No surprises in the San Gabriel real estate trends for August 2008. The number of new home listings have increased from 15 to 23 from July through August, but the overall number of available San Gabriel homes is the same as well as the number of San Gabriel homes that sold remain the same. The number of Single Family Residences (SFR) that are under contract in August is significantly lower than July mainly due to the cyclical nature of real estate during summer months. June and July are the busiest real estate months with August slowing down as families are settling in to a new school year.
San Gabriel condo inventory went down, while townhomes have seen a huge increase in available properties although sellers are overpricing these townhomes in my opinion. Townhomes are selling in mid to high $200 price per sq. ft. range while the newly listed townhomes are averaging around $330 per sq. ft. Hmmm.... if you are a seller, rethink your strategy... not only will these townhomes take longer to sell and will most likely sell at a much lower price, but no appraiser in their right mind will appraise them at asking price!
San Gabriel Real Estate Indicators for May 2008 through August 2008:
|Single Family Residence||May-08||Jun-08||Jul-08||Aug-08|
|Average Days on the Market||79||98||79||95|
|Average Price Per Sq. Ft.||$399||$358||$354||$394|
|Average Selling Price||$578,188||$580,783||$595,932||$660,745|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||21.4||16.4||13.4||13.4|
|Average Days on the Market||144||54||301||n/a|
|Average Price Per Sq. Ft.||$295||$325||$341||n/a|
|Average Selling Price||$336,500||$588,000||$438,667||n/a|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||41.2||91.0||15.9||10.1|
|Average Days on the Market||18||n/a||20||244|
|Average Price Per Sq. Ft.||$269||n/a||$269||$290|
|Average Selling Price||$677,000||n/a||$355,000||$439,500|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||39.0||60.7||30.3||52.0|
Data taken from ITEC (Pasadena Foothills Association MLS service)
For weekly updates on San Gabriel real estate market activity, please feel free to request market analysis reports with detailed information at How is the Market button on this site. These real-time real estatemarket reports are gathered and updated by Altos Research and will be emailed to you weekly with my compliments.
Posted by Irina Netchaev, Real Estate Agent