Multiple Offers... Shortage of Homes... Heated real estate market!
All of the above seem to be the norm in the last month or so. Pasadena home buyers are finding themselves rushing to be the first one to see a house for sale and hoping that they will not have to compete with dozens of offers. Yes... you heard me right... dozens of home purchase offers. So... what is driving this?
Low rates, the general feeling of hitting the bottom amongst investors, flips (yes... we are seeing multiple homes being flipped again) and of course, summer months.
Don't believe me? That's okay, let's look at the stats below.
Pasadena Real Estate Statistics as of May 2012:
- Inventory - the # of homes available for sale in Pasadena is 53% lower than in May of 2011. That's 176 available homes for sale vs 379 last year.
- Under Contract - 40% more homes went into escrow or in real estate legalese "pended" last month vs May 2011 - 105 vs. 75.
- Average price per square foot went up by 7.2% to $410.
- Sellers are asking 9.4% more for their homes than they did same period last year.
- There's only 1.8 months of inventory vs. 5.4 months of inventory compared to last May.
- Average sold home price in Pasadena was $774,000 based on 89 closed sales. By the way, last year in May 2011, there were also 89 sales but much more homes to choose from!
Statistics above are from TrendVision as provided by the Pasadena Foothill Association of Realtors.
Have you been looking for a home in the Greater Pasadena area? What have you run into?
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Thinking of selling your Pasadena home? Interested in finding out the current market value of your single family home, condo or investment property? Then call Irina Netchaev at (626) 629-8439 to discuss what is happening in today’s Pasadena Real Estate Market.