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Altadena California Real Estate Market Update – August 2008

Altadena California Real Estate Market Update – August 2008

Altadena real estate market has shown a decreased number of available homes for sale from May 2008 to August 2008.  This decrease is due to the pick up of home sales in the summer months, although looking at the number of homes that went under contract in August, it’s clear that the summer rush is over.  The average price of an Altadena home has been declining steadily with August ending at $640,167.  Price per square foot of homes sold in Altadena has also decreased month after month to $345.

Altadena homes sold in August 2008 on average at 96.49% to their adjusted asking price.  I say adjusted because more than half of the Altadena homes sold in August had price reduction prior to getting buyer bids and finalizing the sale.

Atadena condos and townhomes are almost non-existent since Altadena mainly has single family homes. 

Single Family Residence May-08 Jun-08 Jul-08 Aug-08
New Listings 55 36 21 27
Total Listings 169 137 132 89
Sales Pending 13 37 39 13
Homes Sold  25 31 32 31
Listings Expired 20 13 13 18
Average Days on the Market  94 116 139 92
Average Price Per Sq. Ft.  $383 $378 $382 $345
Average Selling Price $680,790 $745,097 $690,833 $640,167
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 29.3 19.2 17.9 12.4
         
Condos and Townhomes May-08 Jun-08 Jul-08 Aug-08
New Listings 0 1 2 0
Total Listings 3 4 4 1
Sales Pending 0 0 0 0
Homes Sold  0 1 0 0
Listings Expired 0 1 0 2
Average Days on the Market  n/a 12 n/a n/a
Average Price Per Sq. Ft.   $431 n/a n/a
Average Selling Price n/a $535,000 n/a n/a

 

Data taken from ITEC (Pasadena Foothills Association MLS service)

HOMES FOR SALE IN ALTADENA (Single Family Residences)

SEARCH CONDOS AND TOWNHOMES FOR SALE IN ALTADENA

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Posted on September 24th, 2008
Posted by: Irina Netchaev

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