South Pasadena home inventory is on the rise. There were 12 new homes listed for sale compared to only a handful in both January 2009 and December 2008. The rate of sales remains the same at 3 homes sold (actually just a bit less than the month before). Sellers are pricing their homes at $499 per sq. ft. while the sales run closer to mid $400s.

READ MORE: South Pasadena Five Year Real Estate Review

There are two short sales and 1foreclosure (real estate owned homes) in South Pasadena right now. Bank owned home is located at 1800 Meridian Avenue in South Pasadena and is described as a "contractor's dream" by the listing agent. It is priced at $474,900 and has 2 bedrooms plus 1 bath.

Here are the detailed statistics for December 2008 through February 2009:

Information gathered from ITEC (Pasadena Foothill Association Multiple Listing Service)

Search all South Pasadena properties on the market below:

South Pasadena 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 South Pasadena real estate housing reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

Read More: November South Pasadena Real Estate Market Report

Read More: South Pasadena Real Estate market report for December 2008

Read More: South Pasadena Real Estate Market Report for Januayr 2000

Posted by Irina Netchaev, Pasadena Real Estate Agent.

Monterey Hills inventory of condos and townhomes is becoming non-existent. Considering that there are close to 1,800 housing units on the hill, only 7 condos and 3 townhomes were available for sale in February. 2008 saw only 36 Monterey Hills condos and townhomes sold - about 3 a month. That number was significantly lower from just 3 years ago of 99 sales in 2005.

Monterey Hills has always been a great investment for property owners looking to rent their units. The proximity to USC and downtown LA makes these condos easy to rent. This could explain the decreased number of sales as owners are taking advantage of the easy rentals and holding on to their property until the market turns around.

Here are statistics for Monterey Hills Real Estate for December 2008 through February 2009:

Information gathered from ITEC (Pasadena Foothill Multiple LIsting Service)

Search for available Monterey Hills condos and townhomes:

For weekly updates on Monterey Hills real estate market activity, please feel free to request market analysis reports with detailed information by clicking here. These reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

Posted by Irina Netchaev, Monterey Hills Real Estate Agent 626-627-7107

San Marino once again took its rightful place as one of the top selling price per square foot cities in the Pasadena area. In February, there were 13 new homes listed for sale and 4 San Marino homes were sold with an average selling price of $2,147,333.

Interestingly enough, outside of the St. Albans foreclosure that is now in escrow, San Marino has not seen any other short sales or foreclosures in the recent weeks.

The inventory of these luxury estates for sale is increasing in March with an additional 9 new listings coming on the market in the first 10 days of the month. Here's a quick, real time analsyis of San Marino Real Estate for your review:

San Marino real estate statistics for December 2008 through February 2009:

READ MORE: San Marino California - 2003-2008 Real Estate Review

Data above compiled from ITEC (Pasadena Foothill Association of Realtors and Multiple Listing Service)

To see homes available for sale in San Marino, take a look at the list below:

Interested in being on top of the San Marino real estate statistics? Order your free weekly San Marino real estate analysis from Altos Research, the premier real estate statistics and reporting company. Proudly brought to you by Irina Netchaev, your Pasadena and San Marino Realtor.

It's been an interesting real estate market in Pasadena over the last few months. Each time I turn on the news, which is not often, I hear horror stories of people losing jobs and homes. I try not to watch TV due to all the negativity and fear that is communicated on a daily basis.

Yes... there are a lot of people out of work. And, yes... there are many Pasadena homeowners struggling to keep their homes.

Other homeowners have decided to move on and try to negotiate a short sale with the bank to avoid foreclosure proceedings. Popularity of short sales in Pasadena has grown because, in some instances, sellers are no longer liable for paying taxes on the difference between the amount owed on the loan and the short sale price.

READ MORE: Understanding Short Sales

California Association of Realtors's Housing Market 2008-2009 Report states that 22.2% of California home sellers sold their home at a loss in 2008!

