“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. 

The good news is that 44 Pasadena homes sold in January 2010,  versus the 31 sold in 2009; compare Pasadena’s 2009 ytd housing stats