Pasadena Real Estate

Not much change in the Monterey Hills real estate inventory in November 2008.  Monterey Hills townhomes are non-existent - only one unit on the market.  Monterey Hills condos are also pretty much at a stand-stil with no new condo listings in November and only eight total condos available for sale. 

Statitstics for Monterey Hills real estate for September through November 2008:

See Monterey Hills condos and townhomes available for sale below:

(Please note, because there are multiple listing services in the Pasadena Monterey Hills area and our listing service combines condo and townhome information from all these listing services, some of the home listings can be duplicated since these condos and townhomes have been entered into each indivdual service separately - have fun searching)

Data taken from ITEC (Pasadena Foothills Association MLS service)

If you are interested in beginning your search for a Monterey Hills condominium or townhouse, please click on the search home link.

For weekly updates on Monterey Hills real estate market activity, please feel free to request market analysis reports with detailed information by clicking here.  These reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

Posted by Irina Netchaev, Monterey Hills Real Estate Agent                 626-627-7107    

I've been posting monthly real estate market report updates on this site for cities around Pasadena. One of the key real estate indicators that I refer to is the Market Action Index or MAI.

What is the Market Action Index ? And, why does the Market Action Indicator matter?

Residential house prices are a function of supply and demand, and market MARKET ACTION INDEX conditions can be characterized by analyzing those factors.

My research company, Altos Research uses an algorithm to divide a Buyer's Market from a Seller's Market. The red line at 30 is that line.

For example in the graph below for Pasadena's real estate market, it has been a COLD, BUYER'S MARKET since end of 2007 with the MAI hovering quite a bit under the balanced market of 30, closer to 15. Now, this graph is for the entire Pasadena real estate market. Each zip code within the city has a different MAI.

Come back to this site to watch this index for sustained changes: if the index falls into the Buyer's Market zone for a long period, prices are likely in for a downward correction.

The Market Action Index (MAI) illustrates the balance between supply and demand using a statistical function of the current rate of sale versus current inventory.

An MAI value greater than 30 typically indicates a "Seller's Market" (a.k.a. "Hot Market") because demand is high enough to quickly gobble up available supply. A hot market will typically cause prices to rise. MAI values below 30 indicate a "Buyer's Market" (a.k.a. "Cold Market") where the inventory of already-listed homes is sufficient to last several months at the current rate of sales. A cold market will typically cause prices to fall.

If you are interested in receiving a weekly real estate market reports with the Market Price Index, you can request Market Real Estate Report here and it will be emailed to you automatically each Monday. This is a report that I order specifically for the readers of my website from Altos Research who specializes specifically in real estate housing market activity throughout the country.

I currently offer real estate market reports for Pasadena, Alhambra, San Marino, South Pasadena, Monterey Hills (under Los Angeles 90042), Arcadia, Altadena, San Gabriel and more.

If you have additional questions about the state of the Pasadena housing market, please call me at 626-627-7107 .

Irina :-)

I just came across a chart from my favorite real-time real estate analysis company - Altos Research - analyzing the health of Pasadena California's real estate market in January of 2006.  Since Pasadena real estate blog subscribes to all the latest real estate reports from Altos, I thought it would be interesting to compare the above Pasadena real estate snapshot to the one that was just received on December 15, 2008 - almost 2 years later.

Looking at these Pasadena housing statistics side by side, it's interesting to note the following:

• Median List price is 20% lower in 2008 vs. 2006
• There are properties for as low as $120,000 in 2008.  The lowest priced home in January of 2006 was $459,000.
• Average price per square foot of Pasadena homes for sale dropped by 17.6%.
• The available Pasadena home inventory increased by almost 54%!
• It is taking twice as long to market a home now - almost 4.5 months.
• 44% of homes listed expire and have to be relisted by Pasadena realtors compared to only 17% in December of 2006.  Main reason for re-listing Pasadena homes is incorrect and overly high pricing.
• Which leads to 2 out of 3 properties needing a price reduction - 40%.

