There's nothing like a visual representation as to what is going on in Pasadena's real estate market. The trends are easier to spot, especially when reviewing long term data. The graph below is for the period of 14 months. It's interesting to note that May of this year showed a significant turn around in the prices of homes sold at $770,000 on average, almost the same as last year in August.
When reviewing real estate data, always keep in mind that the housing statistics for a particular month show data that is a few months old. For example, if we are looking at a Pasadena home sale that sold in July of 2009, same house probably was listed for sale sometime in April or May, received an offer and was in an escrow period of 30 to 45 days.
Pasadena Real Estate Home Sales Statistics for June 2009 through August 2009:
As the summer comes to an end, we're seeing less housing inventory coming on the market from the high of 93 new home listings in June to 56 in August. Number of home sales decreased by about 20% from July to August, but the price per square foot held as well as the average house selling price increased to $779,146.
Overall, I'm seeing a lot of buyers in the $400,000 to 600,000 price range that are looking for Pasadena houses. As a home comes up that is well priced, multiple buyers bid and multiple situations are quite common.
|Single Family Residence||Jun-09||Jul-09||Aug-09|
|Average Days on the Market||193||65||75|
|Average Price Per Sq. Ft.||$408||$376||$374|
|Average Selling Price||$881,754||$712,909||$779,146|
|Median Selling Price||$660,000||$599,000||$645,000|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||19.9||11.8||13.9|
|Average Days on the Market||155||91||91|
|Average Price Per Sq. Ft.||$330||$339||$360|
|Average Selling Price||$420,436||$462,626||$457,211|
|Median Selling Price||$430,000||$459,000||$448,500|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||16.9||21.4||26.5|
Data above is from the Pasadena Multiple Listing Service (ITEC).
The graph below shows that Pasadena's house inventory is moving towards a seller's market. A buyer's market is when there is 6 months of inventory or more. Anythign under 6 months is in the seller's market category.
Many home buyers are looking for deals and are curious to see if there are any foreclosures available for sale in Pasadena. Foreclosure propertie are actually REO or real estate owned. Quite simply, these are homes, condos or townhomes owned by banks and sold at a lower price.
A list of all Pasadena foreclosures for sale below:
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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Homes for Sale Information:
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IRINA NETCHAEV & ASSOCIATES
Pasadena Real Estate Agents