San Gabriel real estate ended the year on a positive note. Single Family homes closed at $378 per sq. ft. just a bit higher than the average San Gabriel home sold in 2008 at $362 per square foot.
The volume of homes sold each month has slowed down in the last quarter to about 10 a month. In December 11 homes sold. 2008 averaged about 17 homes per month with summer months being the busiest. Overall inventory for San Gabriel homes is pretty high at 77 homes available. At December's rate of sales, it will take over 30 weeks to clear this inventory.
San Gabriel condos and townhomes had no movement last month. Only 1 townhome sold and no condos. Absorption rate, the number of weeks it will take to sell condos and townhomes is at an all time high.
San Gabriel real estate market statistics for October 2008 through December 2008:
| San Gabriel |
|||
| Single Family Residence |
Oct-08 | Nov-08 | Dec-08 |
| New Listings |
23 | 19 | 18 |
| Total Listings |
87 | 72 | 77 |
| Sales Pending |
15 | 9 | 10 |
| Homes Sold | 10 | 12 | 11 |
| Listings Expired |
11 | 10 | 29 |
| Average Days on the Market |
148 | n/a | 75 |
| Average Price Per Sq. Ft. |
$322 | $366 | $372 |
| Median Selling Price |
$482,500 | $577,950 | $519,793 |
| Average Selling Price |
$501,778 | $575,353 | $517,725 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) |
37.7 | 26.0 | 30.3 |
| Condos | Oct-08 | Nov-08 | Dec-08 |
| New Listings |
5 | 4 | 3 |
| Total Listings |
13 | 13 | 13 |
| Sales Pending |
2 | 0 | 1 |
| Condos Sold | 0 | 4 | 0 |
| Listings Expired |
7 | 3 | 5 |
| Average Days on the Market |
n/a | n/a | n/a |
| Average Price Per Sq. Ft. |
n/a | $278 | n/a |
| Median Selling Price |
n/a | $410,000 | n/a |
| Average Selling Price |
n/a | $423,500 | n/a |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) |
n/a | 14.1 | n/a |
| Townhomes | Oct-08 | Nov-08 | Dec-08 |
| New Listings |
25 | 2 | 5 |
| Total Listings |
37 | 34 | 32 |
| Sales Pending |
5 | 0 | 0 |
| Townhomes Sold | 6 | 2 | 1 |
| Listings Expired |
6 | 2 | 6 |
| Average Days on the Market |
55 | n/a | n/a |
| Average Price Per Sq. Ft. |
$314 | $268 | $334 |
| Median Selling Price |
$519,000 | $390,500 | $285,000 |
| Average Selling Price |
$493,667 | $390,500 | $285,000 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) |
26.7 | 73.7 | 138.7 |
Data taken from ITEC (Pasadena Foothills Association MLS service)
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Gabriel real estate market activity, please feel free to request
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Posted by Irina Netchaev, Real Estate
Agent
