Summer is now over and we're well into our first fall month. Pasadena's real estate activity has truly been on fire during the summer. Many home buyers were out trying to take advantage of the first time home buyer $8,000 tax credit, as well as, the lower home prices.
Some observations:
- Single Family home sales volume in Pasadena peaked at 101 homes sold in July and dropped to 65 in September.
- Price per square foot of single family homes is stabilizing just under $400 for Pasadena overall.
- Pasadena median home price is in the low to mid $600K for single family.
- With only a bit more than 4 months of inventory, we're considered to be in a seller's market.
- Pasadena condos have done extremely well with average price of sq. ft. rising from the low of $330 to $369.
- Pasadena townhome prices have also been on the rise during the summer with an average selling price of $584,885 in September 2009.
Pasadena Real Estate Trends and Data for June through September 2009:
| Single Family Residence | Jun-09 | Jul-09 | Aug-09 | Sep-09 |
| New Listings | 93 | 59 | 56 | 86 |
| Total Listings | 313 | 276 | 257 | 268 |
| Sales Pending | 111 | 111 | 91 | 81 |
| Homes Sold | 68 | 101 | 80 | 65 |
| Listings Expired | 31 | 22 | 20 | 48 |
| Average Days on the Market | 193 | 65 | 75 | 83 |
| Average Price Per Sq. Ft. | $408 | $376 | $374 | $390 |
| Median Selling Price | $660,000 | $599,000 | $645,000 | $635,000 |
| Average Selling Price | $881,754 | $712,909 | $779,146 | $715,212 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) | 19.9 | 11.8 | 13.9 | 17.9 |
| Condos | Jun-09 | Jul-09 | Aug-09 | Sep-09 |
| New Listings | 38 | 48 | 50 | 32 |
| Total Listings | 152 | 168 | 171 | 153 |
| Sales Pending | 44 | 51 | 50 | 51 |
| Homes Sold | 39 | 34 | 28 | 33 |
| Listings Expired | 29 | 18 | 24 | 16 |
| Average Days on the Market | 155 | 91 | 91 | 67 |
| Average Price Per Sq. Ft. | $330 | $339 | $360 | $369 |
| Median Selling Price | $430,000 | $459,000 | $448,500 | $475,000 |
| Average Selling Price | $420,436 | $462,626 | $457,211 | $498,588 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) | 16.9 | 21.4 | 26.5 | 20.1 |
| Townhomes | Jun-09 | Jul-09 | Aug-09 | Sep-09 |
| New Listings | 27 | 16 | 16 | 24 |
| Total Listings | 71 | 71 | 71 | 76 |
| Sales Pending | 24 | 23 | 12 | 20 |
| Homes Sold | 15 | 20 | 16 | 13 |
| Listings Expired | 5 | 5 | 8 | 11 |
| Average Days on the Market | 118 | 104 | 86 | 76 |
| Average Price Per Sq. Ft. | $340 | $332 | $349 | $397 |
| Median Selling Price | $ 480,000 | $ 479,000 | $ 474,500 | $ 580,000 |
| Average Selling Price | $ 528,200 | $ 510,000 | $ 498,875 | $ 584,885 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) | 20.5 | 15.4 | 19.2 | 25.3 |
It is also interesting to take a look at the five year trend of what Pasadena home sellers are pricing their property at and what it is actually selling for. Based on the graph below it seems like the home sellers are a bit unrealistic in recent months and the gap between reality and fantasy pricing has grown.
For those of you interested in buying a Pasadena home or are just curious about Pasadena property for sale, please take a look at the Pasadena homes for sale below. Feel free to sign up for a FREE membership to the MLS (Multiple Listing Service) listings by creating a VIP accounts below.
For details on any of the above Pasadena homes, please visit Pasadena homes for sale.
Read More:
9 Stupid Things Buyers do to mess up their home purchase
The fastest way to lose your earnest money deposit
Homes for Sale Information:
Pasadena Foreclosure Home List
South Pasadena Foreclosure Home List
If you are thinking of buying or selling your Pasadena home, condo or townhome, please give us a call for a comprehensive and free consultation. We can be reached at 626-629-8439.
IRINA NETCHAEV & ASSOCIATES
Pasadena Real Estate Agents
Pasadena, California
