Pasadena Real Estate

Price per square foot for single family homes in Arcadia dropped a little as we entered fall to $401 per sq. ft.  However, during the summer months, we've seen stable increases in the same statistic.

 Arcadia Single Family Homes Real Estate Data for April 2009 through September 2009:

Date	4/09	5/09	6/09	7/09	8/09	9/09
For Sale	150	140	134	149	134	122
Sold	35	38	32	43	46	31
Pended	39	39	33	49	35	40
Months of Inventory based on Closed Sales	4.3	3.7	4.2	3.5	2.9	3.9
Months of Inventory based on Pended Sales	3.8	3.6	4.1	3.0	3.8	3.1
Avg. Active Price	$1,480K	$1,497K	$1,487K	$1,526K	$1,628K	$1,696K
Avg. Sld Price	$873K	$914K	$1,161K	$956K	$1,000K	$897K
Avg. Sq. Ft. Price	$397	$364	$373	$395	$411	$401
Sold/List Diff. %	95%	94%	96%	97%	96%	98%
Sold/Orig LP Diff. %	93%	92%	90%	94%	95%	94%
Days on Market	57	47	67	53	48	46
Median Price	$800K	$800K	$956K	$838K	$915K	$828K

*All real estate reports are published Oct. 2009, based on data available at the end of Sep. 2009.
All reports presented are based on data supplied by CARETS. CARETS does not guarantee or is not in anyway responsible for its accuracy. Data maintained by CARETS may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.

 

Arcadia Single Family Homes - 5 year over view of For Sale Vs. Sold:

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http://www.pasadenacarealestatehomes.com/009E43

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:

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

 

Summer is about being outdoors, enjoying activities with friends and family and of course, heading over to your favorite park for a concert.  If that concert is free, well... that's even better.

So, without further ado, here's a list of Summer Concerts in the Park.

2009 Summer Concert Schedule:

ALTADENA, CA

Location: 568 East Mt. Curve Ave. in the Ampitheater at Farnsworth Park

Time: 7:00 p.m.

Down Beat Express (Big Band)	Saturday, June 27th
Elk's #99 Concert Band (Patiotic Music)	Saturday, July 4th
The Surfing Safaris (Beach Party)	Saturday, July 18th
Elliott Caine (Jazz Trumpet)	Saturday, July 25th
Melena (Latin Jazz)	Saturday, August 1st
Those Manning Boys (Irish Dance & Song)	Saturday, August 8th
Brian Hughes (Jazz Guitarist)	Saturday, August 15th
All American Wranglers (Country)	Saturday, August 29th
Hot August Night (tribute to Neil Diamond)	Saturday, Sept. 12th

ARCADIA, CA

Location: 240 West Huntington Drive - City Hall West Lawn

Time: 6:30 - 8:00 p.m. There will also be a Free Kids Fun Zone with games and crafts

Hodads (Beach Tunes)	Thursday, July 9th
Hollin' Blues Boogie Band (Blues)	Thursday, July 16th
Rockit Scientists (Tribute to Baby Boomers)	Thursday, July 23rd
Silverados (Country)	Thursday, July 30th
Cold Duck (70's)	Thursday, August 6th
Jumpin Joz (Swing)	Thursday, August 13th
Rubber Soul (Beatles Tribute)	Thursday, August 20th

COVINA, CA

Location: 301 North 4th Avenue Covina Park Bandshell

Time: 7:30 p.m.

The Answer (Classic Rock)	Monday, June 22nd
Covina Concert Band - Swing with the Big Bands	Thursday, June 25th
Cold Duck (R&B)	Monday, June 29th
Covina Concert Band - America: Home Sweet Home	Thursday, July 2nd
The Hodads (Beach Boys Tunes)	Monday, July 6th
Covina Concert Band - Broadway Curtain Time	Thursday, July 9th
Suave (Latin Jazz, Disco & Salsa)	Monday, July 13th
Covina Concert Band - Night at the movies	Thursday, July 16th
Undercover Girls (Rock hits)	Monday, July 20th
Covina Concert Band - Music for the Young at Heart	Thursday, July 23rd
Film at Eleven & The Late Breaking Horns (Classic 60's n 70's)	Monday, July 27th
Covina Concert Band - Around the World in 80 Minutes	Thursday, July 30th

GLENDORA, CA

Location: 160 North Wabash Avenue, Glendora - Bandshell at Finkbiner Park

Time: 6:00 p.m.

The Answer (Classic Rock)	Sunday, July 12th
Stone Soul (Motown & Soul)	Sunday, July 19th
Disco Diva (70's Dance)	Sunday, July 26th
Elvis	Sunday, August 2nd
The Wise Guys (Big Band)	Sunday, August 9th
All American Wranglers (Counrty)	Sunday, August 16th
Cold Duck (R&B)	Sunday, August 23rd

LA CANADA FLINTRIDGE, CA

Location: 1301 Foothill Blvd., Memorial Park

Time: 6:00 - 8:00 p.m.

