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Pasadena Real Estate and Housing Market Report – September 2008

Pasadena Real Estate and Housing Market Report – September 2008

As September rolls around, home buyers usually see a decrease in new homes on the market.  Not this September – Pasadena’s real estate inventory is as strong as it was during the summer months.  Pasadena home inventory increased for Single Family Homes (SFR), Condos and Townhomes – across the board.  Absorption rate is going up as well which means that these pasadena home listings will take longer to sell than before.

Pasadena SFR sales sold close to asking price at an average of 96.62%.  25 out of 59 home sales sold at full price or over asking.

The lowest priced closed SFR sale was for $230,000 at 816 Lincoln Avenue.

The highest priced closed SFR sale closed at $2,950,000.  This Pasadena luxury home was at 1805 Kinneloa Mesa Road.

READ MORE:  Pasadena Real Estate Market and Housing Report for October 2008

Looking at the Pasadena condominium statistics below, you will notice that the price per square foot of homes sold increased from $397 to $445.  The driving force behind this increase is the multiple sales of condos in the new condominium project at 217 S. Marengo in Pasadena.  Pasadena home shoppers want newly built homes and are willing to pay for them.

The Market Action Index indicator has remained relatively flat not providing strong indicators for real estate market conditions.

Pasadena Market Action Indicator

 Housing Market Statistics for Pasadena – June 2008 through September 2008:

Single Family Residence Jun-08 Jul-08 Aug-08 Sep-08
New Listings 77 140 80 78
Total Listings 388 390 325 341
Sales Pending 54 66 43 95
Homes Sold  54 65 69 59
Listings Expired 48 42 36 59
Average Days on the Market  121 104 133 115
Average Price Per Sq. Ft. $445 $417 $407 $396
Average Selling Price $968,727 $807,139 $923,986 $751,228
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 31.1 26.0 20.4 25.0
         
Condos Jun-08 Jul-08 Aug-08 Sep-08
New Listings 52 41 31               46
Total Listings 182 169 136 156
Sales Pending 30 25 9 38
Homes Sold  24 29 27 21
Listings Expired 34 17 22 35
Average Days on the Market  126 92 115 121
Average Price Per Sq. Ft. $391 $386 $397 $445
Average Selling Price $503,451 $515,788 $515,896 $459,540
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 32.9 25.3 21.8 32.2
         
Townhomes Jun-08 Jul-08 Aug-08 Sep-08
New Listings 36 21 11 16
Total Listings 90 81 57 69
Sales Pending 9 15 6 18
Homes Sold  11 10 13 15
Listings Expired 7 9 4 12
Average Days on the Market  102 84 111 130
Average Price Per Sq. Ft. $391 $374 $385 $358
 Average Selling Price   $     555,236  $ 695,800  $ 597,477  $ 512,933
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 35.5 35.1 19.0 19.9

Search all Pasadena Condos for Sale in MLS (Multiple Listing Service):

 

Search all homes (single family residences) for sale in Pasadena MLS (Multiple Listing Service):

 

Search All Pasadena Foreclosures or Bank Owned Homes for Sale (MLS – Multiple Listing Service)

 

 

SEARCH PASADENA CA HOMES FOR SALE (Single Family Residences – SFR)

SEARCH PASADENA CONDOS AND TOWNHOMES FOR SALE

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

If you are interested in receiving a weekly Pasadena real estate market report with the Market Price Index, you can request the Pasadena Market Real Estate Report here and it will be emailed to you automatically each Monday.  This is a report that I order specifically for the readers of my website from Altos Research who specializes specifically in real estate housing market activity throughout the country.

Posted on October 3rd, 2008
Posted by: Irina Netchaev

No Comments »

Gorgeous Rainbow over San Marino

Gorgeous Rainbow over San Marino

I woke up to a beautiful rainbow right over my home in San Marino.  What a way to start a Monday… Enjoy!

rainbow

»crosslinked«

Posted on September 29th, 2008
Posted by: Irina Netchaev

No Comments »

Pasadena Real Estate Market Report – August 2008

Pasadena Real Estate Market Report – August 2008

Inventory of homes in Pasadena went down significantly in August.  At the same time the number of homes under contract is a lot lower in August than in previous summer months – again the cyclical nature of the beast.  During the months of June and July, volume of both sales and pending (homes under contract) sales goes up and in the fall months we start seeing a “slow down” in the Pasadena real estate market.

