April 7, 2008

The Price Correction Continues

Proof is in the numbers– home prices are still falling across the foothills. Culling stats over a period starting early February from Altos Research, here’s what’s happened in the following cities:

GLENDALE
Median Home Price: -2.2%
Price Per Square Foot: -3.1%

Median prices in Glendale saw a steady week to week decline, falling from $783,814 to $766,477. The average $/sq.ft fell from $447 to $433.

PASADENA
Median Home Price: -3.5%
Price Per Square Foot: -3.2%

In Pasadena, the median single family home price is now under $700K, shedding more than $25,000 to $692,318 during the past two months. Price per square foot has dropped $15 to its current median of $460. In contrast to what’s happened in the other two cities, inventory has held steady, creeping up only slightly to 471 on the market.

ARCADIA
Median Home Price: -1.2%
Price Per Square Foot: +1.9%

To what many might suspect, median price have fared better in Arcadia, where it’s traditionally been higher. It currently sits at $972,295. Foreclosures have not hit the city nearly as hard as they have in Glendale and Pasadena. The average price per square foot has even managed creep up during this period, with a decrease in days on market.