The last couple of weeks have been extremely busy for my real estate business. With all the negativity about the housing market, the opportunities for first time home buyers in Pasadena are tremendous. And, the potential home buyers are embracing the idea of finally being able to afford their first home in Pasadena.

Lower home prices, more inventory including short sales and foreclosures, $8,000 tax credit, an additional $100 million new construction tax credit and incredible FHA mortgage rates and low downpayment created a perfect storm for first time home buyers in Pasadena.

Read More: Take advantage of the $8,000 tax credit

Considering new construction? Don't miss $100 million tax credit

FHA loan information

Getting back to Pasadena real estate statistics and trends for the first couple of months of 2009:

Inventory of Pasadena homes each month for both January and February almost doubled from December of 2008. More homes are available for sale and more homes are selling. February 2009 ended the month with 37 Pasadena homes sold and 57 homes under contract. This is very much in line with what I've been seeing with my clients. A lot of offers are being placed on homes and once again we are seeing multiple offers in homes under $500,000. It's also interesting to note that single family residences (SFR) in Pasadena sold a bit over 97% of asking price.

The number of available Pasadena condos for sale doubled as well from the end of 2008. A huge increase in the number of Pasadena condos under contract from last year was seen in the month of February. This doesn't surprise me since condos have experienced a more significant price drop. I was able to help my buyers purchase a condo last month in the South Lake Avenue district just steps from Macy's for only $249,500. And the price included a seller concession of an additional $7,500 towards closing costs. Quite frankly, this type of purchase was impossible only a few months ago.

Detailed analysis for Pasadena's housing market trends for December 2008 through February 2009:

Data compiled from PFAR (Pasadena Foothill Association Multiple Listing Service)

Read More: Pasadena City Guide

A few quick facts as we look back at Pasadena real estate market's performance in 2007 and compare to 2008:

• 2008 ended with 657 Pasadena homes (single family) sold compared to 811 homes sold in 2007, a 19% decrease in sold inventory.
• Price per square foot for Pasadena homes (single family residence) dropped from $489 in 2007 to $428 in 2008.
• Average sales price for Pasadena homes in 2007 was $959,394 compared to the average sales price of Pasadena homes in 2008 of 851,702 - a drop of 11.2%
• Pasadena home prices declined to the 2005 pricing levels with the peak for property prices in Pasadena California hitting in 2007.

For a complete review of Pasadena real estate market statistics over the last five years, please visit Pasadena Real Estate Housing Analysis - Five Years in Review.

Read More: Pasadena Real Estate Outlook for 2009 This post also provides a basic understanding of the Mark to Market rule which partially led to our current financial crisis.

If you are a buyer looking to buy a home or a condo in Pasadena California, take a look at the available listings below.

SEARCH
PASADENA CA HOMES FOR SALE (Single Family Residences - SFR)

SEARCH
PASADENA CONDOS AND TOWNHOMES FOR SALE

Check back next month for our Pasadena housing report analysis and statistics. In the meantime, please do not hesitate to call Irina Netchaev & Associates, your Pasadena Realtors with specific questions on Pasadena property values or if you would like to schedule a private consultation to sell your Pasadena home.

January has seen a 31% increase in homes for sale in Altadena California. The inventory stands at 105 single family residences and 2 condos and townhomes. The number of Altadena foreclosures is on the rise 25 out of 105 houses for sale are either foreclosures or short sales, with 5 new foreclosures hitting the market in January.

This is not surprising since the banks are releasing their foreclosures after the first of the year and we expect to see that number rise over the next few months.

Price per square foot of sold homes is holding it's own in Altadena at $310 per sold sq. ft.

Los Angeles Times Dataquick service reports that Altadena ended 2008 with 356 sales at an average price of $509,500 which represents a 19.19% decrease in average sales price from 2007.

There are certainly Altadena home deals to be found for home buyers and a nice home can now be found in the $400,000 range.

