Pasadena Real Estate

San Gabriel homes for sale statistics for the last three months are below for your information.  The data below was gathered from the Pasadena Foothill Association Multiple Listing Service.  For the most part, the last few months have been pretty steady.  Inventory is still low, but is on the rise. 

The number of homes sold in San Gabriel have been low during the months of Januray and February.  Of course, the homes sold data is related to the homes that went into escrow 30 to 45 days prior to the closing month which puts us back to home sales that took place during the Thanksgiving and Christmas holidays.  So the low volume is expected - it's the cyclical nature of real estate.

Single Family Residence	Dec-09	Jan-10	Feb-10
New Listings	21	30	34
Total Listings	44	59	68
Sales Pending	11	14	15
Homes Sold	21	12	14
Listings Expired	19	11	10
Average Days on the Market	65	68	37
Average Price Per Sq. Ft.	$392	$370	$381
Median Selling Price	$545,000	$555,000	$500,500
Average Selling Price	$573,113	$618,129	$543,929
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	9.1	21.3	21.0
Condos	Dec-09	Jan-10	Feb-10
New Listings	4	1	2
Total Listings	6	3	4
Sales Pending	4	4	1
Condos Sold	0	5	2
Listings Expired	6	3	1
Average Days on the Market	n/a	54	28
Average Price Per Sq. Ft.	n/a	$319	$268
Median Selling Price	n/a	$395,000	$382,500
Average Selling Price	n/a	$440,160	$382,500
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	n/a	2.6	8.7
Townhomes	Dec-09	Jan-10	Feb-10
New Listings	3	0	1
Total Listings	10	12	10
Sales Pending	9	1	3
Townhomes Sold	6	5	3
Listings Expired	2	0	3
Average Days on the Market	63	58	86
Average Price Per Sq. Ft.	$338	$309	$288
Median Selling Price	$450,000	$450,000	$425,000
Average Selling Price	$458,833	$480,600	$423,333
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	7.2	10.4	14.4

Looking back at the last five years of San Gabriel real estate sales data, it looks like the average sold price of homes peaked in May of 2006 at $726,000.  In February of 2009, the average sales price was $585,000.  This year, same period see the average sales price of $543,000.

However, it's interesting to note that five years ago, in February of 2005, the average sales price of San Gabriel homes was $551,000 which is only 1.5% higher than last month.  Given all the hoopla of the real estate market crashing, the home prices held pretty darn good overall.

If you're interested in seeing all San Gabriel homes for sale, take a look at the listings below, or click on the San Gabriel listing feed here to view homes as they come up on the market.

 

 

Interested in seeing San Gabriel foreclosure homes? You can find them below:

 

If you have any questions about the real estate market in San Gabriel or the greater Pasadena area, please give us a call at 626-629-8439.

READ MORE:

Foreclosure Friday - Kinneloa Canyon

Foreclosure Friday - South Pasadena's Monterey Road and South Pasadena's Brunswick bungalow

Foreclosure Friday - Bungalow Heaven Craftsman

 

PasadenaViews Real Estate Team

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

Irina at PasadenaViews.com

(626)629-VIEW (8439)

 

 

http://www.pasadenacarealestatehomes.com/00A92E

As 2009 wrapped up, it's interesting to see how Pasadena and surrounding cities real estate market performed.  So instead of writing our monthly report, I wanted to take a look at the last few years of home sales.

Last year was difficult for many families, short sales and foreclosures were showing up in both low end and high price spectrum of the real estate market.  However, 2009 presented many opportunities for both investors, first time home buyers, as well as long term renters waiting for prices to come down to a point of affordability.

The prices have not moved down as much as expected in Pasadena California and surrounding neighborhoods, but the interest rate remained historically low and coupled with tax incentives, home buyers were out in force.

Let's take a look at the home sales statistics below.

Pasadena Home Sales 2003 through 2009:

Throughout this year, I've been saying that Pasadena was very low on inventory.  The moment a home came up on the market, if it was priced correctly, it was gone immediately.  We were expecting to be hit with a wave of foreclosures, but that never realized.  We've seen some bank owned properties hit the real estate market, but moratorium after moratorium kept the majority of the foreclosures from hitting the streets. 

There's been a lot of talk of "shadow" foreclosure inventory.  The inventory of foreclosure homes that are still sitting on bank books.  2010 might be the year for the shadow inventory to be released especially in the higher priced end of the market.

As you can see, 2009 had a higher number of home units sold at 841 an increase of 28% over 2008, but still far short of the 1,300 to 1,400 units in 2003 and 2004.

Take a look at the average listing price per square foot vs average sold price per square foot.  This pretty much tells you the story of the Pasadena real estate market in 2009 - multiple offers!  Prices were bid up by the buyers and on average the price per sq. ft. was almost 22% higher than the original listed sq. ft. price - pretty darn amazing!