READ More:  Pasadena real estate market statistics - October 2008

                        State of Pasadena Housing Market by Chief Economist of California Association of Realtors

Search for Pasadena homes:

Posted by Irina Netchaev, Pasadena Realtors

This question comes up quite often these days:

"What is the difference between a foreclosure property and REO (real estate owned)? A foreclosure is a legal process in which, against the wishes of the owner, real property is sold to satisfy a public or private debt for which the real property has been pledged as security. Real Estate Owned (REO) is real property that has been foreclosed by a lender and is now owned by the lender. There's a lot of confusion between a foreclosure and REOs. When real estate buyers call me asking about foreclosures in most instances, they are really inquiring about REOs and here's why?

• A foreclosure property goes through a foreclosure auction which is usually held on an assigned date on the steps of a local court house.
• Foreclosure property buyers need to be able to purchase the property for ALL CASH.
• Foreclosure property buyers inherit all unpaid liens, including mortgage debt, taxes, construction loans, home equity lines of credit, and possibly a second or third mortgage.

On the other hand, an REO property is:

• REO property is already owned by the bank.
• Home buyers are able to get a regular mortgage or loan on that property. All cash is not needed.
• REO properties in most instances come with clear title.

Five things to look for when purchasing REO or already foreclosed homes:

1. Work with your Pasadena realtor and the Title Company representative to ensure that the title to the Pasadena home you're buying is free and clear.
2. Understand that most foreclosures occur in a down-trending market. Factor in falling home prices into your purchase offer. Look at the current local market conditions and historical trends prior to submitting your offer to the bank.
3. Banks do NOT provide many disclosures, so be prepared for surprises. Ensure that all home inspections are completed - don't forget a sewer line inspection - prior to close of escrow.
4. Look for neighborhoods that are not overrun with foreclosures. Neighborhoods with many foreclosures might offer better prices, but will take a lot longer to turn around and the home prices will continue to depreciate.
5. If you are looking to buy an already foreclosed property as an investment, be aware that lenders charge higher interest rates on 2nd homes and investment property. Speak to a lender and get fully approved prior to making an offer.

Below is a list of REOs or already foreclosed homes in San Gabriel Valley including Pasadena and surrounding cities:

Interested in discussing if a foreclosed home is right for you? Give me a call at 626-627-7107.

The number of home sales in Altadena has plummeted in November to 17 from 30.  That's quite a drastic drop in sales with December not looking any more promising since the number of Altadena homes in escrow at only 18. 

Overall, the price per square foot is holding in the low $300s, but Altadena homes in the higher price range are just not moving.  That's indicative of the Altadena median home price dropping to $360,000.

Altadena homes on the market now are averaging around $730,000. 

The highest priced home in Altadena for sale in November was at 1690 East Altadena listed for $2,850,000.

The lowest priced Altadena home for sale in November was at 849 Figueroa Drive for $240,000.

Below is a list of all Altadena homes for sale in the Multiple Listing Service. To get notified of new Altadena listings as they come up on the market, please register for a free VIP account and set up your own Altadena home criteria and as many searches as you would like:

To search Altadena foreclosures, as well as, foreclosures in Pasadena and surrounding cities, please see the list below:

Data compiled from ITEC (Pasadena Foothill Association Multiple Listing Service)

I invite you to request Altadena's real estate market real time reports by clicking How's the Market button on my real estate blog.  These reports are compiled by Altos Research and the analysis is emailed to you weekly.  I also offer real estate market reports for San Gabriel, San Marino, South Pasadena, Pasadena, Arcadia, Altadena, Monterey Hills and more.

If you would like to search for homes in Altadena, please visit the free home search here on this real estate website.

For a private consultation about buying or selling your Alhambra home, or if you have other real estate related questions, I'd love to hear from you at 626.627.7107.

Posted by Irina Netchaev, real estate broker