Pasadena Real Estate Market and Housing Report - October 2008

Pasadena California real estate market update for October 2008

Pasadena's real estate inventory of homes has decreased in October to 127 units overall - inclusive of single family residences, condos and townhomes. It is not surprising as folks are getting ready for the holiday season and in the natural annual cycle of real estate, we expect to see less inventory to choose from. The sales have closed strongly in October at 117 units. Next month, we will see a marked decrease in this number as evidenced by the decline in the Pasadena home buyers going into escrow in October.

This month, I was able to catpure the median Pasadena home sales price and will be adding that information to all future reports. Median home sales prices provide a more accurate picture since the median signifies that 50% of Pasadena homes sold for more and 50% of these homes sold for less. Hope that you will find it useful.

Market Action Indicator for Pasadena's real estate is currently in the buyer's zone though not strongly so. The 90-day Market Action Index stands this week at 22 so buyers should expect find reasonable levels of selection. Inventory levels have been relatively consistent relative to sales. Despite the fact that there is a relatively high amount of available inventory, this Buyer's market is still seeing prices move higher. Given inventory levels, these price conditions are relatively fragile. If the market cools off further, the price trend is likely to reverse.

Pasadena Real Estate Market Action Index October 2008

The highest sold home in Pasadena for October was at 485 South Grand Avenue, a 4 bedroom/4 bath luxury estate with 6,000 sq. ft. on a 24,345 sq. ft. lot which sold for $4,300,000 at 95.56% of its asking price.

The lowest sold home in Pasadena for October was 476 East Mountain Street, a 1 bedroom and 1 bath with 624 sq. ft of a 2,580 sq. ft. lot whcihc sold for $233,000. This home sold over its original asking price of $226,900.

Overall, October's single family residences sold at 95.20% of their asking price.

Housing Market Statistics for Pasadena California for August 2008 through October 2008:

Single Family Residence	Aug-08	Sep-08	Oct-08
New Listings	80	78	72
Total Listings	325	341	303
Sales Pending	43	95	61
Homes Sold	69	59	71
Listings Expired	36	59	54
Average Days on the Market	133	115	141
Average Price Per Sq. Ft.	$407	$396	$411
Average Selling Price	$923,986	$751,228	$811,092
Median Selling Price	$657,000	$655,000	$620,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	20.4	25.0	18.5

Condos	Aug-08	Sep-08	Oct-08
New Listings	31	46	43
Total Listings	136	156	165
Sales Pending	9	38	26
Homes Sold	27	21	31
Listings Expired	22	35	16
Average Days on the Market	115	121	135
Average Price Per Sq. Ft.	$397	$445	$401
Average Selling Price	$515,896	$459,540	$442,758
Median Selling Price	$399,500	$350,000	$415,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	21.8	32.2	23.1

Townhomes	Aug-08	Sep-08	Oct-08
New Listings	11	16	12
Total Listings	57	69	68
Sales Pending	6	18	3
Homes Sold	13	15	15
Listings Expired	4	12	10
Average Days on the Market	111	130	72
Average Price Per Sq. Ft.	$385	$358	$347
Average Selling Price	$ 597,477	$ 512,933	$ 544,820
Median Selling Price	$ 539,000	$ 500,000	$ 519,900
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	19.0	19.9	19.6

Data compiled from ITEC (Pasadena Foothill Association Multiple Listing Service).

Search all Pasadena Condos for Sale in MLS (Multiple Listing Service):

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

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

SEARCH PASADENA CA HOMES FOR SALE (Single Family Residences - SFR)

SEARCH PASADENA CONDOS AND TOWNHOMES FOR SALE

If you are interested in receiving a weekly Pasadena real estate market report with the Market Price Index, you can request the Pasadena Market Real Estate Report here and it 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 who specializes specifically in real estate housing market activity throughout the country.

http://www.pasadenacarealestatehomes.com/007776