Filed under: Real Estate | Tags: Altadena Homes For Sale, Altadena Real Estate, Altadena Real Estate Sales, Altadena residential sales data, Architectural Properties, Pasadena Homes For Sale, Pasadena Real Estate, www.Haussler.com
The California Association of Realtors (“CAR”) reported that the pace of single-family home sales in California soared 63.8% year-over-year in March, while the median price of single-family homes in California dropped 39% during the same period. CAR also noted that the single-family median price rose 2.2% from February 2009 to March 2009 while the monthly sales pace slid 16%.
By comparison, the National Association of Realtors reported a 12.4% median price drop for all resale home types and a 7.1% drop in the sales pace of previously owned homes in March compared to the same month last year.
Statewide, it took a median 48.3 days to sell a single-family resale home in March 2009, down from 56.8 days in March 2008, according to CAR.
And CAR’s Unsold Inventory Index for single-family resale homes was five months in March 2009, compared with 12.2 months in March 2008 — the index is a gauge of how long it would take to exhaust the inventory of for-sale homes at the monthly sales pace.
Bottom line… prices in California have dropped significantly more than those in most other parts of the country. It’s a great time to purchase. But, the party is starting to come to an end as evidenced by the recent increase in median prices and the decline in inventory.
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