Pasadena Real Estate Market is on the Rebound - March 2009 Pasadena Home Sales and Statistics

Pasadena real estate is rebounding quickly. Do not let is pass you by!

If you've been reading my Pasadena blog for awhile, you know that I've been seeing multiple offers on Pasadena homes for the last month or so. I have been hearing from home buyers, especially first time home buyers that are getting ready to buy their first Pasadena home, on a daily basis.

With Pasadena interest rates under 5% for a 30 year fixed loan, governement home buying incentives and lower home prices, consumers are coming to the realization that now is the time to buy.

Has the Pasadena real estate market hit the bottom?

No one knows for sure because the only way you truly know is when the market starts going up. Read "one sure way to know when Pasadena real estate market hits bottom."

We can always observe real estate trends and look at data to see what kind of real estate activity is taking place. Reviewing real estate reports very carefully gives us an indication of where the market is heading. In real estate, investors come out first and start setting the trend and individual home buyers follow.

Let's take a look at the last three months of Pasadena Real Estate statistics to see what the numbers are showing us.

Pasadena Real Estate Statistics and Home Sales data for January through March 2009:

Single Family Residence	Jan-09	Feb-09	Mar-09
New Listings	81	86	80
Total Listings	239	305	286
Sales Pending	31	57	78
Homes Sold	28	37	57
Listings Expired	48	51	36
Average Days on the Market	130	120	93
Average Price Per Sq. Ft.	$333	$348	$349
Average Selling Price	$548,981	$548,151	$687,300
Median Selling Price	$505,000	$470,000	$542,500
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	37.0	35.7	21.7

Condos	Jan-09	Feb-09	Mar-09
New Listings	44	46	44
Total Listings	183	205	168
Sales Pending	2	29	23
Homes Sold	5	13	28
Listings Expired	24	19	25
Average Days on the Market	113	177	136
Average Price Per Sq. Ft.	$379	$325	$315
Average Selling Price	$427,950	$342,577	$391,946
Median Selling Price	$207,450	$337,000	$337,250
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	158.6	68.3	26.0

Townhomes	Jan-09	Feb-09	Mar-09
New Listings	8	22	21
Total Listings	67	83	77
Sales Pending	6	17	13
Homes Sold	11	5	18
Listings Expired	8	17	6
Average Days on the Market	115	135	173
Average Price Per Sq. Ft.	$349	$342	$338
Average Selling Price	$ 436,991	$ 455,200	$ 494,583
Median Selling Price	$ 462,500	$ 375,000	$ 485,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	26.4	71.9	18.5

Information above is from ITEC (Pasadena Foothill Association of Realtors Multiple Listing Service)

There are several key points that jump out at me when I look at these numbers:

The housing inventory is falling in every category - Pasadena homes, Pasadena condos and Pasadena townhomes. In a normal real estate market the inventory will pick up as we get closer to spring and summer months. The number of newly listed Pasadena properties stays the same, but the number of Pasadena home sales almost doubled in March 2009.

Absorption Rate - a key real estate statistic - is significantly lower for each of the tracked categories. Absorption rate is an indicator that sellers use to anticipate how long it will take to market their homes for sale. For example, looking at Pasadena single family homes, a Pasadena home seller should understand that if the rate of sales and current inventory remains the same, it will take them on average 21.7 weeks to sell their home. That's a significant drop in home marketing time from 35.7 and shows a trend towards getting back to a more balanced real estate market.

The most significant change in pricing is seen at the Pasadena condo level. Now is the time to get excellent Pasadena condo deals. The price per square foot on a Pasadena condo is at an all time low of $315 per sq. ft. Take a look at Pasadena's real estate market analysis for the last five years and you'll see that we're back to 2003 price levels.

If you are a buyer looking to buy a condo in Pasadena California, take a look at the available listings below.

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

For property details on the above condos, you may also visit Pasadena condos and townhomes for sale.

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

FHA loan information

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