If you've been reading my Pasadena blog for awhile, you know that I've been seeing multiple offers on Pasadena homes for the last month or so. I have been hearing from home buyers, especially first time home buyers that are getting ready to buy their first Pasadena home, on a daily basis.

With Pasadena interest rates under 5% for a 30 year fixed loan, government home buying incentives and lower home prices, consumers are coming to the realization that now is the time to buy.

Has the Pasadena real estate market hit the bottom?

No one knows for sure because the only way you truly know is when the market starts going up. Read "one sure way to know when Pasadena real estate market hits bottom."

We can always observe real estate trends and look at data to see what kind of real estate activity is taking place. Reviewing real estate reports very carefully gives us an indication of where the market is heading. In real estate, investors come out first and start setting the trend and individual home buyers follow.

Let's take a look at the last three months of Pasadena Real Estate statistics to see what the numbers are showing us.

READ MORE: State of the Pasadena Housing Market by Chief California Association of Realtors Economist

Pasadena Real Estate Statistics and Home Sales data for January through March 2009:

Single Family Residence Jan-09 Feb-09 Mar-09
New Listings 81 86 80
Total Listings 239 305 286
Sales Pending 31 57 78
Homes Sold 28 37 57
Listings Expired 48 51 36
Average Days on the Market 130 120 93
Average Price Per Sq. Ft. $333 $348 $349
Average Selling Price $548,981 $548,151 $687,300
Median Selling Price $505,000 $470,000 $542,500
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 37.0 35.7 21.7
Condos Jan-09 Feb-09 Mar-09
New Listings 44 46 44
Total Listings 183 205 168
Sales Pending 2 29 23
Homes Sold 5 13 28
Listings Expired 24 19 25
Average Days on the Market 113 177 136
Average Price Per Sq. Ft. $379 $325 $315
Average Selling Price $427,950 $342,577 $391,946
Median Selling Price $207,450 $337,000 $337,250
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 158.6 68.3 26.0
Townhomes Jan-09 Feb-09 Mar-09
New Listings 8 22 21
Total Listings 67 83 77
Sales Pending 6 17 13
Homes Sold 11 5 18
Listings Expired 8 17 6
Average Days on the Market 115 135 173
Average Price Per Sq. Ft. $349 $342 $338
Average Selling Price $ 436,991 $ 455,200 $ 494,583
Median Selling Price $ 462,500 $ 375,000 $ 485,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 26.4 71.9 18.5

Information above is from ITEC (Pasadena Foothill Association of Realtors Multiple Listing Service)


There are several key points that jump out at me when I look at these numbers:

    1. The housing inventory is falling in every category - Pasadena homes, Pasadena condos and Pasadena townhomes. In a normal real estate market the inventory will pick up as we get closer to spring and summer months. The number of newly listed Pasadena properties stays the same, but the number of Pasadena home sales almost doubled in March 2009.
    2. Absorption Rate - a key real estate statistic - is significantly lower for each of the tracked categories. Absorption rate is an indicator that sellers use to anticipate how long it will take to market their homes for sale. For example, looking at Pasadena single family homes, a Pasadena home seller should understand that if the rate of sales and current inventory remains the same, it will take them on average 21.7 weeks to sell their home. That's a significant drop in home marketing time from 35.7 and shows a trend towards getting back to a more balanced real estate market.

  1. The most significant change in pricing is seen at the Pasadena condo level. Now is the time to get excellent Pasadena condo deals. The price per square foot on a Pasadena condo is at an all time low of $315 per sq. ft. Take a look at Pasadena's real estate market analysis for the last five years and you'll see that we're back to 2003 price levels.

If you are a buyer looking to buy a condo in Pasadena California, take a look at the available listings below.


Search all Pasadena Condos for Sale in MLS (Multiple Listing Service):


For property details on the above condos, you may also visit Pasadena condos and townhomes for sale.


Search all homes (single family residences) for sale in Pasadena MLS (Multiple Listing Service):



For Pasadena foreclosure details, please visit Pasadena foreclosures for sale.


Read More:

Pasadena City Guide

Take advantage of the $8,000 tax credit

Considering new construction? Don't miss $100 million tax credit

FHA loan information


If you are thinking of buying a Pasadena home, Pasadena condo or townhome, please give us a call for a comprehensive and free consultation. We can be reached at 626-629-8439.



Pasadena Real Estate Agents

Pasadena, California