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.
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:
- 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.
- 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.
- 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)
- Fri, 03 Feb 2012 14:51:00 +0000: $184,000 :: 65 North Allen Avenue #219, Pasadena CA, 91106 - Pasadena Foreclosure List
1 bed, 1 full, 1 part baths
Home size: 923 sq ft
Lot Size: 52,158 sq ft
Added: 01/19/12, Last Updated: 02/03/12
Property Type: Condominium, Residential
MLS Number: A12008998
Community: Pasadena Sw
Bright and Light 1 bedroom, 1.5 bath condo with new paint, cozy fireplace, large balcony, nice size living room, dining room, lots of closet space and walk-in closet. Complex features sparkling pool with large deck and laundry area on each floor. All information deemed reliable, but not guaranteed. Buyer to verify.
Listed with Jeffrey Russell, Real Estate Alliance
Brought to you by Irina Netchaev, John Aaroe Group. Call me today at 626-627-7107, or visit my website at www.pasadenaviews.com! - Fri, 03 Feb 2012 13:41:00 +0000: $269,900 :: 160 South Hudson Avenue #405, Pasadena CA, 91101 - Pasadena Foreclosure List
1 bed, 1 full bath
Home size: 737 sq ft
Lot Size: 29,824 sq ft
Added: 12/29/11, Last Updated: 02/03/12
Property Type: Condominium, Residential
MLS Number: F11164641
Community: Pasadena Se
Top floor penthouse style condo in newer CONCIERGE building in best area!! This light & bright condo features: fireplace, granite counters, in-unit laundry, Balcony and so much more! Needs new carpet and paint. See Agent remarks.
Listed with Phil Boroda (w/ Steven Heravi), Coldwell Banker
Brought to you by Irina Netchaev, John Aaroe Group. Call me today at 626-627-7107, or visit my website at www.pasadenaviews.com! - Fri, 03 Feb 2012 12:19:00 +0000: $239,900 :: 986 N Summit Ave, Pasadena CA, 91103 - Pasadena Foreclosure List
3 beds, 1 full, 1 part baths
Home size: 1,500 sq ft
Lot Size: 12,010 sq ft
Added: 02/01/12, Last Updated: 02/03/12
Property Type: Single Family, Residential
MLS Number: R1200592
Community: Pasadena Nw
Tract: 0 (OTHR)
Bank owned. Sold for 460K in 2005. Fixer on amazing pancake-flat 60x200 lot on quiet tree lined street. Priced for land value. Public records show 2 houses but only one is left: 2 beds + den, 1.5 baths. Cash offers only please.
Listed with Leo Nordine, Leo Nordine Realtors
Brought to you by Irina Netchaev, John Aaroe Group. Call me today at 626-627-7107, or visit my website at www.pasadenaviews.com! - Thu, 02 Feb 2012 15:23:00 +0000: $674,900 :: 1541 N RAYMOND AVE, Pasadena CA, 91103 - Pasadena Foreclosure List
6 beds, 5.0 baths
Home size: 3,199 sq ft
Lot Size: 16,160 sq ft
Added: 11/30/11, Last Updated: 02/02/12
Property Type: Single Family, Residential
MLS Number: 11569165
Community: Pasadena Nw
The price of this listing was last reduced on 2/2/2012 by 4%
Gorgeous 6 Bedroom / 5 Bath home with tons of original character. Cross the large front porch and into the spacious entryway. To the right you'll find the formal dining room with built ins and family room with fireplace. The large living room has a fireplace as well. The updated kitchen features lots of cabinet space, stainless steel range and dishwasher and granite counters. A bedroom and bath complete the downstairs. Up the grand wooden staircase with carved accents you'll find 5 more bedrooms and 4 baths, each flooded with light and offering ample closet space. The lush back yard has a sparkling pool and lots of room for entertaining. This is a must see! Info herein is not verified by agent. Buyer to verify all info & rely on their findings. Offers must be submitted on CAR form w/pre-approval (NOT pre-qual), copy of earnest money check, proof of funds & agency disclosure. For guarantee receipt of your offer check private remarks for submission instructions.
Listed with Joyce Essex Harvey, Coldwell Banker-BH North
Brought to you by Irina Netchaev, John Aaroe Group. Call me today at 626-627-7107, or visit my website at www.pasadenaviews.com! - Thu, 02 Feb 2012 10:39:00 +0000: $208,900 :: 1430 FOREST AVE, Pasadena CA, 91103 - Pasadena Foreclosure List
2 beds, 1.0 baths
Home size: 582 sq ft
Lot Size: 4,380 sq ft
Added: 12/28/11, Last Updated: 02/02/12
Property Type: Single Family, Residential
MLS Number: 11572337
Community: Pasadena Sw
The price of this listing was last reduced on 1/19/2012 by 3%
Opportunity knocks at being able to own a little piece of Pasadena at this amazing price with this phenomenal fixer upper! Great location on a corner lot, conveniently located across the street from Cleveland Elementary School and less than one mile from The Rose Bowl Stadium. Garage gas been converted making this much larger than 582 sq. ft., walk into the living room with a connecting bonus room, both bedrooms on opposite ends with windows facing the front of the house, spacious kitchen with separate dining area with windows; features partial double pane windows, ceiling fans and tile flooring throughout! Bring your paint brush, some creative imagination and don't miss out on making this your first home or next great investment!
Listed with Mario Banuelos, Alliance Asset Advisors
Brought to you by Irina Netchaev, John Aaroe Group. Call me today at 626-627-7107, or visit my website at www.pasadenaviews.com!
For Pasadena foreclosure details, please visit Pasadena foreclosures for sale.
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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 626-629-8439.
