It's hot! No, it's very, very hot in Pasadena. With temperatures in the triple digits, the real estate market is heating up as well. This summer has been spectacular for Pasadena home sellers. Most well priced and well presented homes are selling within days with multiple offers.
Inventory is non-existent, Pasadena home buyers are out in force and interest rates are the lowest they've been. This pretty much creates a perfect storm.
Let's take a look at inventory first. Looking at the graph below, you can clearly see the change in inventory in the last two years. Pasadena has seen a 62% decline in available housing.
The darker green also shows that the number of sold homes increased drastically in June. 192 Pasadena homes were listed for sale and 116 sold. We've eaten through over 60% of available inventory. Compare that inventory to 481 available homes for sale just two years ago.
Pasadena Homes for Sale - July 2010 - July 2012
Now, let's take a look at pricing. Pasadena has homes for sale from low $200,000 all the way up to multi-million dollars. The market varies by price segment. I wanted to give you an idea of how the market is doing for homes under $500,000, between 500,000 and a million and over a million.
Pasadena homes under $500,000
- Inventory dropped by 70% from July 2010 to July 2012. There were only 48 homes for sale in July and 30 have closed escrow.
- Median home sales price increased by 10% in 2 years from $341,000 to $375,000 making it much more difficult for first time home buyers to get into the market. What makes it even more challenging is that investors are out in droves and are paying cash for these homes. So our 5% down or FHA financed clients are having a hard time getting their offer accepted.
- The average price per square foot also increased from $285 to $315 according to Trendgraphix.
Pasadena homes between $500,000 and 1 Million
- Most of our home buyers are looking in this price range and it also took a major hit inventory-wise. There were only 79 homes to choose from compared to July of 2010 with 201 homes.
- 43 of 70 went under contract and closed escrow. The pickings are slim!
- Median sales price is $655,000
- Average price per square foot increased by 6% to $380.
Pasadena luxury homes over $1 Million
- We see a huge jump in the price per square foot on these homes - close to 16% from 2 years ago - with the average price per square foot at $517 compared to $447.
- Only 55 homes were listed in this price range.
- The median sales price closed at $1,380,000.
Pasadena Views Real Estate Team, Inc. is proud to present our new listing at 1787 Orangewood Street in the Caltech neighborhood of Pasadena, just a few blocks from San Marino and Huntington Library. You can see complete details at CaltechHomeForSale website.
It's a beautiful character Spanish on a charming cul-de-sac street just West of Allen.
We will also be announcing our new listing shortly in the wonderful Madison Heights area of Pasadena, just a few blocks away from the South Lake District with its restaurants, boutiques and shopping. The Madison Heights home will be on the market at an incredible $625,000. It will not last.
If you have questions about these real estate statistics or need help with your home purchase of Pasadena home sale, please give Irina a call at 626-629-8439. My team and I are on stand by and are dedicated to the highest service and stress-free, five star experience that we deliver to all of our clients! Check out our reviews on Yelp!