Luxury homes in Pasadena had a lot of movement – 19 homes sold over 1 million dollars.

The highest priced Pasadena luxury home sale for August 2008 was at $5,750,000 on 455 S. San Rafael and sold in a bit over 2 months.

Pasadena Market Action Index

The PASADENA real estate market is currently in the Buyer’s Market zone (below 30), though not strongly so. The 90- day Market Action Index stands this week at 21 so buyers should expect find reasonable levels of selection.  The market has settled in at a relative stasis in inventory and sales conditions. It’s a Buyer’s market that has seen prices trend lower. Expect that consistent up trends in demand will be required before price trends change significantly.

Pasadena Market Action Index

 

READ MORE:  Pasadena Real Estate Market Report – September 2008

Pasadena Real Estate Market Statistics for June 2008 through August 2008:

 

Single Family Residence Jun-08 Jul-08 Aug-08
New Listings 77 140 80
Total Listings 388 390 325
Sales Pending 54 66 43
Homes Sold  54 65 69
Listings Expired 48 42 36
Average Days on the Market  121 104 133
Average Price Per Sq. Ft. $445 $417 $407
Average Selling Price $968,727 $807,139 $923,986
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 31.1 26.0 20.4
       
Condos Jun-08 Jul-08 Aug-08
New Listings 52 41 31
Total Listings 182 169 136
Sales Pending 30 25 9
Homes Sold  24 29 27
Listings Expired 34 17 22
Average Days on the Market  126 92 115
Average Price Per Sq. Ft. $391 $386 $397
Average Selling Price $503,451 $515,788 $515,896
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 32.9 25.3 21.8
       
Townhomes Jun-08 Jul-08 Aug-08
New Listings 36 21 11
Total Listings 90 81 57
Sales Pending 9 15 6
Homes Sold  11 10 13
Listings Expired 7 9 4
Average Days on the Market  102 84 111
Average Price Per Sq. Ft. $391 $374 $385
 Average Selling Price   $     555,236  $ 695,800  $ 597,477
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 35.5 35.1 19.0

 

SEARCH PASADENA CA HOMES FOR SALE (Single Family Residences – SFR)

SEARCH PASADENA CONDOS AND TOWNHOMES FOR SALE

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

If you are interested in receiving a weekly Pasadena real estate market report with the Market Price Index, you can request the Pasadena Market Real Estate Report here and it will be emailed to you automatically each Monday.  This is a report that I order specifically for the readers of my website from Altos Research who specializes specifically in real estate housing market activity throughout the country.

Posted on September 25th, 2008
Posted by: Irina Netchaev

1 Comment »

San Gabriel California Real Estate Market Report – August 2008

San Gabriel California Real Estate Market Report – August 2008

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:

Single Family Residence May-08 Jun-08 Jul-08 Aug-08
New Listings 24 18 15 23
Total Listings 79 91 68 68
Sales Pending 6 13 22 9
Homes Sold  16 24 22 22
Listings Expired 15 9 12 7
Average Days on the Market  79 98 79 95
Average Price Per Sq. Ft. $399 $358 $354 $394
Average Selling Price $578,188 $580,783 $595,932 $660,745
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 21.4 16.4 13.4 13.4
         
Condos May-08 Jun-08 Jul-08 Aug-08
New Listings 4 6 5 1
Total Listings 19 21 11 7
Sales Pending 0 0 1 1
Condos Sold  2 1 3 0
Listings Expired 3 1 2 5
Average Days on the Market  144 54 301 n/a
Average Price Per Sq. Ft. $295 $325 $341 n/a
Average Selling Price $336,500 $588,000 $438,667 n/a
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 41.2 91.0 15.9 10.1
         
