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, government 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.
READ MORE: State of the Pasadena Housing Market by Chief California Association of Realtors Economist
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):
- Fri, 03 Feb 2012 17:47:00 +0000: $499,000 :: 1275 North Mentor Avenue, Pasadena CA, 91104 - Pasadena Craftsman Homes for Sale
2 beds, 1 full bath
Home size: 1,118 sq ft
Lot Size: 8,525 sq ft
Added: 02/03/12, Last Updated: 02/03/12
Property Type: Single Family, Residential
MLS Number: 22161055
Community: Pasadena Ne
This picture perfect 1914 Craftsman Bungalow sits in the beautiful and prestigious Bungalow Heaven Historic Landmark District. Past owners ensured this piece of Pasadena history retained all its original charm during a remodel in 2000-from the wrap around porch, river rock chimney, exposed rafter tails, and gable roof, to the pocket doors, picture rails, built in cabinets and meticulously landscaped front yard, this home reflects both the charm of a traditional Craftsman residence and the appeal of updated luxury. A den adjacent to the second bedroom could be a nursery or 3rd bedroom. Great for entertaining with open floor plan, flagstone patio, and peaceful outdoor sitting areas. The remodel included updated electric, copper plumbing, security system, refinished hardwood floors in the bedrooms and bath, new central air/heat, automatic sprinklers, and new period light fixtures throughout the house. There's also an oversized 2-car detached garage and a large,flat, enclosed yard.
Listed with Cheyenne Wilbur, Podley Properties
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 15:24:00 +0000: $579,000 :: 1178 North Sierra Bonita Avenue, Pasadena CA, 91104 - Pasadena Craftsman Homes for Sale
3 beds, 2 full, 1 part baths
Home size: 1,540 sq ft
Lot Size: 7,500 sq ft
Added: 02/03/12, Last Updated: 02/03/12
Property Type: Single Family, Residential
MLS Number: 22161054
Community: Pasadena Ne
This charming Craftsman Bungalow on the eve of its 100th birthday will please any aficionado with its authentic details. The home was remodeled and expanded in 2004 with no expense spared, providing the owner with a new expansive gourmet kitchen and master bedroom suite. The fully enclosed, flat backyard with grassy play area also boasts a 2 car garage built in 2004 and a 200 square foot detached bonus room that can be an office, exercise room or studio. This delightful home includes a California basement, whole house security, central air/heat, ceiling fans, double pane wood frame windows in the addition, and partial upgraded electric. Situated in a quiet NE Pasadena neighborhood with sidewalks, mature shade trees and old style street lights, it is also conveniently located near shopping, freeways, San Gabriel Mountains hiking trails trails and the best home made ice cream place in all of Pasadena! What's not to like!
Listed with Cheyenne Wilbur, Podley Properties
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 14:16:00 +0000: $305,000 :: 460 Anderson Pl, Pasadena CA, 91103 - Pasadena Craftsman Homes for Sale
2 beds, 1 full bath
Home size: 832 sq ft
Lot Size: 4,252 sq ft
Added: 09/29/11, Last Updated: 02/03/12
Property Type: Single Family, Residential
MLS Number: P798083
Community: Pasadena Nw
Tract: 0 (OTHR)
The price of this listing was last reduced on 2/3/2012 by 6%
Try to find a remodeled beauty for a better deal than this! If you want the most bang for your buck, you have found it. The hard wood floors are spectacular. The kitchen has new granite counters with a trendy subway tile back splash. It comes with brand new, never before used, stainless steel appliances (diswasher, stove/range, and microwave). The fireplace looks stunning with it's new tile finish. The inside and out have been freshly painted. The bathroom is completely remodeled. The backyard is perfect for entertaining and the new lawn and landscaping (sprinklers included) give it that sharp manicured look. This is a standard sale! What are you waiting for?!
Listed with Ellis Younger, T.N.G. Real Estate Consultants
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 12:54:00 +0000: $399,000 :: 739 N Wilson Ave, Pasadena CA, 91104 - Pasadena Craftsman Homes for Sale
2 beds, 1 full bath
Home size: 922 sq ft
Lot Size: 7,506 sq ft
Added: 02/03/12, Last Updated: 02/03/12
Property Type: Single Family, Residential
MLS Number: P810965
Community: Pasadena Ne
Tract: ) (OTHR)
This charming 1905 home located in the Bungalow Heaven Landmark District, charming neighborhoods, beautiful tree-lined streets. Spacious 2 bedrooms freshly painted inside and outside. Bright and flowing floor plan with gorgeous hardwood floors, brand new kitchen, appliances and beautiful granite counters. There is a room off the kitchen that could serve as an office, den or library. Huge backyard with a sizable shed
Listed with Michelle Nguyen, Terra Investment Services
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 12:16:00 +0000: $425,000 :: 81 North Craig Avenue, Pasadena CA, 91107 - Pasadena Craftsman Homes for Sale
2 beds, 1 full bath
Home size: 1,180 sq ft
Lot Size: 9,006 sq ft
Added: 01/31/12, Last Updated: 02/03/12
Property Type: Single Family, Residential
MLS Number: 22160918
Community: Pasadena Se
Great Home & Buy!
Listed with Nizar Kailani, Re/Max Premier Properties
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 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 townhome, please give us a call for a comprehensive and free consultation. We can be reached at 626-629-8439.
IRINA NETCHAEV & ASSOCIATES
Pasadena Real Estate Agents
Pasadena, California
