Real Estate Market Index Report for the West San Gabriel Valley, CA June 2009

Real Estate Market Report

West San Gabriel Valley June, 2009

Pasadena, Altadena, South Pasadena, and San Marino

Market Index - .0.49, up 4 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.

This is the 4^th consecutive monthly increase. Last year the index was 0.28.

New Listings - 177 new listings, down from last month's 204. Last year there were 234.

Pending Listings - 112 listings opened escrow, compared to 151 last month, versus 107 last year.

Pending Ratio - 0.63, down from 0.74 last month, up from last year's 0.46 pending ratio.

Listing Inventory - 616 active listings, down from 694 last month. Last year we had 887.

Sold Listings -167 properties sold, up from 162 last month. Last year 137 homes sold.

Average Sales Price - $818,699, UP from $746.567 last month, down 15.6% compared to last year.

Absorption Rate - 3.7 months, versus 4.3 last month, compared to 6.5 months last year.

Price Per Square Foot - $419.63, up from last month's $400.30, down 9.4% from a year ago.

Conclusions

The Market Index has increased for the 4^th month in a row. 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 - If you are buying for the long term this is a great time to buy. Interest rates are low so don't wait.

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.

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

Keith Sorem Realtor DRE #01374635