Townhomes May-08 Jun-08 Jul-08 Aug-08
New Listings 3 3 1 9
Total Listings 9 14 7 12
Sales Pending 1 1 1 1
Townhomes Sold  1 0 1 1
Listings Expired 5 5 4 7
Average Days on the Market  18 n/a 20 244
Average Price Per Sq. Ft. $269 n/a $269 $290
Average Selling Price $677,000 n/a $355,000 $439,500
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 39.0 60.7 30.3 52.0

 

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

Posted on September 25th, 2008
Posted by: Irina Netchaev

No Comments »

Pasadena Luxury Homes for Sale – $5,000,000 and up

Pasadena Luxury Homes for Sale – $5,000,000 and up

Do you have $5 million dollars or more to spend on a Pasadena luxury estate?

I thought that it would be fun to showcase the available homes in Pasadena on the market right now.

 

Pasadena Luxury Estates

 

  Address BR BA Listing Price Price / Sq.Ft. HOA Dues MLS # DOM
1 2097 Villa Heights Road, Pasadena 6 7 $5,995,000 $711 $600 22115494 19
2 1613 Vista Lane, Pasadena 5 5 $9,500,000 $2,089 $0 22105103 233
3 1500 Lombardy Road, Pasadena 5 7 $9,500,000 $1,069 $0 22107713 180
4 860 Fairfield Circle, Pasadena 6 7 $12,000,000 $968 $0 22113522 63
5 1060 S San Rafael Ave, Pasadena 7 10 $17,500,000 $1,250 $0 22111363 109
6 2 Oak Knoll Terrace, Pasadena 9 9 $19,000,000 $543 $500 22094952 721

 

Here’s more information for each of these beautiful homes courtesy of ITEC (Pasadena Foothills Real Estate Association):

1. 2097 Villa Heights Road

One of Pasadena/s finest Estates. Located behind the gates of No. Kinneloa Ranch, this Custom-built Mediterranean rests on an acre of grnds & offers dramatic city & mtn vus. Excellence in design, & craftsmanship coupled w/supr quality of construction. Features incl. ceilings up to 28 ft in height, double crown & base moldings, Cherry wood cabinetry t/o, distressed Cheery HW flrs, French drs, marble, limestone, Walker Zanger tile, steel frame construction w/arched doorways, verandas, & balconies providing an Old World charm. Two semi-circular staircases lead into the dramatic entry Rotunda. The one-of-a-kind kitchen affords a 72 Viking Range in a tiled recessed alcove, two 36 Sub-Zero refrig/Freezer, plus all the culinary accoutrements. A sensational MBR suite offers two fpl’s, & an oversized luxurious limestone bath. There are a 1000 s.f. of covered verandas, porches, & balconies. A pool, spa, waterfall w/Koi pond grace the beautifully appointed formal grounds. A true masterpiece!

Listed by Dickson Podley

2. 1613 Vista Lane

This gracious Colonial Revival estate, designed by Giannetti Architects and built in 2005 by Finton Construction, features all the detail one would expect from the grand mansions of Pasadena’s golden era: crown molding, French doors, carved fireplaces, marble and mahogany floors, hand-painted wallpaper & paneled walls, exquisite window coverings and crystal chandeliers. A grand two-story entry with circular staircase welcomes you to this classic center hall floor plan. The first floor offers formal living and dining rooms, a family room with fireplace, a projection theatre, a gourmet kitchen with double Thermador ovens and 6 burner cooktop, Sub Zero refrigerators and a breakfast area, a downstairs bedroom with bath and an elevator. The second floor has a beautifully appointed master suite with his/her marble baths, a wood paneled library and three additional bedroom suites. A separate guest house is an additional 1148 square feet with an additional bath.

