The volume of listings in Alhambra has remained pretty constant in the last several months, although we see a definitely decrease in the number of home sales sold - down from 13 homes sold to only 7. Alhambra condos and Alhambra townhome sales remained fairly stable although December is going to show a dramatic drop since only 1 condo/townhome went into escrow in November.
Alhmabra homes that did sell in November, sold on average at 96% of asking price, although 3 homes out of 8 sold at or above asking.
Average price per square foot for Alhambra homes listed for sale is $377 way above, the average sold price of $329 which would explain why these homes are staying on the market for so long - 127 days on average. Absorption rate (number of weeks that it takes to sell Alhmabra homes given existing inventory and rate of sales) has increased to over 33 weeks.
Lowest priced Alhambra home on the market for November 2008 was at 3710 Stockbridge Avenue, a 2 bedroom/1 bath at $425,000.
Highest priced Alhambra home on the market for November 2008 was at 1302 Hoeffer Drive - a 5 bedroom/6 bath, new construction at $1,890,000 at a whopping $525 per square foot.
Alhambra real estate market statistics for September through November 2008:
| Single Family Residence |
Sep-08 | Oct-08 | Nov-08 |
| New Listings |
14 | 12 | 14 |
| Total Listings |
54 | 52 | 54 |
| Sales Pending |
12 | 8 | 8 |
| Homes Sold | 13 | 13 | 7 |
| Listings Expired |
12 | 12 | 7 |
| Average Days on the Market |
213 | 145 | 92 |
| Average Price Per Sq. Ft. |
$328 | $360 | $329 |
| Average Median Price |
$495,000 | $525,000 | $540,000 |
| Average Selling Price |
$693,241 | $517,808 | $552,714 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) |
18.0 | 17.3 | 33.4 |
| Condos and Townhomes |
Sep-08 | Oct-08 | Nov-08 |
| New Listings |
10 | 10 | 12 |
| Total Listings |
37 | 35 | 40 |
| Sales Pending |
4 | 11 | 1 |
| Homes Sold | 9 | 5 | 7 |
| Listings Expired |
10 | 6 | 5 |
| Average Days on the Market |
40 | 66 | 45 |
| Average Price Per Sq. Ft. |
$316 | $271 | $269 |
| Average Median Price |
$412,500 | $365,000 | $365,000 |
| Average Selling Price |
$403,299 | $349,000 | $367,000 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) |
17.8 | 30.3 | 24.8 |
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
