There was a huge increase in new listings of Single Family Residences in July 2008. The number almost doubled from 77 new home sellers to 140 new home sellers. The influx of new Pasadena homes for sale had a downward effect on the average SFR sales price and price per square foot.
The least expensive home for sale in Pasadena is listed at $120,000.
The most expensive home for sale in Pasadena is listed at $52,000,000.
Pasadena SFR homes under $412,000 seem to stay on the market the longest about 4 months with homes over that price selling in about 2.5 months.
Residential house prices are a function of supply and demand, and market MARKET ACTION INDEX conditions can be characterized by analyzing those factors. Come back to this site to watch this index for sustained changes: if the index falls into the Buyer's Market zone for a long period, prices are likely in for a downward correction.
The Market Action Index (MAI) illustrates the balance between supply and demand using a statistical function of the current rate of sale versus current inventory.
An MAI value greater than 30 typically indicates a "Seller's Market" (a.k.a. "Hot Market") because demand is high enough to quickly gobble up available supply. A hot market will typically cause prices to rise. MAI values below 30 indicate a "Buyer's Market" (a.k.a. "Cold Market") where the inventory of already-listed homes is sufficient to last several months at the current rate of sales. A cold market will typically cause prices to fall.
Pasadena condos actually dropped in the number of available listings to 169 per ITEC.
Pasadena townhomes also had a reduction in inventory.
READ MORE: Pasadena Real Estate Market Report - August 2008
Pasadena Real Estate Market Report for May 08 to July 08:
|Single Family Residence||May-08||Jun-08||Jul-08|
|Average Days on the Market||82||121||104|
|Average Price Per Sq. Ft.||$445||$417|
|Average Selling Price||$955,191||$968,727||$807,139|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||29.0||31.3|
|Average Days on the Market||94||126||92|
|Average Price Per Sq. Ft.||$391||$386|
|Average Selling Price||$538,075||$503,451||$515,788|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||39.4||30.5|
|Average Days on the Market||115||102||84|
|Average Price Per Sq. Ft.||$391||$374|
|Average Selling Price||$ 592,857||$ 555,236||$ 695,800|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||27.9||31.9|
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.
I also offer real estate market reports for Alhambra, San Marino, South Pasadena, Monterey Hills (under Los Angeles 90042), Arcadia, Altadena, San Gabriel and more.
If you have additional questions about the state of the Pasadena housing market, please call me at 626-627-7107 .