Listed by Coldwell Banker

3. 1500 Lombardy Road

With over NINE acres, this gated estate is perfect for complete privacy or holds potential for investors. It is indeed an extraordinary property which feels infinitely removed from its central urban location. The natural topography provides an ever changing experience as one traverses the property; oak shaded terraces, sun-drenched sagebrush slopes, awe inspiring vista lookouts, rolling lawns, sheltered glades, and abundant groves. The oversized pool, spa, tennis court and meandering trails compliment the extensive grounds. Floor to ceiling windows and doors with an open floor plan connect the interior to the landscape. This five bedroom, five bathroom residence, rebuilt in the 90’s, is inexorably connected to its natural surroundings of unspoiled rolling hills, glorious California Live Oaks and tranquil cultivated gardens. A whimsical vintage caboose is perfect for office or playroom. Discover vestiges of Pasadena’s long vanished rural past tucked away in the hills of Linda Vista.

Listed by Prudential California Realty

4. 860 Fairfield Circle

Designed by the noted architect Robert H. Ainsworth, this Mediterranean Revival home was completed in 1931. The property has been featured in several newspapers and architectural publications. Architectural Digest featured the house in 1932. In April 1933, the Architect and Engineer published a lengthy illustrative article about the house. The massive home is sited on the property like a Tuscan Villa, overlooking the terraced gardens and pool to the east. Its classic details of old-world Mediterranean architecture have been enhanced by the current owners with an incredible sense of sophistication and elegance. Grand public rooms with extensive carved wood details create a wonderful venue for formal entertaining. The grounds, designed by the noted landscape designer Rick Button, have been created with plant and tree species indigenous to the Mediterranean landscape.

Listed by Coldwell Banker

5. 1060 S. San Rafael

This is a Roland Coate treasure perched on the banks of the Arroyo in Pasadena. This grand estate has it all. The listing photos begin to tell the story, a private and confidential showing will continue the journey. Detached guest house with separate entrance. Pool Cabana, tennis court, breathtaking gardens and towering Oaks.

Listed by Steve Davies Estates

6. 2 Oak Knoll Terrace

Located in the prestigious Oak Knoll neighborhood adjacent to the Langham Huntington Hotel, (formerly the Ritz Carlton), this gated estate comprise a magnificent 12,000sf Colonial home plus a separate 23,000sf art gallery. Situated on 2.45 private acres, the stately residence, designed by renowned architects Myron Hunt & expanded by Gordon Kauffmann, features a center hall floorplan with grand public rooms, library, pub, nine large bedrooms and a finished 2000sf basement. French doors open to a wonderful terrace and backyard, inviting pool, garden pavillion & pool house. Meander along a scenic garden path and you will encounter an amazing art gallery, designed in 1973 by Ladd & Kelsey, with a 2-story domed atrium, state-of-the-art technology plus guest quarters with kitchen facilities. Transform this unique showplace into your own museum or theater. Convenient to fine dining, shopping and downtown LA, this exceptional estate in prime Pasadena awaits a special buyer’s personal touch.

Listed by Coldwell Banker

 

READ MORE: Luxury Condos are coming to Pasadena

Pasadena Luxury Home Sales for August 2008

San Marino Luxury Home Sale for August 2008

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

2 Comments »

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

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

No Comments »

Pasadena Luxury Homes for Sale – Over $5,000,000

Pasadena Luxury Homes for Sale – Over $5,000,000

Do you have $5 million dollars or more to spend on a Pasadena luxury estate?

I thought that it would be fun to showcase the available homes in Pasadena on the market right now.

 

Pasadena Luxury Estates

 

  Address BR BA Listing Price Price / Sq.Ft. HOA Dues MLS # DOM
1 2097 Villa Heights Road, Pasadena 6 7 $5,995,000 $711 $600 22115494 19
2 1613 Vista Lane, Pasadena 5 5 $9,500,000 $2,089 $0 22105103 233
3 1500 Lombardy Road, Pasadena 5 7 $9,500,000 $1,069 $0 22107713 180
4 860 Fairfield Circle, Pasadena 6 7 $12,000,000 $968 $0 22113522 63
5 1060 S San Rafael Ave, Pasadena 7 10 $17,500,000 $1,250 $0 22111363 109
6 2 Oak Knoll Terrace, Pasadena 9 9 $19,000,000 $543 $500 22094952 721

 

Here’s more information for each of these beautiful homes courtesy of ITEC (Pasadena Foothills Real Estate Association):

