Oct. 8, 2009

Pasadena Real Estate Report - Summer 2009

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.

Pasadena 5 year for sale vs sold review sept 09

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:

Getting More House for your $

9 Stupid Things Buyers do to mess up their home purchase

The fastest way to lose your earnest money deposit

 

Homes for Sale Information:

South Pasadena City Guide

Pasadena Real Estate Guide

Altadena Foreclosures List

Burbank Foreclosure Home List

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

(626)629-8439

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