So, what's going on with Altadena? Inventory is increasing and prices are going down. We are in a very strong buyer's market in Altadena. The number of homes under contract has increased which will help the situation if home buyers will be able to get financing and close escrows. Price per square foot of sold homes has increased although the overall Altadena home price has increased. Home buyers are careful with how much they are willing to pay and are buying smaller homes.
Condos and townhomes in Altadena are non-existent at the moment.
Altadena Real Estate Market Statistics for June through September 2008:
|Single Family Residence||Jun-08||Jul-08||Aug-08||Sep-08|
|Average Days on the Market||116||139||92||139|
|Average Price Per Sq. Ft.||$378||$382||$345||$360|
|Average Selling Price||$745,097||$690,833||$640,167||$553,587|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||19.2||17.9||12.4||15.6|
|Condos and Townhomes||Jun-08||Jul-08||Aug-08||Sep-08|
|Average Days on the Market||12||n/a||n/a||n/a|
|Average Price Per Sq. Ft.||$431||n/a||n/a||n/a|
|Average Selling Price||$535,000||n/a||n/a||n/a|
Real estate data based on information from ITEC (Pasadena Foothills Association MLS service)
Real estate market activity with real time updated data can be found on Pasadena California Real Estate Blog's How is the Real estate Market tab. These real estate housing reports are gathered and updated by Altos Research and will be emailed to you with my compliments.
Posted by Irina Netchaev, Real Estate Agent.