1. 2097 Villa Heights Road

One of Pasadena/s finest Estates. Located behind the gates of No. Kinneloa Ranch, this Custom-built Mediterranean rests on an acre of grnds & offers dramatic city & mtn vus. Excellence in design, & craftsmanship coupled w/supr quality of construction. Features incl. ceilings up to 28 ft in height, double crown & base moldings, Cherry wood cabinetry t/o, distressed Cheery HW flrs, French drs, marble, limestone, Walker Zanger tile, steel frame construction w/arched doorways, verandas, & balconies providing an Old World charm. Two semi-circular staircases lead into the dramatic entry Rotunda. The one-of-a-kind kitchen affords a 72 Viking Range in a tiled recessed alcove, two 36 Sub-Zero refrig/Freezer, plus all the culinary accoutrements. A sensational MBR suite offers two fpl’s, & an oversized luxurious limestone bath. There are a 1000 s.f. of covered verandas, porches, & balconies. A pool, spa, waterfall w/Koi pond grace the beautifully appointed formal grounds. A true masterpiece!

Listed by Dickson Podley

2. 1613 Vista Lane

This gracious Colonial Revival estate, designed by Giannetti Architects and built in 2005 by Finton Construction, features all the detail one would expect from the grand mansions of Pasadena’s golden era: crown molding, French doors, carved fireplaces, marble and mahogany floors, hand-painted wallpaper & paneled walls, exquisite window coverings and crystal chandeliers. A grand two-story entry with circular staircase welcomes you to this classic center hall floor plan. The first floor offers formal living and dining rooms, a family room with fireplace, a projection theatre, a gourmet kitchen with double Thermador ovens and 6 burner cooktop, Sub Zero refrigerators and a breakfast area, a downstairs bedroom with bath and an elevator. The second floor has a beautifully appointed master suite with his/her marble baths, a wood paneled library and three additional bedroom suites. A separate guest house is an additional 1148 square feet with an additional bath.

Listed by Coldwell Banker

3. 1500 Lombardy Road

With over NINE acres, this gated estate is perfect for complete privacy or holds potential for investors. It is indeed an extraordinary property which feels infinitely removed from its central urban location. The natural topography provides an ever changing experience as one traverses the property; oak shaded terraces, sun-drenched sagebrush slopes, awe inspiring vista lookouts, rolling lawns, sheltered glades, and abundant groves. The oversized pool, spa, tennis court and meandering trails compliment the extensive grounds. Floor to ceiling windows and doors with an open floor plan connect the interior to the landscape. This five bedroom, five bathroom residence, rebuilt in the 90’s, is inexorably connected to its natural surroundings of unspoiled rolling hills, glorious California Live Oaks and tranquil cultivated gardens. A whimsical vintage caboose is perfect for office or playroom. Discover vestiges of Pasadena’s long vanished rural past tucked away in the hills of Linda Vista.

Listed by Prudential California Realty

4. 860 Fairfield Circle

Designed by the noted architect Robert H. Ainsworth, this Mediterranean Revival home was completed in 1931. The property has been featured in several newspapers and architectural publications. Architectural Digest featured the house in 1932. In April 1933, the Architect and Engineer published a lengthy illustrative article about the house. The massive home is sited on the property like a Tuscan Villa, overlooking the terraced gardens and pool to the east. Its classic details of old-world Mediterranean architecture have been enhanced by the current owners with an incredible sense of sophistication and elegance. Grand public rooms with extensive carved wood details create a wonderful venue for formal entertaining. The grounds, designed by the noted landscape designer Rick Button, have been created with plant and tree species indigenous to the Mediterranean landscape.

Listed by Coldwell Banker

5. 1060 S. San Rafael

This is a Roland Coate treasure perched on the banks of the Arroyo in Pasadena. This grand estate has it all. The listing photos begin to tell the story, a private and confidential showing will continue the journey. Detached guest house with separate entrance. Pool Cabana, tennis court, breathtaking gardens and towering Oaks.

