Real Estate Market Report
West San Gabriel Valley May, 2009
Pasadena, Altadena, South Pasadena, and San Marino
Market Index - 0.45, up 10 points
A market index of above 1.20 is a seller's market, between 0.80 to 1.20 is a balanced market, and below 0.80 is a buyer's market.
The Market Index increased to 0.45 from 0.35, mirroring the shift in last two months. Last year the index was 0.26. Spring market has taken off!
New Listings - 204 new listings, slightly above last month's 196. Last year there were 215.
Pending Listings - 151 listings opened escrow, compared to 119 last month, versus 107 last year.
Pending Ratio - 0.74, up from 0.61 last month, up from last year's 0.50 pending ratio.
Listing Inventory - 694 listings on the m arket, down from 740 last month. Last year we had 892.
Sold Listings -162 properties sold, up from 138 last month. Last year 123 homes sold.
Absorption Rate - 4.3 months, versus 5.4 last month, compared to 7.3 last year.
Average Sales Price - $746,567, UP from $649,725 last month, down 14.3% compared to last year.
Price Per Square Foot - $400.30, up from last month's $379.14, down 9.2% from a year ago.
Conclusions
The Absorption Rate (if home sales continued at the present rate the number of months it would take to consume the current listing inventory) continues to drop. Unit sales are strong, so demand is slowly outpacing inventory. Prices are beginning to rise. Both Average Sales Price AND the price per square foot has been increasing since February.
For buyers - this may be the bottom of the market.
For sellers - preparing your home for sale is the key to getting the best price.
Contact me today for a no-obligation analysis of your situation at 1-888-284-2056.
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