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Altadena California Real Estate Market Update - August 2008

Altadena Real Estate Market Trends

Altadena real estate market has shown a decreased number of available homes for sale from May 2008 to August 2008. This decrease is due to the pick up of home sales in the summer months, although looking at the number of homes that went under contract in August, it's clear that the summer rush is over. The average price of an Altadena home has been declining steadily with August ending at $640,167. Price per square foot of homes sold in Altadena has also decreased month after month to $345.

Altadena homes sold in August 2008 on average at 96.49% to their adjusted asking price. I say adjusted because more than half of the Altadena homes sold in August had price reduction prior to getting buyer bids and finalizing the sale.

Atadena condos and townhomes are almost non-existent since Altadena mainly has single family homes.

Single Family Residence	May-08	Jun-08	Jul-08	Aug-08
New Listings	55	36	21	27
Total Listings	169	137	132	89
Sales Pending	13	37	39	13
Homes Sold	25	31	32	31
Listings Expired	20	13	13	18
Average Days on the Market	94	116	139	92
Average Price Per Sq. Ft.	$383	$378	$382	$345
Average Selling Price	$680,790	$745,097	$690,833	$640,167
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	29.3	19.2	17.9	12.4

Condos and Townhomes	May-08	Jun-08	Jul-08	Aug-08
New Listings	0	1	2	0
Total Listings	3	4	4	1
Sales Pending	0	0	0	0
Homes Sold	0	1	0	0
Listings Expired	0	1	0	2
Average Days on the Market	n/a	12	n/a	n/a
Average Price Per Sq. Ft.		$431	n/a	n/a
Average Selling Price	n/a	$535,000	n/a	n/a