I just came across a chart from my favorite real-time real estate analysis company - Altos Research - analyzing the health of Pasadena California's real estate market in January of 2006. I thought it would be interesting to compare the above Pasadena real estate snapshot to the one that was just received on December 15, 2008 - almost 2 years later.
Looking at these Pasadena housing statistics side by side, it's interesting to note the following:
- Median List price is 20% lower in 2008 vs. 2006
- There are properties for as low as $120,000 in 2008. The lowest priced home in January of 2006 was $459,000.
- Average price per square foot of Pasadena homes for sale dropped by 17.6%.
- The available Pasadena home inventory increased by almost 54%!
- It is taking twice as long to market a home now - almost 4.5 months.
- 44% of homes listed expire and have to be relisted by Pasadena realtors compared to only 17% in December of 2006. Main reason for re-listing Pasadena homes is incorrect and overly high pricing.
- Which leads to 2 out of 3 properties needing a price reduction - 40%.
READ More: Pasadena real estate market statistics - October 2008
State of Pasadena Housing Market by Chief Economist of California Association of Realtors
Search for Pasadena homes:
READ MORE: Pasadena real estate update 2012 – see luxury home sales.
Irina is a Top Realtor and the founder and President of Pasadena Views Real Estate Team™. She is available to assist you in all of your Real Estate transactions. Email or call her today at (626)629-8439.
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Read More: Most expensive homes in Pasadena
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Thinking of selling your Pasadena home? Interested in finding out the current market value of your single family home, condo or investment property? Then call Irina Netchaev at (626) 629-8439 to discuss what is happening in today’s Pasadena Real Estate Market.