Altadena Real Estate statistics for November 2008 through January 2009:

Data above is compiled from the Pasadena Foothill Association MLS (Multiple Listing Service)

Below is a list of all Altadena homes for sale in the Multiple Listing Service. To get notified of new Altadena listings as they come up on the market, please register for a free VIP account and set up your own Altadena home criteria and as many searches as you would like: To search Altadena foreclosures, as well as, foreclosures in Pasadena and surrounding cities, please see the list below:

I invite you to request Altadena'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 Altadena, 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

No surprises in January 2009 for South Pasadena's real estate market. For the most part, the activity picked up a bit and the inventory decreased for both condos and townhomes as well as South Pasadena single family homes. Low interest rates helped South Pasadena home buyers afford to buy more home for their money.

Most single family South Pasadena homes closed 5 to 11% below asking price. Home sellers are still over pricing their homes at $510 per square foot on average vs. the $430 that these homes are closing at.

Highest priced home is at 851 Lyndon in South Pasadena priced at $3,450,000 and has been on the market for over 4 months now.

Lowest priced South Pasadena home is at 1823 Gillette and is priced at $550,000.

Learn more about South Pasadena by visiting our South Pasadena City Guide.

READ MORE: South Pasadena real estate statistics and analysis for 2003-2008

South Pasadena real estate market statistics and trends for November 2008 through January 2009:

Information gathered from ITEC (Pasadena Foothill Association Multiple Listing Service)

Search all South Pasadena properties on the market below:

South Pasadena 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 South Pasadena real estate housing reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

Read More: November South Pasadena Real Estate Market Report

Read More: South Pasadena Real Estate market report for December 2008

Posted by Irina Netchaev, Pasadena Real Estate Agent.

<p>Monterey Hills condo and townhome inventory is almost non-existent in January.  Two new condos came up on the market and two condos closed escrow. Only one townhome is available for sale on the hill.</p>
<p>Considering there are 21 condo complexes with close to 1,800 condo and townhome units, the supply of condos isn't quite there.  The demand is not quite there as well with price per square foot falling to $277.</p>
<p> </p>
<p>It'll be interesting to track the developments on the hill over the next few months.  In the meantime, here're Monterey Hills statistics for the last three months:</p>
<p> </p>
<p>

<table border="5" cellspacing="0" cellpadding="0" width="436">
<col width="223"></col>
<col span="3" width="71"></col>

