Pasadena CA Real Estate

So, what's going on with Altadena?  Inventory is increasing and prices are going down.  We are in a very strong buyer's market in Altadena.  The number of homes under contract has increased which will help the situation if home buyers will be able to get financing and close escrows.  Price per square foot of sold homes has increased although the overall Altadena home price has increased.  Home buyers are careful with how much they are willing to pay and are buying smaller homes.

Condos and townhomes in Altadena are non-existent at the moment. 

Altadena Real Estate Market Statistics for June through September 2008:

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The inventory of South Pasadena homes for sale has increased in Septtember mostly because of homes falling out of escrow last month.  The number of newly listed homes has remained consistently at around 10 a month.  Even though the average # of days of sold South Pasadena homes is running a bit over 2 months, the homes that are currently available for sale have been on the market for over 3 months, an average of 107 days.

Most South Pasadena homes sold last month were closed at 8% below asking price.  Only one home sold over asking price at 822 Arroyo Drive.  It was originally priced at $699,000 and closed escrow at $715,000.

It will take over 28 weeks to sell the South Pasadena home inventory given no additional listings and the same rate of sale as in September.

The lowest priced home in South Pasadena is at 1800 Meridian Avenue - $474,900. 

The highest priced home in South Pasadena is at 851 Lyndon Street - $3,450,000.

Condos and townhouse sales in South Pasadena have remained pretty flat with no major changes from last month.

The lowest priced condo for sale in South Pasadena is at 116 marmion Way #10 - $339,000

The highest priced townhome for sale in South Pasadena is at 1907 Leman Street - $829,000

South Pasadena Real Estate Market Statistics for June through September 2008:

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Inventory for Alhambra single family homes for sale was lower from August to September for both new home listings (18 new Alhambra listings to 14) and overall homes on the market (67 active listings in August to 54 active Alhambra listings in September.)  Closed Alhambra sales unfortunately were down drastically in September from the summer high of 21 homes sold in August to only 13 Alhambra homes closing contract in September.

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.) Look for significant changes in the Market Action Index as a precursor to price and value changes, possibly as inflection points for good investment opportunities.

Alhambra Real Estate Market Statistics and Key Indicators for June 2008 through September 208:

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By: Brian Brady

America's #1 Mortgage Broker

The bailout bill passed the House after a decisive victory in the Senate; it is certain to be signed into law by President Bush.  From Bloomberg.com:

These steps represent decisive action to ease the credit crunch that is now threatening our economy," President George W. Bush said at the White House after the vote. He said he will sign the bill into law when he receives it. House Speaker Nancy Pelosi said the measure has been sent to him.

The House approved the measure in a 263-171 vote, four days after rejecting an earlier version. The bill's defeat on Sept. 29 caused a 778-point drop in the Dow Jones Industrial Average, prompting dozens of lawmakers to reverse their vote on the legislation, the government's largest intervention in the markets since Franklin Roosevelt's New Deal.

I expect the mortgage-backed securities market to gradually improve.  The euphoric response that followed the Nationalization of Fannie Mae and Freddie Mac was a result of pent-up anxiety about the explicit government guarantee of their debt.  This "bailout" is different than the Fannie/Freddie bailout.  While this bailout will provide support for battered mortgages, which should result in lower mortgage rates, it is clearly a signal that the Federal government will assume a lot of losses.

What worries me (and mortgage-backed securities traders) is the propensity for other governments to stick their hand out and ask for help:

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Even though, the inventory of homes in San Marino is fairly stable and is not increasing the number of San Marino homes sold is almost 50% less in September compared to August.  October will not look much better since only six San Marino homes are in escrow right now, but new home listings are holding steady at about 11 to 13 homes a month - double the buyers' demand.  This can potentially lead to an overabundance of homes on the market and reduction of prices especially going into the slowest season of the real estate cycle - winter.

San Marino listings are also being priced higher than the average selling price over the last several months.  The average price per sq. ft. for active San Marino homes in the MLS is $653.  The sold price per sq. ft. is listed below - September closed at $625.  It's also interesting to note that the 6 San Marino homes currently under contract average out at $598 a sq. ft.

Of the eight San Marino home sales last month, three of these homes sold over asking price, with the highest priced sale for the month at $2,580,000 for 20 Mill Canyon Road.  This home was originally listed for sale at $2,888,888.

The lowest priced San Marino home on the market is $875,000 at 1913 S Los Robles.

The highest prices San Marino home on the market is $8,900,000 at 1385 Old Mill Road.

Read More:  San Marino Real Estate Market Report for August 2008

San Marino Real Estate Statistics for June 2008 to September 2008:

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