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

West San Gabriel Valley February 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 continued to drop to 0.20 from 0.22, compared to 0.15 last year.

New Listings - 204 new listings, even with last month's 199. Last year there were 256.

Pending Listings - 88 listings opened escrow, compared to 77 last month, versus 67 last year.

Pending Ratio - 0.43, up from 0.39 last month, up from last year's 0.26 pending ratio.

Listing Inventory - 797 listings on the market, up slightly from 770 last month. Last year we had 859.

Sold Listings -75 properties sold, down from 93 last month. Last year 65 homes sold.

Average Sales Price - $558,620, down slightly from $561,454 last month, down 26.3%, versus down 37% year-on-year last month.

Days On Market - 120, compared to 127 last month and 79 last year.

Price Per Square Foot -$353.78, down slightly from $357,396, down 20.1% from a year ago. The average living area of sold homes was about 1,712 square feet last year, this year only 1,579 square feet. More smaller-sized homes are selling compared to last year.

Sales are strong due to the lower prices and interest rates. The new stimulus package allows for a more generous tax credit of $8,000 which does not need to be repaid if you live in the property three years, $10,000 additional if you buy new construction.

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