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Phyllis Harb's Real Estate Blog

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By Phyllis Harb | Agent in La Canada, CA

Pasadena January, 2010 Multiple Listing Stats

Pasadena Housing Statistics – January 2010

“Figures don't lie, but liars figure”. - Samuel Clemens (alias Mark Twain)

Of the 44 January, Pasadena home sales, 5 (11%) were short sales, 11 (25%) were REO’s (real estate owned aka foreclosures), and 28 (64%) were traditional sales. 

It is not surprising that the days on market (DOM)  is longer for short sales which require lender’s approval of the final selling price and shorter for REO’s as the banks want to get the homes sold, closed and off the books. 

Short sales are selling @ 102.68% of list price, REO’s 100.83% and traditional sales at 97%.  But keep in mind many of the short sales aren’t selling, and are going to foreclosure.

Typically short sales and REO’s are hardship sales and there is more deferred maintenance, therefore it makes sense that average price per square foot of short sales and REO’s are both under $300, while traditional sales are on average selling for $408 per foot. 

31 Pasadena homes sold in January 2009 versus the 44 sold in 2010; compare Pasadena’s 2009 ytd housing stats

Comments

By Gene Glasco,  Wed Feb 3 2010, 20:41
Many bank lenders are taking a closer look at their less than desirable "short pay" procedures, and actually aiming to improve their approval process. A couple of them are instituting a one page application coupled with a knowledgeable and dedicated point-of-contact to facilitate the transaction. One bank has declared that their start to closing process only takes an average of 35 days. I hope this trend continues, which will really benefit everyone involved in the transaction, not to mention a stressed out economy.

Gene Glasco
Realtor-SRES-e-PRO-SFR
Century 21 Ludecke, Inc.
http://GeneGlasco.com

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