Aug. 25, 2009

Home Sales Report for Pasadena Real Estate and Surrounding Cities

As many of my readers know, I have not been updating this blog on a regular schedule. It's been an extremely busy summer for me. My family and I just came back from a two week vacation in Maui. I have helped 14 families buy or sell a home over the last few months and have 6 open escrows as I write this post.

I can't tell you how busy and exciting this summer has been. We have seen the best and the worst in the real estate industry. Buying and selling homes in Pasadena has been evolving daily. Let's see:

  • Lenders were tight with their money. Lender conditions were outrageous and ridiculous at times. Many lenders are slowly, but surely are now moving back to a more balanced view and perspective on helping home buyers get home loans. The pendulum is slowly shifting to a bit more of a realistic approach to lending.
  • Bank of America went beserk with their take over of Countrywide and screwed up a ton of escrows. A few of my home buyers got caught in Bank of America's turmoil and no one in management seemed to care or be able to address any issues. There is only one B of A loan officer that I trust and will not work with any other. Email me for his name.
  • FHA loans with minimal down payment are more and more prevalant and accepted. I have helped several home buyers buy their Pasadena homes with only 3.5% or 5.1% down.
  • Home sales were down and then exploded with multiple offers on any home decently priced.
  • Bank foreclosures are here and more are expected. The last few months have shown that timing is everything when it comes to bank owned or REO homes.
  • Short sales are here, but need to go away... Only 1 in 9 are successful! Thank you, NOT, non-responsive loss mitigators.
  • California came out with a New Construction Credit and ran out of funds almost immediately!
  • First time home buyer credit is here for only a few more months. Yes... all you first time home buyers listen up: You have to find a home and buy it before November 1st, 2009 to qualify for your $8,000 tax credit. And, yes... it's an actual credit against what you owe. Pretty darn good!
  • New government regulations came out for the Truth in Lending and HVCC (Home Valuation Code of Conduct)
  • Home buyers now need to get pre-approved with at least 2 lenders. Although, if you are working with me to find your next home, you are most likely approved with 2 direct lenders and a mortgage broker. Minimum requirements if you are a serious buyer!

I can go on and on... but to not bore you and finish my real estate home sales reports, this month, I will combine the different city home sales reports in one. Too much guilt on my end for not getting them out timely. So... here goes...

Pasadena Home, Condo and Townhome Sales and Real Estate Reports:

Pasadena homes for sale are on the rise and many go under contract and into escrow with a fight between multiple buyers. Notice the average days on the market has decreased significantly, almost in half in July and the number of homes sold went up almost 40%. Pasadena real estate marke is definitely feeling the heat.

Single Family Residence Apr-09 May-09 Jun-09 Jul-09
New Listings 83 97 93 59
Total Listings 314 297 313 276
Sales Pending 95 117 111 111
Homes Sold 64 77 68 101
Listings Expired 34 35 31 22
Average Days on the Market 109 150 193 65
Average Price Per Sq. Ft. $369 $364 $408 $376
Average Selling Price $638,835 $695,670 $881,754 $712,909
Median Selling Price $550,000 $565,000 $660,000 $599,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 21.3 16.7 19.9 11.8
Condos Apr-09 May-09 Jun-09 Jul-09
New Listings 36 47 38 48
Total Listings 148 162 152 168
Sales Pending 30 56 44 51
Homes Sold 25 20 39 34
Listings Expired 23 33 29 18
Average Days on the Market 278 116 155 91
Average Price Per Sq. Ft. $344 $324 $330 $339
Average Selling Price $405,000 $389,550 $420,436 $462,626
Median Selling Price $330,000 $360,500 $430,000 $459,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 25.7 35.1 16.9 21.4
Townhomes Apr-09 May-09 Jun-09 Jul-09
New Listings 15 16 27 16
Total Listings 70 61 71 71
Sales Pending 18 33 24 23
Homes Sold 8 17 15 20
Listings Expired 8 18 5 5
Average Days on the Market 162 112 118 104
Average Price Per Sq. Ft. $346 $317 $340 $332
Average Selling Price $442,710 $ 450,118 $ 528,200 $ 510,000
Median Selling Price $413,340 $ 400,000 $ 480,000 $ 479,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 37.9 15.5 20.5 15.4

 

Altadena Home and Condo Sales and Real Estate Reports:

No major surprises in Altadena this month. One variance is the number of homes that have an accepted offer has jumped in July from the previous few months. Price per square foot of homes sold is inching up bit by bit.

Single Family Residence May-09 Jun-09 Jul-09
New Listings 25 35 33
Total Listings 83 90 85
Sales Pending 36 37 47
Homes Sold 28 24 27
Listings Expired 10 14 10
Average Days on the Market 103 81 72
Average Price Per Sq. Ft. $317 $316 $324
Median Selling Price $450,000 $497,500 $442,500
Average Selling Price $582,811 $589,788 $571,598
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 12.8 16.3 13.6
Condos and Townhomes May-09 Jun-09 Jul-09
New Listings 1 0 1
Total Listings 1 1 2
Sales Pending 0 0 0
Homes Sold 0 0 0
Listings Expired 0 0 0
Average Days on the Market n/a n/a n/a
Average Price Per Sq. Ft. n/a n/a n/a
Median Selling Price n/a n/a n/a
Average Selling Price n/a n/a n/a
Absorption Rate (# of weeks to sell current inventory at present rate of sales) n/a n/a n/a

 

Monterey Hills Condo and Townhome Sales and Real Estate Reports:

Inventory of condos and townhomes is sorely limited. Considering that there are over 3,000 condos and townhouses for sale in Monterey Hills, it is very difficult to find anything on the market. Buyers need to be constantly on top of the new activity since well priced condos go into escrow within hours.