<tbody>
<tr height="25">
<td width="223" height="25">Monterey
Hills</td>
<td width="71"><br /></td>
<td width="71"><br /></td>
<td width="71"><br /></td>
</tr>
<tr height="17">
<td width="223" height="17">Condos</td>
<td align="right">Nov-08</td>
<td align="right">Dec-08</td>
<td align="right">Jan-09</td>
</tr>
<tr height="21">
<td width="223" height="21">New
Listings</td>
<td align="right">0</td>
<td align="right">4</td>
<td align="right">2</td>
</tr>
<tr height="21">
<td width="223" height="21">Total
Listings</td>
<td align="right">8</td>
<td align="right">7</td>
<td align="right">5</td>
</tr>
<tr height="21">
<td width="223" height="21">Sales
Pending</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">1</td>
</tr>
<tr height="21">
<td width="223" height="21">Homes Sold </td>
<td align="right">4</td>
<td align="right">2</td>
<td align="right">2</td>
</tr>
<tr height="21">
<td width="223" height="21">Listings
Expired</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">3</td>
</tr>
<tr height="21">
<td width="223" height="21">Average Days
on the Market </td>
<td align="right">100</td>
<td align="right">24</td>
<td align="right">23</td>
</tr>
<tr height="21">
<td width="223" height="21">Average
Price Per Sq. Ft.</td>
<td align="right">$298</td>
<td align="right">$346</td>
<td align="right">$277</td>
</tr>
<tr height="21">
<td width="223" height="21">Median
Selling Price</td>
<td align="right">$324,000</td>
<td align="right">$279,500</td>
<td align="right">$310,000</td>
</tr>
<tr height="21">
<td width="223" height="21">Average
Selling Price</td>
<td align="right">$322,000</td>
<td align="right">$279,500</td>
<td align="right">$310,000</td>
</tr>
<tr height="63">
<td width="223" height="63">Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)</td>
<td align="right">8.7</td>
<td align="right">15.2</td>
<td align="right">10.8</td>
</tr>
<tr height="17">
<td width="223" height="17"><br /></td>
<td><br /></td>
<td><br /></td>
<td><br /></td>
</tr>
<tr height="17">
<td width="223" height="17">Townhomes</td>
<td align="right">Nov-08</td>
<td align="right">Dec-08</td>
<td align="right">Jan-09</td>
</tr>
<tr height="21">
<td width="223" height="21">New
Listings</td>
<td align="right">1</td>
<td align="right">1</td>
<td align="right">1</td>
</tr>
<tr height="21">
<td width="223" height="21">Total
Listings</td>
<td align="right">1</td>
<td align="right">1</td>
<td align="right">1</td>
</tr>
<tr height="21">
<td width="223" height="21">Sales
Pending</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr height="21">
<td width="223" height="21">Homes Sold </td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
</tr>
<tr height="21">
<td width="223" height="21">Listings
Expired</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr height="21">
<td width="223" height="21">Average Days
on the Market </td>
<td>n/a</td>
<td align="right">8</td>
<td>n/a</td>
</tr>
<tr height="21">
<td width="223" height="21">Average
Price Per Sq. Ft.</td>
<td>n/a</td>
<td align="right">$276</td>
<td>n/a</td>
</tr>
<tr height="21">
<td width="223" height="21">Median
Selling Price</td>
<td>n/a</td>
<td align="right">$390,000</td>
<td>n/a</td>
</tr>
<tr height="21">
<td width="223" height="21">Average
Selling Price</td>
<td>n/a</td>
<td align="right">$390,000</td>
<td>n/a</td>
</tr>
<tr height="63">
<td width="223" height="63">Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)</td>
<td>n/a</td>
<td align="right">4.3</td>
<td>n/a</td>
</tr>
</tbody>
</table>
</p>
<h3>
Search for available Monterey Hills condos and townhomes:</h3>
<p>
<iframe src="http://tools.1parkplace.com/mlswizard/MlsRedirect.aspx?userid=39208&amp;search=10502&amp;mode=200&amp;sort=high" SRC="http://tools.1parkplace.com/mlswizard/MlsRedirect.aspx?userid=39208&amp;search=10502&amp;mode=200&amp;sort=high" height="800" width="600"></iframe></p>
<p>Data taken from ITEC (Pasadena Foothills Association MLS service)</p>
<p>If you are interested in beginning your <a title="Monterey Hills condo and townhome search" href="http://www.pasadenacarealestatehomes.com/monterey-hills-condos-and-townhomes-for-sale"><strong>search
for a Monterey Hills condominium or townhouse</strong></a>, please click on the
<strong><a title="Monterey Hills condos and townhomes for sale" href="http://www.pasadenacarealestatehomes.com/monterey-hills-condos-and-townhomes-for-sale">search
home link</a></strong>.</p>
<p>For weekly updates on <a title="Real Estate Market Reports and Statistics" href="http://www.pasadenacarealestatehomes.com/custom/market"><strong>Monterey
Hills real estate market activity</strong></a>, please feel free to request
market analysis reports with detailed information by <a title="Real Estate Market Reports and Statistics" href="http://www.pasadenacarealestatehomes.com/custom/market"><strong>clicking
here</strong></a>.  These reports are gathered and updated by <a title="Altos Research Real Estate Market Reports" href="http://www.altosresearch.com/"><strong>Altos Research</strong></a> and
will be emailed to you with my compliments.</p>
<p>
Posted by <strong><a title="Real estate agent" href="http://www.pasadenacarealestatehomes.com/real-estate/about-us">Irina
Netchaev, Monterey Hills Real Estate
Agent</a></strong>  <strong>               626-627-7107     </strong></p>
<p> </p>