

Many of my colleagues and plenty of home buyers I am working with are
still astounded by the pricing strategies in Monrovia. Sellers who had
been waiting to take advantage of low inventory levels may have waited
to long and this is being reflected in the lack of offers coming to
their listings. The correction is healthy though since it is
empowering home buyers who may have felt that they needed to step away
from the market indefinitely since there were so few housing options
out there.

All in all, the San Gabriel Valley has weathered this storm better
than most areas of So Cal or the US and trends are looking up.

* Information researched from the California Regional MLS.

Hugo Torres can be found online at HugoTorres.com or on Facebook at
facebook.com/monrovian21

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