Oct. 5, 2008

Alhambra Real Estate Market Report - 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)

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 626.629.8439.

Posted by Irina Netchaev, real estate broker


 


Irina is a Top Realtor and the founder and President of Pasadena Views Real Estate Team™. She is available to assist you in all of your Real Estate transactions. Email or call her today at (626)629-8439.

Are you relocating to Pasadena?  If so, take a look at our 365 Things To Do In Pasadena® .  Call us at 626-629-8439 to schedule a time for your free home buyer or home seller consultation!

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