Sales of homes in Altadena from January through March are exhibiting about the same results we are seeing in Pasadena. In other words, Altadena is selling fewer homes, at lower prices and its taking them longer to sell.
photo courtesy of Frank Keeney of unwiredadventures.com
Altadena currently has about 210 residential properties that are listed for sale and in the escrow process. About 99% of those are in the form of single family houses. There are very few condo’s or townhome properties in Altadena. Altadena also has close to 200 properties listed in foreclosure, with the majority of those located west of Lake Avenue.
As you can see from the above chart inventory or homes listed for sale more than doubled from January ’07 to January ’08. For the month of March, there were 15 recorded sales in the i-tech MLS, indicating a little over a year’s supply of homes for sale currently on the market.
Short Term Outlook
With the number of homes for sale and the number of homes in foreclosure, there will still be downward pressure on prices. This scenario is likely to continue through the end of the year until the inventory of homes for sale moves back into the 6 month range.
If you would like to have a copy of the Altadena Market report, send me an email.HELP US GROW