Oct. 4, 2008

Pasadena Real Estate Market Report - September 2008

As September rolls around, home buyers usually see a decrease in new homes on the market. Not this September - Pasadena's real estate inventory is as strong as it was during the summer months. Pasadena home inventory increased for Single Family Homes (SFR), Condos and Townhomes - across the board. Absorption rate is going up as well which means that these pasadena home listings will take longer to sell than before.

Pasadena SFR sales sold close to asking price at an average of 96.62%. 25 out of 59 home sales sold at full price or over asking.

The lowest priced closed SFR sale was for $230,000 at 816 Lincoln Avenue.

The highest priced closed SFR sale closed at $2,950,000. This Pasadena luxury home was at 1805 Kinneloa Mesa Road.

READ MORE: Pasadena Real Estate Market and Housing Report for October 2008

Looking at the Pasadena condominium statistics below, you will notice that the price per square foot of homes sold increased from $397 to $445. The driving force behind this increase is the multiple sales of condos in the new condominium project at 217 S. Marengo in Pasadena. Pasadena home shoppers want newly built homes and are willing to pay for them.

The Market Action Index indicator has remained relatively flat not providing strong indicators for real estate market conditions.

 

Housing Market Statistics for Pasadena - June 2008 through September 2008:

Single Family Residence Jun-08 Jul-08 Aug-08 Sep-08
New Listings 77 140 80 78
Total Listings 388 390 325 341
Sales Pending 54 66 43 95
Homes Sold 54 65 69 59
Listings Expired 48 42 36 59
Average Days on the Market 121 104 133 115
Average Price Per Sq. Ft. $445 $417 $407 $396
Average Selling Price $968,727 $807,139 $923,986 $751,228
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 31.1 26.0 20.4 25.0
Condos Jun-08 Jul-08 Aug-08 Sep-08
New Listings 52 41 31 46
Total Listings 182 169 136 156
Sales Pending 30 25 9 38
Homes Sold 24 29 27 21
Listings Expired 34 17 22 35
Average Days on the Market 126 92 115 121
Average Price Per Sq. Ft. $391 $386 $397 $445
Average Selling Price $503,451 $515,788 $515,896 $459,540
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 32.9 25.3 21.8 32.2
Townhomes Jun-08 Jul-08 Aug-08 Sep-08
New Listings 36 21 11 16
Total Listings 90 81 57 69
Sales Pending 9 15 6 18
Homes Sold 11 10 13 15
Listings Expired 7 9 4 12
Average Days on the Market 102 84 111 130
Average Price Per Sq. Ft. $391 $374 $385 $358
Average Selling Price $ 555,236 $ 695,800 $ 597,477 $ 512,933
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 35.5 35.1 19.0 19.9

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

 

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

 

Search All Pasadena Foreclosures or Bank Owned Homes for Sale (MLS - Multiple Listing Service)

 

 

SEARCH PASADENA CA HOMES FOR SALE (Single Family Residences - SFR)

SEARCH PASADENA CONDOS AND TOWNHOMES FOR SALE

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.

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