Wake the Bard  (Traditional Celtic)	Sunday, June 21st
Misplaced Priorities (Classic Rock) Classic Car Show prior to Concert	Sunday, June 28th
Steve Roth (Elvis Tribute)	Sunday, July 5th
The Jack Lantz Big Band (Big Band)	Sunday, July 12th
Pacific Coast Highway (Light Rock)	Sunday, July 19th
Brian Lynn Jones & The Misfit Cowboys (Country)	Sunday, July 26th
Swing Inc. (Swing)	Sunday, August 2nd
Hot August Night ( Tribute to Neil Diamond)	Sunday, August 9th
Bluegrass Billionares (Bluegrass)	Sunday, August 16th
Palm Drive ( Classic Rock)	Sunday, August 23rd

LOS ANGELES - DOWNTOWN

Location: 350 South Grand Avenue, Downtown Los Angeles - California Plaza

Call: 213-687-2159

Hal David - Musicology 302	July 9th 8:00 p.m.
Rocky Dawuni	July 10th 12:00 & 8:00 p.m.
Buika & Perla Batalla	July 11th 8:00 p.m.
Justo Almario's Afro-Colombian Ensamble	July 17th 12:00 p.m.
Watcha Clan & CuCu Diamantes	July 17th 8:00 p.m.
Albita	July 18th 8:00 p.m.
The Bad Plus & Wendy Lewis	July 24th 12:00 & 8:00 p.m.
Curumin & Novalima	July 25th 8:00 p.m.
Lo Cor de la Plana & Fishtank Ensemble	July 31st 12:00 & 8:00 p.m.
Mentiritas, La Santa Cecilia & Mr. Vallenato	August 1st 7:00 p.m.
Haegum Plus	August 7th 12:00 & 8:00 p.m.
Tanya Tagaq & Hyperpotamus	August 8th 8:00 p.m.
K.B. Solomon: The Paul Robeson Project	August 9th 8:00 p.m.
Toto la Momposina y sus Tambores	August 14th 12:00 & 8:00 p.m.
Rokia Traore	August 15th 8:00 p.m.
Inspiration House Poetry Choir	August 20th 8:00 p.m.
Adaawe	August 21st 12:00 p.m.
Rahim Alhaj	August 21st 8:00 p.m.

MONROVIA, CA

Location: Library Park Bandshell

Time: 6:30 p.m.

Doo Wah Riders	Sunday, July 12th
Moon Dance	Sunday, July 19th
The Answer	Sunday, July 26th
Reflex	Sunday, August 2nd

 

PASADENA, CA

Visit Pasadena City Guide for more information.

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http://www.pasadenacarealestatehomes.com/00764C

Arcadia home sales came to a standstill in October.  The number of new properties on the market increased for all categories - homes, condos and townhomes.  The total number of units increased and the absorption rate is the highest it's been in awhile.

 

Interestingly enough, when I am out looking for homes in Arcadia under $1 million with my clients, we are having a difficult time finding decent properties iln that less than $1 million range.  These homes tend to sell fairly quickly if they are in good condition and priced appropriately for the market.  The homes over $1 million are being marketed much longer even if the price per square foot is reasonable.  Partly, this has to do with the difficulty of obtaining financing and the higher down payment requirements that banks are requiring Arcadia buyers to put down. 

Read More:  California Housing Outlook by CAR (California Association of Realtors) Chief Economist

 

Back to statistics - Arcadia homes that are currently offered for sale are priced at an average of $451 per square foot.  The solds tell the story of why these homes are sitting on the market for so long - Arcadia homes that closed escrow, sold for $378 per sq. ft. in October.  There are also 6 foreclosures or bank owned properties available for Sale in Arcadia now.

The lowest priced Arcadia home on the market in October was 11314 E La Rosa Street.  It is offered at $410,000 and has 3 bedrooms and 2 baths with 1,400 sq. ft.

The most expensive Arcadia home in October was 330 West Naomi Avenue.  Offered at $3,680,000, it has 7 bedrooms and 8 baths and has an amazing 8,166 sq. ft.

 

If you are interested in searching Arcadia homes currently on the market and listed in the MLS (Multiple Listing Service), take a look at the direct MLS access below:

 

If you are interested in searching Arcadia homes currently on the market that are bank owned or in foreclosure status, you can see them below: 

 

Arcadia Real Estate Housing Statistics for August 2008 - October 2008:

Single Family Residence	Aug-08	Sep-08	Oct-08
New Listings	31	42	55
Total Listings	106	129	152
Sales Pending	16	22	22
Homes Sold	31	31	21
Listings Expired	19	26	25
Average Days on the Market	188	56	134
Average Price Per Sq. Ft.	$416	$427	$378
Median Selling Price	$825,000	$808,000	$780,000
Average Selling Price	$1,007,310	$951,542	$900,643
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	14.8	18.0	31.4
Condos	Aug-08	Sep-08	Oct-08
New Listings	4	7	18
Total Listings	17	19	30
Sales Pending	3	3	1
Condos Sold	5	8	3
Listings Expired	2	9	3
Average Days on the Market	153	138	92
Average Price per Sq. Ft.	$303	$292	$327
Median Selling Price	$435,000	$541,500	$385,000
Average Selling Price	$456,800	$502,350	$411,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	14.7	10.3	43.3
Townhomes	Aug-08	Sep-08	Oct-08
New Listings	6	15	11
Total Listings	20	32	29
Sales Pending	1	8	5
Townhomes Sold	7	7	3
Listings Expired	11	5	7
Average Days on the Market	83	55	123
Average Price Per Sq. Ft.	$349	$293	$338
Median Selling Price	$539,000	$630,000	$680,000
Average Selling Price	$603,571	$581,698	$635,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	12.4	19.8	41.9

Data taken from ITEC (Pasadena Foothills Association MLS service)

 

SEARCH ARCADIA HOMES FOR SALE (Single Family Residence)

SEARCH ARCADIA CONDOS AND TOWNHOMES FOR SALE

 

For weekly updates on Arcadia real estate market activity, please feel free to request market analysis reports with detailed information by clicking here to be taken to the market analysis website page. These reports are gathered and updated by Altos Research and will be emailed to you with my compliments. 

 

http://www.pasadenacarealestatehomes.com/00842B

This Arcadia real estate market report is a few weeks overdue. My apologies for the delay, but I was struck down with the worst flu that I ever remember having. Oh well... it's over and done with. I hope at least. :-)

Single Family Home sales in Arcadia remained at 31 closed escrows just like in August, down from the high of 50 home sales in July. Inventory increased a bit to 129 listings, but essentially remained flat if you look at the last five months of data. Arcadia homes are selling at 96.33% of asking price in September, with 9 out of the 31 selling at or over asking.

Arcadia condos have seen an increase in sales in September, but the inventory remains pretty stable. If the rate of sales will hold and inventory remains the same, it'll take approximately 10 weeks to move the existing inventory. Arcadia home sellers are still overpricing their condos and are listing them on average at $317 per square foot. The sold price per square foot has fallen under $300.

 

Arcadia townhomes had an increase in inventory mainly due to a new complex that hit the market in early September at 1016 - 1020 West Huntington Drive. These townhomes were built in 2007 and are selling in the low $800,000 range. Again, listing price per square foot ($347) on most of the townhome listings is way higher than the actual sold price per square foot ($293) in September. Arcadia townhome sellers need to track the real estate trends a bit closer or they will end up sitting on these homes for a long time and then reducing home prices more significantly to bring in a buyer. The absorption rate increase speaks clearly to the overabundance of townhome listings vs. buyers.

 

Also Read: Arcadia Real Estate Market Trends for August 2008

 

Arcadia Real Estate Market Statistics for September 2008:

 

 

Single Family Residence	May-08	Jun-08	Jul-08	Aug-08	Sep-08
New Listings	77	46	48	31	42
Total Listings	156	157	132	106	129
Sales Pending	20	48	22	16	22
Homes Sold	27	30	50	31	31
Listings Expired	23	16	28	19	26
Average Days on the Market	80	193	93	188	56
Average Price Per Sq. Ft.	$420	$414	$431	$416	$427
Average Selling Price	$972,274	$991,057	$917,052	$1,007,310	$951,542
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	25.0	22.7	11.4	14.8	18.0
Condos	May-08	Jun-08	Jul-08	Aug-08	Sep-08
New Listings	6	5	8	4	7
Total Listings	18	20	20	17	19
Sales Pending	4	3	2	3	3
Condos Sold	3	5	7	5	8
Listings Expired	6	1	2	2	9
Average Days on the Market	153	98	74	153	138
Average Price per Sq. Ft.	$299	$343	$315	$303	$292
Average Selling Price	$503,296	$559,300	$475,357	$456,800	$502,350
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	26.0	17.3	12.4	14.7	10.3
Townhomes	May-08	Jun-08	Jul-08	Aug-08	Sep-08
New Listings	10	16	16	6	15
Total Listings	33	34	35	20	32
Sales Pending	8	14	6	1	8
Townhomes Sold	15	6	18	7	7
Listings Expired	2	8	7	11	5
Average Days on the Market	111	80	86	83	55
Average Price Per Sq. Ft.	$329	$353	$316	$349	$293
Average Selling Price	$579,700	$579,333	$553,111	$603,571	$581,698
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	9.5	24.6	8.4	12.4	19.8

 

 

Data taken from ITEC (Pasadena Foothills Association MLS service)

SEARCH ARCADIA HOMES FOR SALE (Single Family Residence)

SEARCH ARCADIA CONDOS AND TOWNHOMES FOR SALE

 

 

For weekly updates on Arcadia real estate market activity, please feel free to request market analysis reports with detailed information by clicking here. These reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

http://www.pasadenacarealestatehomes.com/007742