The actual average closing Pasadena home sales price was at $900,582, way higher than 2008's $851,702.  Don't let anyone tell you that there are no home buyers out there.  The home buyers are there and ready to buy.  The prices are right and the financial conditions - interest rates, government tax incentives are making this a perfect storm for many.

Pasadena California Single Family Homes Sales - 7 year analysis (2003 - 2009)

SFR	2003	2004	2005	2006	2007	2008	2009
# of Units Sold	1402	1390	1294	1069	811	657	841
Ave List Price/Sq.Ft.	$339	$402	$472	$502	$496	$440	$382
Ave Sold Price/Sq.Ft.	$336	$408	$479	$497	$489	$428	$433
Ave List Price	$620,750	$717,994	$835,039	$938,407	$977,794	$880,432	$739,797
Ave Sales Price	$616,489	$728,126	$847,985	$928,328	$959,394	$851,702	$900,582
% of Sold to List	99.3%	101.4%	101.6%	98.9%	98.1%	96.7%	121.7%
Ave # of Days on the Market	27	24	26	37	51	96	71

Read More:  See all Pasadena homes for sale

Pasadena Condo and Townhouse Sales - 7 year analysis (2003 - 2009)

A similar situation with condos and townhomes, the volume of home sales is down, but not as signifcantly as we see in Pasadena's single family homes.  Pasadena condo and townhome buyers are seeing prices at the 2004 level.  Think of rolling the home prices back 5 years - not bad!

It is taking longer to sell these condos and townhomes, but still less than 3 months.  Remember the post about whether or not we are in the buyer's vs seller's market?  We are still in a pretty strong seller's market - these properties are selling if priced correctly.

	2003	2004	2005	2006	2007	2008	2009
# of Units Sold	664	744	731	683	597	374	488
Ave List Price/Sq.Ft.	$268	$341	$410	$437	$442	$409	$359
Ave Sold Price/Sq.Ft.	$269	$346	$420	$431	$432	$388	$348
Ave List Price	$343,168	$425,945	$499,323	$526,625	$571,055	$529,495	$464,392
Ave Sales Price	$344,487	$430,696	$507,887	$519,946	$557,042	$504,093	$449,964
% of Sold to List	100.4%	101.1%	101.7%	98.7%	97.5%	95.2%	96.9%
Ave # of Days on the Market	24	23	31	50	66	95	85

Read More:  Pasadena's New Construction Condos for Sale

See all Pasadena Condos and Townhomes for sale

South Pasadena Real Estate Data 2003 through 2009:

South Pasadena home sales were on fire... great school district and a small town, family oriented atmosphere was driving real estate sales last year.  The volume went up drastically from 2008, but buyer were much more finicky. 

South Pasadena is known for older, character homes.  The homes that were staged and updated sold immediately with multiple offers.  Homes that had deferred maintenance or were not presented as well as they should took a bit of time to sell. 

Sold price per square foot dropped from the high of $513 in 2005 to $477 in 2009 - still a pretty high number considering that an average home sold cost almost a million dollars.

South Pasadena Home Sales - 7 year analysis (2003 - 2009)

SOUTH PASADENA	2003	2004	2005	2006	2007	2008	2009
SFR
# of Units Sold	255	180	179	185	145	79	117
Ave List Price/Sq.Ft.	$344	$401	$481	$510	$518	$524	$488
Ave Sold Price/Sq.Ft.	$344	$415	$488	$513	$517	$510	$477
Ave List Price	$656,128	$796,551	$937,169	$1,037,107	$1,023,445	$1,152,025	$1,027,664
Ave Sales Price	$646,771	$819,416	$957,034	$1,042,387	$1,017,776	$1,095,100	$993,201
% of Sold to List	98.6%	102.9%	102.1%	100.5%	99.4%	95.1%	96.6%
Ave # of Days on the Market	37	34	32	42	44	81	67

Read More:  See all South Pasadena homes for sale

South Pasadena Condo and Townhouse Sales - 7 year analysis (2003 - 2009)

There were really some amazing deals to be found in South Pasadena's condo and townhome market.  First of all, families were able to buy homes within one of the top school districts in the area for as little as $349 per sq. ft.  On average, a So Pas home buyer would need a bit over $500,000, but that's still half the price of a single family home.

One of my lucky home buyer clients, were able to buy a 3 bedroom townhome for only $420,000.  That would have been truly unheard of a few years ago.  The best advice for families that are waiting to get into the South Pasadena real estate market is to be prepared - work with a real estate agent that cares about your needs, get pre-approved and be available to view properties as they come up on the market.

