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San Gabriel Real Estate Market Report - December 2008

San Gabriel California real estate market update for December 2008

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