Recently, I had several conversations with both Pasadena real estate agents and real estate appraisers about the declining market. Pasadena being part of Los Angeles county is automatically considered to be a declining market by many. Is this a true assessment of the Pasadena real estate market? Can we make one blanket statement that will apply across all Pasadena neighborhoods, property types and price ranges? I don't think so.
Has the real estate market in Pasadena come down from the heights we've seen in 2006 and 2007? Of course! The volume of available inventory went up and we are seeing distressed sales - both short sales and foreclosures. However, we are still seeing multiple offers for certain homes and areas.
Just for the fun of it, I wanted to take a look at Pasadena's home sales under $1Million and over $1Million to see whether or now we see a decline in the price per square foot across the board.
Pasadena Real Estate - Home Sales Under $1 million
Looking at the numbers above, it looks more like a fairly stable market. August 2009 started at $338 per sq. ft. with a few ups and downs and ended in October of 2010 with $334 per sq. ft. Not much of a decline in 15 months!
Pasadena Real Estate - Home Sales Between $1M to $3M
With Pasadena homes in the higher price range, there's a bit more of a variance in price per sq. ft. However, looking at the graph above, I am not seeing a steady decline, just the seasonal ups and downs of a real estate market.
Pasadena Real Estate - Luxury Estates Over $3 Million
Quite a few changes from month to month here mainly driven by volume and availability of these estates for sale. We have been seeing 1 to 2 sales a month and with some months, no sales at all. Most of these estates sell in the mid to high $3 million range with some selling in the $5 million price point.
I think we can safely say that if you are a seller that the higher pricing tier is definitely suffering.
So, is Pasadena real estate market considered to be a decilining market? Judge for yourself.
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Thinking of selling your 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 Southern California Real Estate Market.
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