SOUTH PASADENA	2003	2004	2005	2006	2007	2008	2009
# of Units Sold	54	71	76	65	55	30	42
Ave List Price/Sq.Ft.	$252	$314	$399	$426	$431	$399	$349
Ave Sold Price/Sq.Ft.	$252	$317	$404	$422	$429	$390	$342
Ave List Price	$338,313	$404,019	$477,004	$560,290	$607,253	$550,240	$517,996
Ave Sales Price	$337,435	$407,825	$483,327	$554,302	$602,763	$537,503	$506,375
% of Sold to List	99.7%	100.9%	101.3%	98.9%	99.3%	97.7%	97.8%
Ave # of Days on the Market	21	27	25	38	60	95	58

Read More:  See all South Pasadena condos and townhomes for sale

San Marino Home Sales Analysis for 2003 - 2009:

This has been a truly amazing year for San Marino real estate.  Prices held quite well and homes were selling higher than they did in 2007! 

San Marino is known for its huge lawns, amazing school district and a very close-knit community.  With Huntington Library, Lacy Park and luxury estates, it's truly an amazing place to live. 

A home buyer still needs a bit over $1.7 million to get an average priced home.  There are homes available in the low 1 million dollar range and sometimes one can find a home under a million, but for the most part these homes need quite a bit of attention.

San Marino was not immune to foreclosures.  We did see two foreclosure homes - both homes sold over a million still.  If you are interested in tracking potential foreclosures in San Marino, bookmark this San Marino foreclosure post.  It will update, real time as new foreclosures come up on the market.

It's also interesting to note that there are no condos or townhomes in San Marino.  However, there's a complex of townhomes on the border of Pasadena and San Marino that is assigned to San Marino schools.  There are also certain homes in San Gabriel and Pasadena that fall under the San Marino schools boundaries. 

San Marino	2003	2004	2005	2006	2007	2008	2009
# of Units Sold	304	303	203	192	169	110	126
Ave List Price/Sq.Ft.	$399	$470	$529	$579	$617	$595	$597
Ave Sold Price/Sq.Ft.	$375	$454	$526	$569	$611	$582	$575
Ave List Price	$1,189,954	$1,363,619	$1,500,824	$1,588,317	$1,802,251	$1,684,134	$1,797,913
Ave Sales Price	$1,094,214	$1,291,828	$1,438,804	$1,519,560	$1,729,589	$1,562,207	$1,721,617
% of Sold to List	92.0%	94.7%	95.9%	95.7%	96.0%	92.8%	95.8%
Ave # of Days on the Market	42	41	41	48	57	54	56

Read More:  See all San Marino homes for sale

San Gabriel Real Estate Home Sales Statistics 2003 through 2009:

Well San Gabriel didn't fare as well as some of the other cities near Pasadena.  It's taking longer to sell a home as well as the price sold has rolled back to 2004 levels.  This is great for home buyers.  Inventory of homes has increased and there's quite a bit of choice.  Even though, we are seeing multiple offers on some of the homes, overall buyers are able to find a home to fit their needs and check book.  Homes are being priced fairly and are selling close to aslking price - just a percentage or so below.

San Gabriel Homes for Sales data for 2003 through 2009

SAN GABRIEL	2003	2004	2005	2006	2007	2008	2009
SFR
# of Units Sold	445	452	406	368	294	207	278
Ave List Price/Sq.Ft.	$267	$332	$398	$409	$412	$372	$356
Ave Sold Price/Sq.Ft.	$267	$331	$404	$413	$404	$361	$350
Ave List Price	$429,918	$530,420	$615,726	$672,220	$673,120	$600,296	$572,244
Ave Sales Price	$436,074	$528,448	$630,230	$675,388	$658,664	$584,949	$563,219
% of Sold to List	101.4%	99.6%	102.4%	100.5%	97.9%	97.4%	98.4%
Ave # of Days on the Market	9	8	11	16	23	24	57

Read More:  See all San Gabriel Homes for Sale

San Gabriel Condos and Townhomes for sale

Price per square foot has decreased to $271 for San Gabriel condos and townhomes, but the average sales price is actually a bit higher than in 2008.  Home buyers are getting more square footage for their money. 

The selection of condos and townhomes is quite nice.  Inventory has doubled from last year and is higher than the year prior.  Home buyers are nicely surprised with the choice of homes.  This can also be seen in a longer marketing period of 105 days compared to previous years of only a month or less on the market.

SAN GABRIEL	2003	2004	2005	2006	2007	2008	2009
# of Units Sold	91	77	104	80	54	37	74
Ave List Price/Sq.Ft.	$201	$258	$317	$333	$330	$325	$275
Ave Sold Price/Sq.Ft.	$199	$257	$315	$371	$320	$310	$271
Ave List Price	$275,367	$325,205	$458,785	$481,131	$502,924	$458,387	$447,410
Ave Sales Price	$272,193	$323,450	$456,743	$516,066	$488,083	$437,135	$441,052
% of Sold to List	98.8%	99.5%	99.6%	107.3%	97.0%	95.4%	98.6%
Ave # of Days on the Market	11	18	25	36	31	39	105

Read More:  Search San Gabriel Condos and Townomes

Monterey Hills Condo and Townhome Sales 2003 through 2009:

I was actually quite surprised to see the inventory increase towards the end of 2009.  Monterey Hills condo and townhome owners have been holding on to their homes and not putting them on the market.  However, we did see quite a bit of distressed sales in the area which helped increase the inventory.

