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Alhambra Real Estate Market Report - September 2008

Alhambra real estate market update for September 2008

Inventory for Alhambra single family homes for sale was lower from August to September for both new home listings (18 new Alhambra listings to 14) and overall homes on the market (67 active listings in August to 54 active Alhambra listings in September.) Closed Alhambra sales unfortunately were down drastically in September from the summer high of 21 homes sold in August to only 13 Alhambra homes closing contract in September.

If homes don't sell as quickly, but the inventory is still pretty much the same, we're looking at higher absorption rates and lower prices down the road, especiallly moving into the slower fall and winter months. This will create excellent opportunity for cash rich and credit strong buyers and lower profits for sellers.

If you have an Alhambra home for sale or are considering selling your Alhambra home, t is more critical now than ever to track the real estate market trends and not overprice your house. There's no point in putting your home on the market and listing it in the MLS if you are not serious about selling or if you do not have to sell right now.

The market's downward trends are shared across both price and value. Consumers are recently placing less value on homes (you can see the recent declines in price per square foot for SFR - single family homes - as evidence.) Look for significant changes in the Market Action Index as a precursor to price and value changes, possibly as inflection points for good investment opportunities.

Alhambra Real Estate Market Statistics and Key Indicators for June 2008 through September 2008:

Single Family Residence	Jun-08	Jul-08	Aug-08	Sep-08
New Listings	12	21	18	14
Total Listings	54	61	67	54
Sales Pending	14	17	9	12
Homes Sold	13	15	21	13
Listings Expired	9	8	9	12
Average Days on the Market	112	62	82	213
Average Price Per Sq. Ft.	$414	$350	$363	$328
Average Selling Price	$511,692	$505,133	$484,967	$693,241
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	18.0	17.6	13.8	18.0

Condos and Townhomes	Jun-08	Jul-08	Aug-08	Sep-08
New Listings	14	11	11	10
Total Listings	45	39	36	37
Sales Pending	11	11	10	4
Homes Sold	8	12	8	9
Listings Expired	7	7	7	10
Average Days on the Market	66	84	103	40
Average Price Per Sq. Ft.	$280	$305	$296	$316
Average Selling Price	$373,238	$406,708	$364,944	$403,299
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	24.4	14.1	19.5	17.8

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

I invite you to request Alhambra'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 Alhambra, 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

http://www.pasadenacarealestatehomes.com/00773B