If homes don’t sell as quickly, but the inventory is still pretty much the same, we’re looking at higher absorption rates and lower prices down the road, especiallly moving into the slower fall and winter months.  This will create excellent opportunity for cash rich and credit strong buyers and lower profits for sellers. 

If you have an Alhambra home for sale or are considering selling your Alhambra home, t is more critical now than ever to track the real estate market trends and not overprice your house.  There’s no point in putting your home on the market and listing it in the MLS if you are not serious about selling or if you do not have to sell right now.

The market’s downward trends are shared across both price and value.  Consumers are recently placing less value on homes (you can see the recent declines in price per square foot for SFR – single family homes – as evidence.) <a title=”Market Action Indicator changes” href=”http://www.pasadenacarealestatehomes.com/buyera-039-s-or-a-sellera-039-s-market-m

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. 

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

This post will be updated monthly, around the first week of the month, for the previous month and will give you key real estate market indicators for Alhambra California.  Bookmark this page and visit it each month to see how Ahambra homes and condos are faring in today’s real estate market.

If you are already an Alhambra homeowner and would like to get a monthly email sent to you with real estate activity around your Alhambra home, please visit our real time real estate market page and sign up for your real estate monthly market report.  You will not be contacted by me or anyone on my team and the information will be generated automatically via email based on the criteria that you list.

If you are seriously considering selling your Alhambra home and would like a private consultation, please contact me at      626-627-7107      or Irina@Irina4RealEstate.com.

Additional Alhambra Real Estate Market Reports:

Alhambra Real Estate Market Report – August 2008

Alhambra Real Estate Market Report – September 2008

Alhambra Real Estate Market Report for the month of July 2008:

The number of new homes for sale (SFR) almost doubled in July with the number of home sales remaining the same as in the last couple of months.  Price per square foot is moving down as well.  There is several months of inventory for Alhambra home buyers to choose from.

Single Family Residence	Jul-08
New Listings	21
Total Listings	61
Sales Pending	17
Homes Sold	15
Listings Expired	8
Average Days on the Market	62
Average Price Per Sq. Ft.	$350
Average Selling Price	$505,133
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	20.3
Condos and Townhomes	Jul-08
New Listings	11
Total Listings	39
Sales Pending	11
Homes Sold	12
Listings Expired	7
Average Days on the Market	84
Average Price Per Sq. Ft.	$305
Average Selling Price	$406,708
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	21.1

Alhambra Real Estate Market Report for the month of June 2008:

Single Family Residence	Jun-08
New Listings	12
Total Listings	54
Sales Pending	14
Homes Sold	13
Listings Expired	9
Average Days on the Market	112
Average Price Per Sq. Ft.	$414
Average Selling Price	$511,692
Condos and Townhomes	Jun-08
New Listings	14
Total Listings	45
Sales Pending	11
Homes Sold	8
Listings Expired	7
Average Days on the Market	66
Average Price Per Sq. Ft.	$280
Average Selling Price	$373,238

Alhambra Real Estate Market Report for the month of May 2008:

SEARCH ALHAMBRA HOMES FOR SALE (Single Family Residences)

SEARCH ALHAMBRA CONDOS AND TOWNHOMES FOR SALE

Posted By: Irina Netchaev – Pasadena California Real Estate Agent – Irina Netchaev & Associates.  Irina and her Team of Real Estate experts work in the beautiful Keller Williams Realty in Pasadena California specializing in residential real estate.                     (626) 204-3340