Reported by David Price, Realtor, MBA, Certified in Seniors Real Estate
Updated December 13, 2011.
Current Market Rating: 3
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Current Price Trend: 3
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David's color intro: San Gabriel embraces an area of diversity and opportunity that often has been overlooked by buyers--sometimes to their detriment--seeking only better-known neighbors such as Pasadena and San Marino. An area rich in tradition and history; the first San Gabriel Mission dates to 1771, preceding even the "founding" of Los Angeles. City population is some 41,000. There are many character-type homes and neighborhoods here, but also much variation. Bordered on the north by prestigious San Marino. Not that far from Downtown Los Angeles. Very convenient to cosmopolitan Pasadena with its nightlife, shopping, jobs, museums, Caltech, and Rose Bowl. (See my Pasadena reports on location characteristics and market conditions there.) The San Gabriel Country Club has one of the oldest active golf courses in the western U.S. Home to many affordable and exotic restaurants and grocery markets. Nearby San Gabriel mountains offer skiing and miles of scenic hiking trails. Standard test scores have ranged widely within the San Gabriel and Alhambra High school districts serving most of this area; however, parts of the northeastern 91775 zip code area have higher-scoring Temple City schools, or top-scoring San Marino schools.
SINGLE FAMILY RESIDENCE "SNAPSHOTS" FOR 91775 ZIP CODE:
Actives--as of 9-8-11, there were some 53 houses here showing currently listed for sale, with a minimum price of $269k, a maximum of $1.588mil., and a median midpoint of some $678k. Median days on market among Actives stood at 58.
Pendings numbered 17.
Solds--Eighteen houses were reported (as of 9-8-11) as having closing escrow here in August, with a minimum sales price of $385k , a maximum of $826.5k, and a median midpoint of some $546k. Median days on market among Solds stood at 46. At this sales rate, we'd have some 2.9 months of current inventory.
[David has assembled the above inventory and sales information from itech(TM) data. This information should not be relied upon as exhaustive, but rather should be viewed as a summary of activities-as of the stated date(s)-reported to the MLS groups which feed data to itech(TM).]
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DAVID'S COMMENTARY:
One summarizing market measure is that of "months of inventory" of real estate we find for sale at a given time. Supplies in local areas I've checked on 9-8-11 range from some 1.8 months of South Pasadena "condo/townhouse" types, to some 6.3 months of San Marino SFRs. Conditions in specific market segments vary widely.
A factor remaining constant, though, is that the Market favors The Prepared. Being prepared, in turn, inextricably involves knowing/examining one's values in terms of "Where do I realistically want to be and when and with whom and doing what?". In short, "What is my larger picture?" Address these issues, and the other real estate factors will fall more easily into place. Focusing too much on trying to "time the market" can not only lead to "missing the market," but also to missing one's most important other life values!
In the long run, our area has a relatively fixed supply of housing, and I reckon faces prospects of growing demand.
However, residential real estate "patches," programs and policies regarding legal, finance, and tax-credit matters, etc. have been newly introduced and/or influenced by government, and more changes appear to loom ahead; these changing programs and policies inject a great deal of uncertainty and added costs into real estate markets, and thus have reduced the possibility of making valid projections - except for the stark observation that, e.g., real estate transaction costs, goods and services price inflation/some relative shortages thereof, and overall tax rates will strongly tend to increase as a result. If such government influence in real estate matters continues to increase, so too will the costs and consequences.
To search for properties offered through MLS Alliance (copyright) system, click on "Visit My Website" below, then click on "Treasure-Consumer," and finally click on "David's Free, Self-Directed Search Of Regional Real Estate Available."
Buyer or seller, the Prepared are favored by the market. If you'd like general help in being prepared, see my website and newsletter. If you'd like to have personal help tailored to your situation and preferences, contact me by email or phone via clicking on "Ask Me A Question" below. My home office phone is 626-796-1239.
ZIP Codes: 91775, 91776 Approximate Location Boundaries: South of Pasadena and San Marino, approximately 10 miles east of Downtown Los Angeles.
Location Characteristics: (please see my narrative above!)
