Pasadena Real Estate

December has been uneventful for Pasadena's real estate market.  Inventory of homes and condos dropped from last several months to 250 homes and 158 condos.  While the number of available Pasadena townhomes for sale increased to 76 units. 

Since, there was an increase in the number of homes sold and the number of Pasadena sellers that decided to take their homes off the market, absorption rate dropped dramatically.

I expect that we will see a lot more Pasadena property listings hit the market in January since many home sellers wait until after the holidays to list their Pasadena home for sale.  I also expect banks to start releasing foreclosures that they've been holding on to for book keeping purposes.

While prices have been basically flat over the last several weeks, the price per square foot has been heading downward. While not a sign of broad strength in a market, larger homes are becoming more available and Pasadena buyers are tending to get more home for their money. 

READ MORE:  Pasadena real estate trends and analysis for February 2009

Pasadena Real Estate Market Statistics for October 2008 through December 2008:

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

Read More:  Pasadena City Guide

A few quick facts as we look back at Pasadena real estate market's performance in 2007 and compare to 2008:

• 2008 ended with 657 Pasadena homes (single family) sold compared to 811 homes sold in 2007, a 19% decrease in sold inventory.  
• Price per square foot for Pasadena homes (single family residence) dropped from $489 in 2007 to $428 in 2008.
• Average sales price for Pasadena homes in 2007 was $959,394 compared to the average sales price of Pasadena homes in 2008 of 851,702 - a drop of 11.2%
• Pasadena home prices declined to the 2005 pricing levels with the peak for property prices in Pasadena California hitting in 2007.

For a complete review of Pasadena real estate market statistics over the last five years, please visit Pasadena Real Estate Housing Analysis - Five Years in Review.

Read More:  Pasadena Real Estate Outlook for 2009  This post also provides a basic understanding of the Mark to Market rule which partially led to our current financial crisis.

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

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.

Check back next month for our Pasadena housing report analysis and statistics.  In the meantime, please do not hesitate to call Irina Netchaev & Associates, your Pasadena Realtors with specific questions on Pasadena property values or if you would like to schedule a private consultation to sell your Pasadena home.