What an interesting and challenging month it has been for Pasadena's real estate market!
Last month, as I was writing the real estate market update, I felt that Pasadena real estate was on the rebound. We started seeing multiple offers and multiple buyers. Inventory of Pasadena homes and condos did not see an increase though and remained pretty steady at 80 or so units for single family homes. Pasadena condos stayed around 40 new units per month and townhomes were still around 20 units per month.
April 2009 has shown an increase in activity for Pasadena's real estate. More home buyers are joining in the search for that perfect home driven by low interest rates, federal as well as California incentives and lower home prices.
Many renters are realizing that they are able to afford their first Pasadena home. Their purchase power increased tremendously with low interest rates and many are using FHA programs to get into homes with only 3.5% down. This is driving an increase in Pasadena home sales especially under the $500,000 price range.
Pretty amazing, isn't it? There were 85 homes sold under $500,000 in 2009 year to date vs only 31 in 2008! First time home buyers are out there in droves and are competing for the inventory.
A Pasadena home seller who hires a great real estate agent and prices their home correctly can expect to sell it quickly and for more money.
Read More: Top 10 Home Seller Mistakes
Okay, we've seen the volume, now let's take a look at the actual Pasadena real estate market performance for April 2009:
- Inventory of new listings once again remains pretty steady - no major increase. In fact, the number of newly listed condos and townhomes in Pasadena has decreased significantly.
- Number of Pasadena homes, Pasadena condos and Pasadena townhomes in escrow has increased which means that the volume of closed sales next month will be higher.
- Price per square foot of sold properties for Pasadena homes, Pasadena condos and Pasadena townhouses has increased.
This all points to a turn around in Pasadena's real estate market. Stay tuned for next month's update.
Pasadena Real Estate Market Statistics for February 2009 through April 2009:
|Single Family Residence||Feb-09||Mar-09||Apr-09|
|Average Days on the Market||120||93||109|
|Average Price Per Sq. Ft.||$348||$349||$369|
|Average Selling Price||$548,151||$687,300||$638,835|
|Median Selling Price||$470,000||$542,500||$550,000|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||35.7||21.7||21.3|
|Average Days on the Market||177||136||278|
|Average Price Per Sq. Ft.||$325||$315||$344|
|Average Selling Price||$342,577||$391,946||$405,000|
|Median Selling Price||$337,000||$337,250||$330,000|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||68.3||26.0||25.7|
|Average Days on the Market||135||173||162|
|Average Price Per Sq. Ft.||$342||$338||$346|
|Average Selling Price||$455,200||$494,583||$442,710|
|Median Selling Price||$375,000||$485,000||$413,340|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||71.9||18.5||42|
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