Pasadena Real Estate

What an interesting and challenging month it has been for Pasadena's real estate market!  

Last month, as I was writing the real estate market update, I felt that Pasadena real estate was on the rebound.  We started seeing multiple offers and multiple buyers.  Inventory of Pasadena homes and condos did not see an increase though and remained pretty steady at 80 or so units for single family homes.  Pasadena condos stayed around 40 new units per month and townhomes were still around 20 units per month.

April 2009 has shown an increase in activity for Pasadena's real estate.  More home buyers are joining in the search for that perfect home driven by low interest rates, federal as well as California incentives and lower home prices.

Many renters are realizing that they are able to afford their first Pasadena home.  Their purchase power increased tremendously with low interest rates and many are using FHA programs to get into homes with only 3.5% down.  This is driving an increase in Pasadena home sales especially under the $500,000 price range.

Take a look at the visual below looking at the actual volume of home sales comparing the first four months of 2008 to the first four months of 2009:

 

 

 

Pretty amazing, isn't it?  There were 85 homes sold under $500,000 in 2009 year to date vs only 31 in 2008!  First time home buyers are out there in droves and are competing for the inventory.

A Pasadena home seller who hires a great real estate agent and prices their home correctly can expect to sell it quickly and for more money.

Read More:  Top 10 Home Seller Mistakes

Okay, we've seen the volume, now let's take a look at the actual Pasadena real estate market performance for April 2009:

 

1. Inventory of new listings once again remains pretty steady - no major increase.  In fact, the number of newly listed condos and townhomes in Pasadena has decreased significantly.
2. Number of Pasadena homes, Pasadena condos and Pasadena townhomes in escrow has increased which means that the volume of closed sales next month will be higher.
3. Price per square foot of sold properties for Pasadena homes, Pasadena condos and Pasadena townhouses has increased.

 

This all points to a turn around in Pasadena's real estate market.  Stay tuned for next month's update.

Pasadena Real Estate Market Statistics for February 2009 through April 2009:

 

Single Family Residence	Feb-09	Mar-09	Apr-09
New Listings	86	80	83
Total Listings	305	286	314
Sales Pending	57	78	95
Homes Sold	37	57	64
Listings Expired	51	36	34
Average Days on the Market	120	93	109
Average Price Per Sq. Ft.	$348	$349	$369
Average Selling Price	$548,151	$687,300	$638,835
Median Selling Price	$470,000	$542,500	$550,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	35.7	21.7	21.3
Condos	Feb-09	Mar-09	Apr-09
New Listings	46	44	36
Total Listings	205	168	148
Sales Pending	29	23	30
Homes Sold	13	28	25
Listings Expired	19	25	23
Average Days on the Market	177	136	278
Average Price Per Sq. Ft.	$325	$315	$344
Average Selling Price	$342,577	$391,946	$405,000
Median Selling Price	$337,000	$337,250	$330,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	68.3	26.0	25.7
Townhomes	Feb-09	Mar-09	Apr-09
New Listings	22	21	15
Total Listings	83	77	70
Sales Pending	17	13	18
Homes Sold	5	18	8
Listings Expired	17	6	8
Average Days on the Market	135	173	162
Average Price Per Sq. Ft.	$342	$338	$346
Average Selling Price	$455,200	$494,583	$442,710
Median Selling Price	$375,000	$485,000	$413,340
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	71.9	18.5	42

 

 

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

For property details on these Pasadena homes, please visit Pasadena homes for sale.

 

 

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

For Pasadena foreclosure details, please visit Pasadena foreclosures for sale.

 

 

To receive weekly Pasadena real estate market report with the Market Price Index, you can register to request the Pasadena Market Real Estate Report and the analysis 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, a premier real estate statistics company specializing in real estate housing market activity throughout the country.

Read More:

Pasadena City Guide

Take advantage of the $8,000 tax credit

Considering new construction? Don't miss $100 million tax credit

Property Title Insurance?  Learn all about it!

 

If you are thinking of buying a Pasadena home, Pasadena condo or townhouse, please give us a call for a comprehensive and free consultation. We can be reached at 626-204-3340.

 

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)204-3340

 

 

 

http://www.pasadenacarealestatehomes.com/00977A