Listed by Steve Davies Estates

6. 2 Oak Knoll Terrace

Located in the prestigious Oak Knoll neighborhood adjacent to the Langham Huntington Hotel, (formerly the Ritz Carlton), this gated estate comprise a magnificent 12,000sf Colonial home plus a separate 23,000sf art gallery. Situated on 2.45 private acres, the stately residence, designed by renowned architects Myron Hunt & expanded by Gordon Kauffmann, features a center hall floorplan with grand public rooms, library, pub, nine large bedrooms and a finished 2000sf basement. French doors open to a wonderful terrace and backyard, inviting pool, garden pavillion & pool house. Meander along a scenic garden path and you will encounter an amazing art gallery, designed in 1973 by Ladd & Kelsey, with a 2-story domed atrium, state-of-the-art technology plus guest quarters with kitchen facilities. Transform this unique showplace into your own museum or theater. Convenient to fine dining, shopping and downtown LA, this exceptional estate in prime Pasadena awaits a special buyer’s personal touch.

Listed by Coldwell Banker

 

READ MORE: Luxury Condos are coming to Pasadena

Pasadena Luxury Home Sales for August 2008

San Marino Luxury Home Sale for August 2008

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

No Comments »

Arcadia Real Estate Market Report for August 2008 and Real Estate Housing Trends

Arcadia Real Estate Market Report for August 2008 and Real Estate Housing Trends

In reviewing the last four months of Arcadia’s real estate market activity, it was interesting to note that the price per square foot of sold homes has remained fairly constant throughout the summer for all types of housing.  The number of homes sold during July was the highest which is in line with the cyclical nature of real estate driven by summer moves and parents not wanting to disrupt their kids with school changes. 

The inventory of Arcadia homes for sale is beginning to decrease which is a good sign since at the height of the summer season, we had over 22 weeks of absorption of existing homes on the market.

Arcadia real estate is still very clearly a buyers market and I anticipate it will remain a buyers market throughout the slower winter months.

In August, 31 SFR (Single Family Residences) sold at 95.16% of asking price.  Having said that, the asking price of 9 of these homes was reduced from the original price and that was not included in the calculation of this statistic.   A lot of Arcadia home sellers are still not realistic in setting their home prices and are overpricing their homes thereby chasing the market down and losing more money in the end. 

 

If you are not a motivated seller, don’t put your home on the market and save yourself a lot of grief.

 

 

Altos Research group after analyzing the Arcadia real estate market says the following:

“Inventory has been tightening and days-on-market increasing recently. The Market Action Index has been basically flat, not providing strong indication for market conditions.”

Here’s the Market Action Index Chart that Altos is referring to:

Arcadia Market Action Index

For more information on how to interpret the Market Action Index graph, see my post titled Buyers’ or Sellers Market?  Market Action Indicator may offer help!

Here’re the last four months of real estate market statistics for Arcadia, California:

 

Single Family Residence May-08 Jun-08 Jul-08 Aug-08
New Listings 77 46 48 31
Total Listings 156 157 132 106
Sales Pending 20 48 22 16
Homes Sold  27 30 50 31
Listings Expired 23 16 28 19
Average Days on the Market  80 193 93 188
Average Price Per Sq. Ft. $420 $414 $431 $416
Average Selling Price $972,274 $991,057 $917,052 $1,007,310
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 25.0 22.7 11.4 14.8
         
Condos May-08 Jun-08 Jul-08 Aug-08
New Listings 6 5 8 4
Total Listings 18 20 20 17
Sales Pending 4 3 2 3
Condos Sold  3 5 7 5
Listings Expired 6 1 2 2
Average Days on the Market  153 98 74 153
Average Price per Sq. Ft. $299 $343 $315 $303
Average Selling Price $503,296 $559,300 $475,357 $456,800
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 26.0 17.3 12.4 14.7
         
Townhomes May-08 Jun-08 Jul-08 Aug-08
New Listings 10 16 16 6
Total Listings 33 34 35 20
Sales Pending 8 14 6 1
Townhomes Sold  15 6 18 7
Listings Expired 2 8 7 11
Average Days on the Market  111 80 86 83
Average Price Per Sq. Ft. $329 $353 $316 $349
Average Selling Price $579,700 $579,333 $553,111 $603,571
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 9.5 24.6 8.4 12.4

