Alhambra real estate market metrics are listed below, but I wanted to point out a couple of highlights.
For Alhambra, Single Family Residence homes (SFR), sales prices have risen over the last couple of months to the low $500,000, but the price per square foot of Alhambra homes sold has dropped significantly. This is usually an indication that buyers are getting more house for their dollar.
Alhambra SFRs are selling on average for 96.34 percent of sales price to list price. Although, 3 of 15 homes sold over asking and 3 homes sold at full asking price.
It’s no surprise that the Alhambra homes that show as expired listings this month were seriously overpriced at $420 per sq. ft. on average. Sellers are not paying attention to Alhambra real estate market metrics that clearly show that homes are selling around $350 per sq. ft. on average.
The lowest priced home (SFR) in Alhambra is currently listed at $360,000.
The highest priced (SFR) Alhambra home is currently listed at $998,000.
Inventory for condos and townhomes has fallen slightly in the month of July, but Alhambra condos and townhome buyers that have opened escrow each month remain pretty consistent at 10 to 11 homes each month.
Alhambra Real Estate Market Housting Report – May 2008 – July 2008:
|Single Family Residence||May-08||Jun-08||Jul-08|
|Average Days on the Market||92||112||62|
|Average Price Per Sq. Ft.||$390||$414||$350|
|Average Selling Price||$483,669||$511,692||$505,133|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||18.0||20.3|
|Condos and Townhomes||May-08||Jun-08||Jul-08|
|Average Days on the Market||146||66||84|
|Average Price Per Sq. Ft.||$307||$280||$305|
|Average Selling Price||$400,180||$373,238||$406,708|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||19.5||21.1|
Data compiled from ITEC (Pasadena Foothill Association Multiple Listing Service)
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