Feb. 27, 2012

Pasadena Real Estate Housing Review - 2003 through 2011

Pasadena appears to be one of the few bright spots in an otherwise declining market. The median price of houses sold in the wealthy 91105 and 91106 Zip codes rose from $888,500 in 2010 to $907,165 in 2011. - Tina Daunt of Hollywood Reporter

 

Pasadena California has been offering gracious architecture to many homeowners.  Beautiful, tree lined canopy streets are home to Craftsman style homes, Bungalows, Spanish, Victorian, and English Tudor mansions.  Visitors flock to the city of roses on New Year's day for its world famous Tournament of Roses Parade, but day in and day out, there's always something to do here.

And, that is what's driving the real estate market - architecture and lifestyle!  Minutes from Hollywood, beach and the mountains, Pasadena truly offers a wonderful place to live.

Pasadena Real Estate Housing Statistics - 2003 to 2011

Single Family Home Prices:

[caption id="attachment_3515" align="aligncenter" width="594" caption="Average Price of Homes Sold in Pasadena 2003-2011"]Average Price of Homes Sold in Pasadena 2003-2011[/caption]

  • Average Price of homes sold has been pretty consistent over the last three years - in the mid $700K range.
  • And, yes... even though there's been a drop from the height of the market in 2007, overall, the market is staying strong.  Investors seem to feel the same way and it shows in the amount of cash sales that we've seen in 2011.  An incredible 19% of all Pasadena home sales were not financed and purchased for all CASH.  And, cash speaks highly to the level of confidence in the real estate market place for Pasadena.

Pasadena Single Family Home Inventory:

[caption id="attachment_3516" align="aligncenter" width="508" caption="Pasadena Housing Inventory - 2003 - 2011"]Pasadena Housing Inventory - 2003 - 2011[/caption]

  • Housing volume is finally picking up just a bit, but still is significantly lower than what we saw in the early 2000s.  Pasadena homeowners are holding on to their homes.
  • Distressed sales account for almost 23% of the inventory sold.  Short sales represent 101 transactions and foreclosures represent 92 homes sold.
  • Short sales are actually closing in higher numbers than ever before.  They're still very stressful on home buyers because of the wait and the unknown of the outcome until the very last day before closing.  Definitely not for the faint of heart and are more for the investors that are not emotionally vested in the property.  We are seeing about 44% of short sales close which is great news.  The average priced short sale sold in 2011 was $435,358.

Pasadena's Price Per Square Foot Analysis:

[caption id="attachment_3517" align="aligncenter" width="514" caption="Pasadena Price Per Sq Ft Analysis 2003-2011"]Pasadena Price Per Sq Ft Analysis 2003-2011[/caption]

  • 2011 closed with an average price per sq. ft. of $374 which was just under 2010 price per sq. ft. of $377 and 2009 of $375.
  • The height of the market was in 2006 when the price per square foot was $497

Statistics gathered from Pasadena Foothill Association.

Are you geeky? Like stats, follow us each month at Pasadena monthly statistics report.

Irina is a Top Realtor and the founder and President of Pasadena Views Real Estate Team™. She is available to assist you in all of your Real Estate transactions. Email or call her today at (626)629-8439.

Interested in seeing what available for sale? Click on the form below to search for full access to the Multiple Listing Service. 

READ MORE:  Pasadena real estate update 2012 – see luxury home sales.


Irina is a Top Realtor and the founder and President of Pasadena Views Real Estate Team™. She is available to assist you in all of your Real Estate transactions. Email or call her today at (626)629-8439.

Interested in seeing what available for sale? Take a look at the home listings below. The information is updated real-time as new homes are entered into the Multiple listings service:

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