Pasadena CA Real Estate

I found this Chicago Tribune economy comparison at Pat Kitano's blog.  Pat has one of the most insightful real estate/economy and social media blogs on the web today.  I read it daily and recommend that you subscribe to his blog in your google reader as well. 

As I review this, the outlook for our country is not very favorable.  Median household income is lower than 8 years ago, defense spending is up 79.3% at 545 billion dollars, we have managed to spend 643 billion dollars over the last 8 years (remember the approved financial bail out package is 700 billion dollars), and gas prices are through the roof.  How about congress considers getting out of a hopeless war and paying more attention to the health and stability of their own country. 

What do you think?

So, what's going on with Altadena?  Inventory is increasing and prices are going down.  We are in a very strong buyer's market in Altadena.  The number of homes under contract has increased which will help the situation if home buyers will be able to get financing and close escrows.  Price per square foot of sold homes has increased although the overall Altadena home price has increased.  Home buyers are careful with how much they are willing to pay and are buying smaller homes.

Condos and townhomes in Altadena are non-existent at the moment. 

Altadena Real Estate Market Statistics for June through September 2008:

Real estate data based on information from ITEC (Pasadena Foothills Association MLS service)

SEARCH HOMES FOR SALE IN ALTADENA (Single Family Residences)

SEARCH ALTADENA CONDOS AND TOWNHOMES FOR SALE

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

Posted by Irina Netchaev, Real Estate Agent.

The inventory of South Pasadena homes for sale has increased in Septtember mostly because of homes falling out of escrow last month.  The number of newly listed homes has remained consistently at around 10 a month.  Even though the average # of days of sold South Pasadena homes is running a bit over 2 months, the homes that are currently available for sale have been on the market for over 3 months, an average of 107 days.

Most South Pasadena homes sold last month were closed at 8% below asking price.  Only one home sold over asking price at 822 Arroyo Drive.  It was originally priced at $699,000 and closed escrow at $715,000.

It will take over 28 weeks to sell the South Pasadena home inventory given no additional listings and the same rate of sale as in September.

The lowest priced home in South Pasadena is at 1800 Meridian Avenue - $474,900. 

The highest priced home in South Pasadena is at 851 Lyndon Street - $3,450,000.

Condos and townhouse sales in South Pasadena have remained pretty flat with no major changes from last month.

The lowest priced condo for sale in South Pasadena is at 116 marmion Way #10 - $339,000

The highest priced townhome for sale in South Pasadena is at 1907 Leman Street - $829,000

South Pasadena Real Estate Market Statistics for June through September 2008:

Real estate data based on information from ITEC (Pasadena Foothills Association MLS service)

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.

Posted by Irina Netchaev, Pasadena Real Estate Agent.

Inventory for Alhambra single family homes for sale was lower from August to September for both new home listings (18 new Alhambra listings to 14) and overall homes on the market (67 active listings in August to 54 active Alhambra listings in September.)  Closed Alhambra sales unfortunately were down drastically in September from the summer high of 21 homes sold in August to only 13 Alhambra homes closing contract in September.

If homes don't sell as quickly, but the inventory is still pretty much the same, we're looking at higher absorption rates and lower prices down the road, especiallly moving into the slower fall and winter months.  This will create excellent opportunity for cash rich and credit strong buyers and lower profits for sellers. 

If you have an Alhambra home for sale or are considering selling your Alhambra home, t is more critical now than ever to track the real estate market trends and not overprice your house.  There's no point in putting your home on the market and listing it in the MLS if you are not serious about selling or if you do not have to sell right now.

The market's downward trends are shared across both price and value.  Consumers are recently placing less value on homes (you can see the recent declines in price per square foot for SFR - single family homes - as evidence.) Look for significant changes in the Market Action Index as a precursor to price and value changes, possibly as inflection points for good investment opportunities.

Alhambra Real Estate Market Statistics and Key Indicators for June 2008 through September 2008:

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

I invite you to request Alhambra'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 Alhambra, 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

Even though, the inventory of homes in San Marino is fairly stable and is not increasing the number of San Marino homes sold is almost 50% less in September compared to August.  October will not look much better since only six San Marino homes are in escrow right now, but new home listings are holding steady at about 11 to 13 homes a month - double the buyers' demand.  This can potentially lead to an overabundance of homes on the market and reduction of prices especially going into the slowest season of the real estate cycle - winter.

San Marino listings are also being priced higher than the average selling price over the last several months.  The average price per sq. ft. for active San Marino homes in the MLS is $653.  The sold price per sq. ft. is listed below - September closed at $625.  It's also interesting to note that the 6 San Marino homes currently under contract average out at $598 a sq. ft.

Of the eight San Marino home sales last month, three of these homes sold over asking price, with the highest priced sale for the month at $2,580,000 for 20 Mill Canyon Road.  This home was originally listed for sale at $2,888,888.

The lowest priced San Marino home on the market is $875,000 at 1913 S Los Robles.

The highest prices San Marino home on the market is $8,900,000 at 1385 Old Mill Road.

Read More:  San Marino Real Estate Market Report for August 2008

San Marino Real Estate Statistics for June 2008 to September 2008:

To give you a better understanding of what is happening in the San Marino real estate market, the graph below shows how the homes are selling in each quartile.  A quartile is 25% of the total San Marino homes listed.  The quartiles have been broken out as follows:

Quartile #1 - 25% of most expensive San Marino homes

Quartile #2 - 25% of upper middle priced San Marino homes 

Quartile #3 - 25% of lower middle priced San Marino homes

Quartile #4 - 25% of least expensive San Marino homes

In reviewing the above graph, we can see that home prices in most of San Marino quartiles have been trending higher in recent weeks except for the high-end of the real estate market, which has been essentially flat.

Data of San Marino homes for sale and San Marino solds was taken directly from ITEC (Pasadena Foothill MLS)

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Posted by Irina Netchaev, San Marino Luxury Home Real Estate Specialist