Pasadena Housing Statistics â€“ January 2010
â€œFigures don't lie, but liars figureâ€. - Samuel Clemens (alias Mark Twain)
It is not surprising that the days on market (DOM)Â is longer for short sales which require lenderâ€™s approval of the final selling price and shorter for REOâ€™s as the banks want to get the homes sold, closed and off the books.Â
Short sales are selling @ 102.68% of list price, REOâ€™s 100.83% and traditional sales at 97%.Â But keep in mind many of the short sales arenâ€™t selling, and are going to foreclosure.
Typically short sales and REOâ€™s are hardship sales and there is more deferred maintenance, therefore it makes sense that average price per square foot of short sales and REOâ€™s are both under $300, while traditional sales are on average selling for $408 per foot.Â
31 Pasadena homes sold in January 2009 versus the 44 sold in 2010; compare Pasadenaâ€™s 2009 ytd housing stats