Inventory of homes in Pasadena went down significantly in August. At the same time the number of homes under contract is a lot lower in August than in previous summer months - again the cyclical nature of the beast. During the months of June and July, volume of both sales and pending (homes under contract) sales goes up and in the fall months we start seeing a "slow down" in the Pasadena real estate market.
Luxury homes in Pasadena had a lot of movement - 19 homes sold over 1 million dollars.
The highest priced Pasadena luxury home sale for August 2008 was at $5,750,000 on 455 S. San Rafael and sold in a bit over 2 months.
The PASADENA real estate market is currently in the Buyer's Market zone (below 30), though not strongly so. The 90- day Market Action Index stands this week at 21 so buyers should expect find reasonable levels of selection. The market has settled in at a relative stasis in inventory and sales conditions. It's a Buyer's market that has seen prices trend lower. Expect that consistent up trends in demand will be required before price trends change significantly.
Pasadena Real Estate Market Statistics for June 2008 through August 2008:
|Single Family Residence||Jun-08||Jul-08||Aug-08|
|Average Days on the Market||121||104||133|
|Average Price Per Sq. Ft.||$445||$417||$407|
|Average Selling Price||$968,727||$807,139||$923,986|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||31.1||26.0||20.4|
|Average Days on the Market||126||92||115|
|Average Price Per Sq. Ft.||$391||$386||$397|
|Average Selling Price||$503,451||$515,788||$515,896|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||32.9||25.3||21.8|
|Average Days on the Market||102||84||111|
|Average Price Per Sq. Ft.||$391||$374||$385|
|Average Selling Price||$ 555,236||$ 695,800||$ 597,477|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||35.5||35.1||19.0|
Data compiled from ITEC (Pasadena Foothill Association Multiple Listing Service).
If you are interested in receiving a weekly Pasadena real estate market report with the Market Price Index, you can request the Pasadena Market Real Estate Report here and it will be emailed to you automatically each Monday. This is a report that I order specifically for the readers of my website from Altos Research who specializes specifically in real estate housing market activity throughout the country.