Those of you that know me, would agree with me that I'm a data geek. I love numbers especially real estate numbers. Looking at the past and present home sales performance helps us understand what the future has in store for us.
This month, I thought I'd take you on a historical journey of Pasadena's real estate sales focusing on Single Family Homes only. Having said this, please note that Pasadena is a huge city with over 145,000 residents and 54,000 housing units based on the 2006 US Census.
As with any real estate transaction, local data speaks more accurately than general information. So, if you are interested in buying a home in Pasadena or need a more detailed analysis as to what your Pasadena home is worth, just send me a quick email or call for specifics relevant to you.
READ MORE: Pasadena City Guide
However, below is the general overview of Pasadena real estate market activity which will give you a pretty good sense as to what is happening with our home sales. I focused on the more critical statistics:
1. Average Price of a Home Sold In Pasadena - July of 2007 saw the top of the market at $966,000.
2. Median Price of a Home Sold In Pasadena - Again brings us to July of 2007 where 1/2 the homes sold were under $779,000 and the other 1/2 over $779,000.
3. Average Price per Square Foot of Homes Sold in Pasadena - Both 2006 and 2007 were at $493.
4. How long does it take to market and sell a Pasadena home - Lowest # of day was 33 in July of 2005
Pasadena Real Estate Market Performance for July 2000 throuh July 2010:
|Avg SOLD Price||Median SOLD Price||Avg Price/Sq. Ft.||Days on Market|
Some additional statistics/observations:
- Overall, average price per square foot for Pasadena homes increased by 65.2% over the alst 10 years! Quarter to Quarter (April 2010 to July 2010), the price per square foot remained relatively unchanged. This means that the summer activities did not give Pasadena home sellers the increase that we usually see during the most busiest real estate period of the year.
- The volume of sales units - homes sold in Pasadena - has decreased by 28.7% from 10 years ago to now. July of 2000 saw 108 home sales and July of this year, we had 77 Pasadena home sales. Folks are holding on to their homes and the inventory is still low. Nice homes in desirable locations are quite a bit in demand and sell fairly quickly.
- In July of 2000, on average homes sold around 98% of asking price. Last month, Pasadena homes sold around 95% of asking price
- Foreclosures are still not hitting the market in quanitities expected. Again, July of 2010, shows us that many auctions have been cancelled or delayed in Pasadena. See the graph below:
As always, I am including a list of homes for sale below. You can also click on the Pasadena California Homes for Sale post for the most up to date list of all available homes.
If you have any questions, you can find me on Twitter @pasadenaviews or just give me a call at 626-629-8439.