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:

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

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:

Data taken from ITEC (Pasadena Foothills Association MLS service)

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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

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:

Data taken from ITEC (Pasadena Foothills Association MLS service)

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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 

No surprises in the San Gabriel real estate trends for August 2008.  The number of new home listings have increased from 15 to 23 from July through August, but the overall number of available San Gabriel homes is the same as well as the number of San Gabriel homes that sold remain the same.  The number of Single Family Residences (SFR) that are under contract in August is significantly lower than July mainly due to the cyclical nature of real estate during summer months.  June and July are the busiest real estate months with August slowing down as families are settling in to a new school year.

San Gabriel condo inventory went down, while townhomes have seen a huge increase in available properties although sellers are overpricing these townhomes in my opinion.  Townhomes are selling in mid to high $200 price per sq. ft. range while the newly listed townhomes are averaging around $330 per sq. ft.  Hmmm.... if you are a seller, rethink your strategy... not only will these townhomes take longer to sell and will most likely sell at a much lower price, but no appraiser in their right mind will appraise them at asking price!

 San Gabriel Real Estate Indicators for May 2008 through August 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 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 

READ MORE:  San Gabriel Real Estate Market Report September 2008

San Gabriel real estate market has been holding pretty steady without any major variances over the last few months. The least expensive home on the market in San Gabriel right now is $299,000 and the most expensive home for sale is $2,195,000.

Interestingly, the number of homes on the market has dropped for both Single Family Residences (SFR) and Townhomes. This drop is due to more buyers opening escrows in July for SFR and more properties being taken off the market for Townhomes - a possible indication of foreclosures and unsuccessful short sales.

San Gabriel Real Estate Housing Data:

Data taken from ITEC (Pasadena Foothills Association MLS service)

If you are interested in beginning your search for a San Gabriel home, please click on the search home link here.

For weekly updates on San Gabriel 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.

Posted by Irina Netchaev 626-627-7107