Condos Apr-09 May-09 Jun-09 Jul-09
New Listings 3 0 4 0
Total Listings 6 4 6 1
Sales Pending 5 5 4 3
Homes Sold 2 2 3 7
Listings Expired 2 1 0 0
Average Days on the Market 38 93 132 41
Average Price Per Sq. Ft. $254 $290 $248 $284
Median Selling Price $269,000 $374,500 $258,800 $320,000
Average Selling Price $269,000 $374,500 $252,100 $331,611
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 7 8.7 8.7 0.6
Townhomes Apr-09 May-09 Jun-09 Jul-09
New Listings 0 1 2 0
Total Listings 2 2 3 2
Sales Pending 0 0 2 1
Homes Sold 1 0 0 1
Listings Expired 0 2 0 0
Average Days on the Market 57 n/a n/a 48
Average Price Per Sq. Ft. $270 n/a n/a $285
Median Selling Price $386,000 n/a n/a $410,000
Average Selling Price $386,000 n/a n/a $410,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 8.7 n/a n/a 8.7

San Marino Home Sales and Real Estate Reports:

Inventory is pretty stable this summer in San Marino. Price per square foot is moving up to the high $500 range. Home buyers are flocking open houses. San Marino homes for sale listed between under $1 million are snatched up almost immediately, followed by anything in the low $1 million dollar range.

A new Wallace Neff listing hit the market this month. If you have over $9 million to spend, it's quite amazing. Stay tuned for more info.

Single Family Residence Apr-09 May-09 Jun-09 Jul-09
New Listings 14 15 11 17
Total Listings 35 39 36 41
Sales Pending 12 16 15 14
Homes Sold 10 14 16 12
Listings Expired 4 5 3 5
Average Days on the Market 67 49 67 63
Average Price Per Sq. Ft. $526 $585 $566 $582
Median Selling Price $1,477,500 $1,649,000 $1,435,500 $1,515,500
Average Selling Price $1,710,300 $1,863,057 $1,922,125 $1,738,242
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 15.2 12.1 9.8 14.8

San Gabriel Home, Condo and Townhome Sales and Real Estate Activity:

Activity in the San Gabriel real estate market place is pretty stable. We have seen more homes close escrow last month, but the inventory remains consistent. Price per square foot of home sales has been on the rise for single family homes, but has been decreasing for condos and townhomes for sale in San Gabriel.

Single Family Residence Apr-09 May-09 Jun-09 Jul-09
New Listings 13 30 24 28
Total Listings 56 75 74 77
Sales Pending 45 32 33 34
Homes Sold 28 18 19 31
Listings Expired 11 8 14 9
Average Days on the Market 284 170 201 33
Average Price Per Sq. Ft. $327 $328 $352 $370
Median Selling Price $478,500 $550,000 $610,000 $548,000
Average Selling Price $525,198 $605,417 $597,842 $539,123
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 8.7 18.1 16.9 10.8
Condos Apr-09 May-09 Jun-09 Jul-09
New Listings 2 9 5 4
Total Listings 6 12 12 11
Sales Pending 4 6 2 4
Condos Sold 9 2 3 2
Listings Expired 22 2 3 3
Average Days on the Market 48 213 78 20
Average Price Per Sq. Ft. $283 $283 $274 $255
Median Selling Price $390,000 $354,000 $360,000 $426,500
Average Selling Price $385,444 $354,000 $359,333 $426,500
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 2.9 26.0 17.3 23.8
Townhomes Apr-09 May-09 Jun-09 Jul-09
New Listings 0 4 6 3
Total Listings 2 6 10 11
Sales Pending 1 1 3 0
Townhomes Sold 1 1 2 2
Listings Expired 2 0 2 0
Average Days on the Market 18 22 130 191
Average Price Per Sq. Ft. $222 $255 $276 $239
Median Selling Price $445,000 $433,000 $459,000 $541,000
Average Selling Price $445,000 $433,000 $459,000 $541,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 8.7 26.0 21.7 23.8

Reports Sierra Madre Home Sales and Real Estate Activity:

Please note the price per square foot of homes sold in Sierra Madre. We've seen quite a jump from $328 to $431. Consistent number of homes sold each month during the summer.

Single Family Residence Apr-09 May-09 Jun-09 Jul-09
New Listings 9 11 5 14
Total Listings 35 40 34 39
Sales Pending 4 11 7 9
Homes Sold 4 9 9 8
Listings Expired 1 3 7 4
Average Days on the Market 88 166 56 74
Average Price Per Sq. Ft. $363 $390 $328 $431
Median Selling Price $787,500 $800,000 $722,500 $717,000
Average Selling Price $816,250 $690,556 $746,611 $747,375
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 37.9 19.3 16.4 21.1

Read More:

Getting More House for your $

9 Stupid Things Buyers do to mess up their home purchase

The fastest way to lose your earnest money deposit

 

Homes for Sale Information:

South Pasadena City Guide

Pasadena Real Estate Guide

Altadena Foreclosures List

Burbank Foreclosure Home List

Pasadena Foreclosure Home List

South Pasadena Foreclosure Home List

If you are thinking of buying or selling your home, condo or townhome, please give us a call for a comprehensive and free consultation. We can be reached at 626-629-8439.

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

Pasadena, CA

(626)629-8439

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