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Alhambra California Real Estate Market Housing Report – August 2008

Alhambra California Real Estate Market Housing Report – August 2008

Alhambra real estate market key indicators for the months of June 2008 through August 2008 are below for your review. 

Alhambra SFR highlights for August 2008:

It’s interesting to note that Alhambra Single Family Residence (SFR) average sales price dropped for the first time in months to $484,967, but the average price per square foot went up slightly from $350 to $363.  The number of Alhambra homes that closed escrow in August increased by 40%.  Not surprising since most escrows now run 30 to 45 days and these Alhambra homes went under contract most likely in the height of the summer season, sometime in July.

Overall inventory for Alhambra homes is increasing slightly month after month, with the total listings reaching 67.  Only 9 Alhambra homes went under contract last month.  Even though the absorption rate is showing as 19.4 weeks, it will most likely be a lot higher in September since it’s based on August’s sales.  September sales will be significantly lower due to the minimal number of homes in escrow. 

More inventory means more buyer deals.  Prognosis for Alhambra home buyers is good.  Alhambra real estate market is leaning in the buyer’s favor.

If you are an Alhambra seller, be aware that inventory is increasing and Alhambra home prices will need to decrease accordingly.  There will be more homes competing for sale.  Alhambra homes that will sell will be priced aggressively and will show better than their competitors.

Having said that, August has been good to Alhambra sellers.  Out of 21 closed sales, 3 sales went over asking price and 3 Alhambra homes sold at asking price.

The lowest priced Alhambra home is listed at $360,000.  It’s located at 2116 Winthrop Drive and has 2 bedrooms and 1 bath.

The highest priced Alhambra home is listed at $998,000.  This home is located at 318 North Curtis Avenue and has 6 bedrooms and 4 baths.

READ MORE:  Alhambra Real Estate Market Report for September 2008

Alhambra Condo and Townhome Highlights for August 2008:

There were 34% less condos and townhomes sold in August 2008 as compared to July 2008.  It also took a lot longer to sell these condos and townhomes.  On average, it took 103 days – that’s almost 3 weeks longer than in July.

Alhambra condos/townhome price per square foot has dropped to $296 and the average sales priced dropped to $364,944. 

If you are a buyer looking to buy a condo or a townhome in Alhambra, there are some deals to be had in the low $300,000 range.  There are even some condo/townhomes under $300,000. 

Single Family Residence Jun-08 Jul-08 Aug-08
New Listings 12 21 18
Total Listings 54 61 67
Sales Pending 14 17 9
Homes Sold  13 15 21
Listings Expired 9 8 9
Average Days on the Market  112 62 82
Average Price Per Sq. Ft. $414 $350 $363
Average Selling Price $511,692 $505,133 $484,967
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 18.0 20.3 19.4
       
Condos and Townhomes Jun-08 Jul-08 Aug-08
New Listings 14 11 11
Total Listings 45 39 36
Sales Pending 11 11 10
Homes Sold  8 12 8
Listings Expired 7 7 7
Average Days on the Market  66 84 103
Average Price Per Sq. Ft. $280 $305 $296
Average Selling Price $373,238 $406,708 $364,944
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 19.5 21.1 13.0

 

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

I invite you to request Alhambra’s real estate market updated reports by clicking here.  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.  These reports can be ordered at the same time.

If you would like to search for homes in Alhambra, please visit the free home search here on this site.

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.

Irina :-)

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Posted on September 15th, 2008
Posted by: Irina Netchaev

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