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1 comment » 2009 Real Estate Sales Recap and Pasadena Home Sales Forecast for 2010Real estate home sales analysis in Pasadena and surrounding neighborhoods. See real estate statistics for 2003 through 2009.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)
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.
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. South Pasadena Home Sales - 7 year analysis (2003 - 2009)
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.
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.
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
Read More: See all San Gabriel Homes for Sale San Gabriel Condos and Townhomes for salePrice 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.
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.
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 & ASSOCIATESPasadena Real Estate Agents 445 South Fair Oaks Avenue Pasadena, CA 91105 (626)629-VIEW(8439)http://www.pasadenacarealestatehomes.com/00A566
Posted on January 03, 2010 05:32:04
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Leave a comment » Home Sales Report for Pasadena Real Estate and Surrounding CitiesHome sales and real estate reports for Pasadena, San Marino and surrounding cities.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:
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:http://www.pasadenacarealestatehomes.com/009B70
Posted on August 25, 2009 04:17:45
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Leave a comment » San Gabriel Real Estate Market Report - December 2008San Gabriel California real estate market update for December 2008San 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:
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
Posted on January 19, 2009 18:05:30
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Leave a comment » San Gabriel Real Estate Market Report - October 2008San Gabriel real estate market update for October 2008Inventory 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:
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 SALEFor 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
Posted on November 29, 2008 05:42:16
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Leave a comment » San Gabriel Real Estate Market Report - September 2008San Gabriel real estate market trends for July through September 2008San 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:
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 SALEFor 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/007740
Posted on October 10, 2008 17:37:45
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