SEARCH ARCADIA HOMES FOR SALE (Single Family Residence)

SEARCH ARCADIA CONDOS AND TOWNHOMES FOR SALE

Data taken from ITEC (Pasadena Foothills Association MLS service)

For weekly updates on Arcadia 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 on September 24th, 2008
Posted by: Irina Netchaev

No Comments »

Monrovia Real Estate Market Housing Report – August 2008

Monrovia Real Estate Market Housing Report – August 2008

Monrovia real estate has been on the downtrend since the begining of the year.  Median home prices for Monrovia has fallen almost $100,000 from January 1st 2008 through Sept 21, 2008 per Altos Research real estate, premier real estate analysis company.  The number of days that it takes to sell a Monrovia home has been increasing as well with absorption rates for single family residences in the 5+ months range. 

Even though the inventory for single family Monrovia homes has decreased, it is still at record highs.

August 2008 data shows that Monrvovia homes sell, on average, at 97.34% of asking price.  This indicates that the home sellers are begining to price their homes more aggressively and closer to the actual selling price.

Lowest priced Monrovia condo is $195,000.

Highest priced Monrovia condo is $525,000.

There were 9 codominium and townhome price reductions in the month of August out of the 16 total listings.  Below are July and August statistics for your review.  The information was gathered from ITEC Pasadena Foothill Association.

Single Family Residence Jul-08 Aug-08
New Listings 27 18
Total Listings 161 117
Sales Pending 23 6
Homes Sold  24 23
Listings Expired 12 15
Average Days on the Market  144 220
Average Price Per Sq. Ft. $350 $341
Average Selling Price $513,854 $488,632
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 29.1 22.0
     
Condos and Townhomes Jul-08 Aug-08
New Listings 9 7
Total Listings 20 16
Sales Pending 11 1
Homes Sold  6 8
Listings Expired 6 1
Average Days on the Market  224 112
Average Price Per Sq. Ft. $302 $273
Average Selling Price $418,000 $353,738
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 14.4 8.7

 

SEARCH MONROVIA HOMES FOR SALE

SEARCH MONROVIA CONDOS AND TOWNHOMES FOR SALE

Posted by Irina Netchaev, Monrovia Real Estate Agent

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

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Sierra Madre Real Estate market Report – August 2008

Sierra Madre Real Estate market Report – August 2008

Sierra Madre real estate home sellers are begining to price their homes more aggressively and closer to what the home buyers are willing to pay.  The average price per square foot for sold homes in August was $435 and the average price per square foot of homes on the real estate market is $452.  There’s still a bit of a discrepancy, but it’s getting closer.

Price reductions 23 out of 37 single family Sierra Madre homes for sale underwent price reductions.  That’s 62% of the sellers finally realizing that they are no longer driving the market, the buyers are!  It’s about time since some of these homes have been on the market for a year or longer and the majority of these Sierra Madre homes have been listed for sale close to 4 months.

Lowest priced SFR (single family residence) in Sierra Madre is listed at $399,000.

Highest priced SFR in Sierra Madre is listed at almost $2,000,000 at $1,999,999.

Sierra Madre Real Estate Market statistics for August 2008:

Single Family Residence Aug-08
New Listings 8
Total Listings 37
Sales Pending 3
Homes Sold  15
Listings Expired 3
Average Days on the Market  123
Average Price Per Sq. Ft. $435
Average Selling Price $707,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 11.6
   
Condos and Townhomes Aug-08
New Listings 0
Total Listings 3
Sales Pending 1
Homes Sold  2
Listings Expired 3
Average Days on the Market  163
Average Price Per Sq. Ft. $340
Average Selling Price $562,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 6.5

 

Real estate data based on information from ITEC (Pasadena Foothills Association MLS service)

SEARCH SIERRA MADRE HOMES FOR SALE

SEARCH SIERRA MADRE CONDOS AND TOWNHOMES FOR SALE

Posted by Irina Netchaev, real estate agent in Pasadena California.

Posted on September 23rd, 2008
Posted by: Irina Netchaev

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