The price per square foot fell under $300 to $277 and is rolling prices back to the 2003 level.  Folks working in downtown LA or have kids attending USC love Monterey Hills for its geographic convenience.  A lot of investors are itching to buy units because they are so easy to rent and are conveniently located minutes from South Pasadena and Pasadena. 

Overall, I think that we'll see more foreclosures and opportunities in 2010 in Monterey Hills.  There's definitely "shadow" inventory to be found next year. We will be watching closely.

Monterey Hills	2003	2004	2005	2006	2007	2008	2009
# of Units Sold	129	108	99	61	52	35	50
Ave List Price/Sq.Ft.	$228	$303	$355	$375	$369	$325	$281
Ave Sold Price/Sq.Ft.	$224	$302	$358	$372	$361	$307	$277
Ave List Price	$259,226	$325,912	$407,407	$420,655	$406,281	$362,246	$333,350
Ave Sales Price	$254,996	$325,115	$409,962	$414,330	$397,217	$354,097	$327,107
% of Sold to List	98.4%	99.8%	100.6%	98.5%	97.8%	97.8%	98.1%
Ave # of Days on the Market	35	34	40	74	84	87	66

Read More: See all Monterey Hills condos for Sale

 As always, we will be providing monthly home sales reports for Pasadena and surrounding cities.  In the meantime, please do not hesitate to call us should you have any questions about any of the real estate data above or need helping with buying or selling a home, condominium or townhome.

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)629-VIEW(8439)

http://www.pasadenacarealestatehomes.com/00A566

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:

Read more »

http://www.pasadenacarealestatehomes.com/009B70

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)

See all homes available for sale in San Gabriel:

 

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 estate market 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

http://www.pasadenacarealestatehomes.com/009386

Inventory of San Gabriel homes has been pretty stable, but the number of sales has decreased over 50%.  Price per sq. ft. has dropped to $322 in October from $394 in August.  It takes close to 5 months to sell a San Gabriel home.  Based on the current sales rate, it will take almost 38 weeks to sell the existing inventory.

Lowest priced San Gabriel home on the market in October was 706 E Mision Road at $295,000.  It is a 2 bedroom and 2 bath home with 825 sq. ft.

Highest priced San Gabriel home on the market in October was 8300 Longden Avenue listed at $2,700,000.  It is a 3 bedroom, 4 bath home built in 1941.

See all San Gabriel Single Family Homes for Sale:

 

We are seeing more foreclosures or bank "real estate owned" homes coming up on the San Gabriel market.

Search all San Gabriel Foreclosures (Bank Owned - REOs):

 

San Gabriel Real Estate Market Statistics for August through October 2008:

Single Family Residence	Aug-08	Sep-08	Oct-08
New Listings	23	29	23
Total Listings	68	88	87
Sales Pending	9	13	15
Homes Sold	22	21	10
Listings Expired	7	20	11
Average Days on the Market	95	70	148
Average Price Per Sq. Ft.	$394	$380	$322
Median Selling Price	$648,000	$530,000	$482,500
Average Selling Price	$660,745	$546,329	$501,778
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	13.4	18.2	37.7
Condos	Aug-08	Sep-08	Oct-08
New Listings	1	12	5
Total Listings	7	18	13
Sales Pending	1	0	2
Condos Sold	0	1	0
Listings Expired	5	6	7
Average Days on the Market	n/a	63	n/a
Average Price Per Sq. Ft.	n/a	$408	n/a
Median Selling Price	n/a		n/a
Average Selling Price	n/a	$368,000	n/a
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	10.1	78.0	n/a
Townhomes	Aug-08	Sep-08	Oct-08
New Listings	9	7	25
Total Listings	12	13	37
Sales Pending	1	8	5
Townhomes Sold	1	2	6
Listings Expired	7	7	6
Average Days on the Market	244	114	55
Average Price Per Sq. Ft.	$290	$270	$314
Median Selling Price	$439,500	$384,250	$519,000
Average Selling Price	$439,500	$384,250	$493,667
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	52.0	28.2	26.7

 

Data taken from ITEC (Pasadena Foothills Association MLS service)

SEARCH SAN GABRIEL HOMES FOR SALE (Single Family Residences)

SEARCH SAN GABRIEL CONDOS AND TOWNHOMES FOR SALE

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

 

http://www.pasadenacarealestatehomes.com/008503