Real Estate Market Report

West San Gabriel Valley           July, 2009

Pasadena, Altadena, South Pasadena, and San Marino

Market Index   - .0.46, down 3 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.

Index is at 0.46 down from last months .49  Last year the index was 0.28. The first decline in five months.

New Listings - 203 new listings, up from last month's 177.  Last year there were 124.

Pending Listings - 123 listings opened escrow, compared to 112 last month, versus 124 last year.                                     

Pending Ratio - 0.61, down from 0.63 last month, up from last year's 0.88 pending ratio.

Listing Inventory - 698 active listings, up from 616 last month.  Last year we had 894.

Sold Listings -198 properties sold, up from 167 last month.  Last year 137 homes sold.

Average Sales Price - $818,699, down from $719,515 last month, down 11.3% compared to last year.                                                  

Absorption Rate - 3.6 months, versus 3.8 last month, compared to 4.9 months last year.

Price Per Square Foot - $390.40, down from last month's $419.63, down 12.4% from a year ago.   

Conclusions

 As inventory continues to shrink, even in this chaotic economy, something is going to give.  For those wondering where the bottom of the market is, look around. We may be here for a while.

For buyers - We are seeing multiple offers and appraisal issues, prices appear to be searching for the bottom.

For sellers - preparing your home for sale is the key to getting the best price.  Although inventory levels are at historic lows, appraisals are causing problems. To find out how to maximize your sale price ask for the Highest Property Value Analysis.

Keith Sorem Realtor DRE #01374635

Data from Itech and SRAR MLS has not been verified, is not guaranteed, and is subject to change.