Real Estate Market Index Report West San Gabriel Valley, CA January 2009

West San Gabriel Valley January 2009

Pasadena, Altadena, South Pasadena, and San Marino

Market Index

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 crashed back down to 0.22, down from 0.33.

New Listings - 199 new listings, almost double the 105 from last month. Last year there were 262.

Pending Listings - 77 listings opened escrow, compared to 65 last month, versus 55 last year.

Pending Ratio - 0.39 down from 0.62 last month, up from last year's 0.21 pending ratio.

Listing Inventory - 770 listings on the market, down from 605 last month. Last year we had 776.

Sold Listings -93 properties sold, down from 133 last month. Last year 73 homes sold.

Average Sales Price - $ 561,454, down from $710,251 last month, down 37% from last year.

Price Per Square Foot -$357.396, down from last month's $373.82, down 27.5% from a year ago. The average living area of sold homes was about 1,806 square feet last year, this year only 1,571 square feet. This is one of the largest declines of the year. Normally when smaller homes are sold the price per square foot is higher, however in this case it dropped.

Inventory is steady; average price has dropped, and interest rates are trending upward due to government borrowing to fund the stimulus package.

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