Real Estate Market Report
West San Gabriel Valley November, 2009
Pasadena, Altadena, South Pasadena, and San Marino
Looking at the last few 12 months it appears that the area peaked in June and has been on a slow decline back to where we were in May. The Market Activity Index dropped 8 points, the a fairly significant decrease, returning the area to it's trendline. Some other areas have spiked UP due to buyers taking advantage of the First Time Home Buyer Income Tax Credit, however this area has not. The good news for buyers is that the downward shift in the Market Activity Index is resulting in lower prices.
Market Index - 0.43, down 8 points The Market Index fell 8 points to 0.43, down from last month's 0.51. Last year the index was 0.21.
New Listings - 125 new listings, up from last month's 199. Last year there were 154.
Pending Listings - 91 listings opened escrow, compared to 124 last month, versus 67 last year.
Pending Ratio - 0.73, close to the 0.62 last month, up from last year's 0.44 pending ratio.
Listing Inventory - 575 active listings, down from 619 last month. Last year we had 716.
Sold Listings -157 properties sold, down from 193 last month. Last year 84 homes sold.
Average Sales Price - $716,033, up from $802,780 last month, but only up slightly at 3.0% compared to last year.
Absorption Rate - 3.7 months, versus 3.2 last month, compared to 8.5 months last year. Note: A six-month supply is considered a balanced market.
Price Per Square Foot - $392.13, up from last month's $414.87, and down 3.8% from a year ago.
This area offers some excellent values for buyers. After showing signs of recovery earlier in mid-2009, prices appear to have resumed their search for the bottom of the market.
For buyers - Buyers need to be aware that interest rates are expected to increase by March. Escrows need to close by June 30th to take advantage of the Federal Tax Credit.
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 DRE#01374635
Glendale Realtor of the Year 2009
Data from Itech MLS has not been verified, is not guaranteed, and is subject to change.
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