In reviewing the market statistics for Alhambra real estate, it is clear that 2009 started strong with almost double the home sales and Alhambra homes that went under contract compared to the last several months of 2008.
It's interesting to note that 14 homes came up on the market for sale in Alhambra and only one of the 14 is a short sale. There were no new foreclosure homes.
READ MORE: Why foreclosure homes are not what you think they are!
Alhambra home sellers that listed their homes for sale in January were much more realistic in their pricing with the average price per square foot running at $354 vs. the homes that have been marketted prior to January averaging closer to $385 per sq.ft. Compare that to actual home sales at $322 per sq. ft. in January.
Interest rates were the lowest in 50 years hitting to below 5% which encouraged buyers to finalize their home purchase and take advantage of low prices as well as low monthly payments.
The highest priced home available for sale in Alhambra is at 1301 Hoeffer Drive listed for $1,890,000. It's a 5 bedroom home with 3,600 sq. ft. and was built in 2008.
The lowest priced home available for sale in Alhambra is at 1304 Milton Avenue and is offered for sale at $319,000. This home is 740 sq. ft. and has 2 bedrooms and 1 bath.
Alhambra condos had no sales at all in January. Although 9 Alhambra condos went under contract in January 2009 compared to only 2 in December 2008. The inventory is remaining pretty constant at 30 available units, but priced fairly high at $324 per sq. ft.
2 Alhambra townhomes closed escrow in January and only 1 townhome went under contract. 13 Alhambra townhomes are available for sale.
I anticipate condos and tonwhomes in Alhambra dropping in value pretty fast given the amount of inventory and the rate of sales. If everything remains constant, it'll take Alhambra condo sellers over a year and half to sell their homes! Alhambra home sellers need to realize that time is not their friend. Each day their home stays on the market, it will value less and less. Only sell your Alhambra home if you are serious and need to sell! Don't torture yourself with placing your home on the market at an unreasonable price.
Here's the Alhambra real estate data for the last three months for your review (November 2008 through January 2009):
| Alhambra | |||
| Single Family Residence |
Nov-08 | Dec-08 | Jan-09 |
| New Listings |
14 | 15 | 14 |
| Total Listings |
54 | 51 | 55 |
| Sales Pending |
8 | 7 | 13 |
| Homes Sold | 7 | 8 | 14 |
| Listings Expired |
7 | 11 | 12 |
| Average Days on the Market |
92 | n/a | 68 |
| Average Price Per Sq. Ft. |
$329 | $312 | $322 |
| Average Median Price |
$540,000 | $445,063 | Not Available |
| Average Selling Price |
$552,714 | $470,000 | $441,957 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) |
33.4 | 27.6 | 17.0 |
| Condos and Townhomes |
Nov-08 | Dec-08 | Jan-09 |
| New Listings |
12 | 6 | 9 |
| Total Listings |
40 | 28 | 43 |
| Sales Pending |
1 | 2 | 10 |
| Homes Sold | 7 | 5 | 2 |
| Listings Expired |
5 | 11 | 11 |
| Average Days on the Market |
45 | n/a | 112 |
| Average Price Per Sq. Ft. |
$269 | $295 | $263 |
| Average Median Price |
$365,000 | $390,000 | $305,750 |
| Average Selling Price |
$367,000 | $397,000 | $305,750 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) |
24.8 | 24.3 | 93.2 |
If you are interested in seeing all current Alhambra homes for sale, see the list below.
Feel free to sign up for a VIP membership which will allow you to save home searches and be notified via email every time a new Alhambra home is listed with your saved criteria.
If you are interested in seeing all foreclosures in Alhambra and surrounding cities, see the list below:
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
