San Gabriel single family home inventory is on the rise. In September 88 homes were on the San Gabriel market compared to 68 in August. The average days on the market has decreased to 70, but the absorption rate increased to 4.5 months (18.2 weeks) mainly due to increased inventory compared to the stagnant number of homes sold.
The homes that were sold last month ended up closing escrow at 97.44% of asking price and were on average 1,521 sq. ft. Most homes were 2 to 3 bedrooms with 2 baths.
The lowest priced home listing in San Gabriel is at 322 E. Angeleno Avenue - offered at $259,000 (reduced from the original price of $305,000)
The highest priced home listing in San Gabriel is at 616 S. Ramona Street - offered at $2,195,000. This San Gabriel estate has been on the market for over two years now. Price remains the same.
If you look at the San Gabriel statistics below, you'll notice that there was an increased number of San Gabriel townhomes that went under contract or pending. This is due to a newly built development at 128 E. Broadway. 5 out of 7 pending townhome sales were in that complex and were all priced between $538,000 to $548,000. Even though these townhomes were a bit on the high end of the price per square foot spectrum, buyers seemed to have jumped on them and were willing to pay a premium for living in a newly constructed complex.
The new development at 153 Junipero Serra Drive didn't do as well as the one on Broadway. 3 of the townhomes have expired and were removed from the market. Developer is probably reviewing the pricing prior to relisting them for sale.
Lots, and I mean, LOTS of condos came up on the market in San Gabriel. 12 new listings compared to only 1 in August. Yikes! this increased the absorption rate to 78 weeks. The sales remain minimal at one a month. Interesting phenomenom is occuring. Condos are priced higher per square foot ($349.08) than townhomes ($315.18) in San Gabriel. San Gabriel condo sellers and their real estate agents need to get more realistic or they will just be wasting their time and efforts.
San Gabriel Real Estate Market Statistics for July 2008 through September 2008:
|Single Family Residence||Jun-08||Jul-08||Aug-08||Sep-08|
|Average Days on the Market||98||79||95||70|
|Average Price Per Sq. Ft.||$358||$354||$394||$380|
|Average Selling Price||$580,783||$595,932||$660,745||$546,329|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||16.4||13.4||13.4||18.2|
|Average Days on the Market||54||301||n/a||63|
|Average Price Per Sq. Ft.||$325||$341||n/a||$408|
|Average Selling Price||$588,000||$438,667||n/a||$368,000|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||91.0||15.9||10.1||78.0|
|Average Days on the Market||n/a||20||244||114|
|Average Price Per Sq. Ft.||n/a||$269||$290||$270|
|Average Selling Price||n/a||$355,000||$439,500||$384,250|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||60.7||30.3||52.0||28.2|
Data taken from ITEC (Pasadena Foothills Association MLS service)
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Posted by Irina Netchaev, Real Estate Agent