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Pasadena Real Estate Market Report - August 2008

Pasadena Housing Report for August 2008

Inventory of homes in Pasadena went down significantly in August. At the same time the number of homes under contract is a lot lower in August than in previous summer months - again the cyclical nature of the beast. During the months of June and July, volume of both sales and pending (homes under contract) sales goes up and in the fall months we start seeing a "slow down" in the Pasadena real estate market.

Luxury homes in Pasadena had a lot of movement - 19 homes sold over 1 million dollars.

The highest priced Pasadena luxury home sale for August 2008 was at $5,750,000 on 455 S. San Rafael and sold in a bit over 2 months.

Pasadena Market Action Index

The PASADENA real estate market is currently in the Buyer's Market zone (below 30), though not strongly so. The 90- day Market Action Index stands this week at 21 so buyers should expect find reasonable levels of selection. The market has settled in at a relative stasis in inventory and sales conditions. It's a Buyer's market that has seen prices trend lower. Expect that consistent up trends in demand will be required before price trends change significantly.

Pasadena Real Estate Market Statistics for June 2008 through August 2008:

Single Family Residence	Jun-08	Jul-08	Aug-08
New Listings	77	140	80
Total Listings	388	390	325
Sales Pending	54	66	43
Homes Sold	54	65	69
Listings Expired	48	42	36
Average Days on the Market	121	104	133
Average Price Per Sq. Ft.	$445	$417	$407
Average Selling Price	$968,727	$807,139	$923,986
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	31.1	26.0	20.4

Condos	Jun-08	Jul-08	Aug-08
New Listings	52	41	31
Total Listings	182	169	136
Sales Pending	30	25	9
Homes Sold	24	29	27
Listings Expired	34	17	22
Average Days on the Market	126	92	115
Average Price Per Sq. Ft.	$391	$386	$397
Average Selling Price	$503,451	$515,788	$515,896
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	32.9	25.3	21.8

Townhomes	Jun-08	Jul-08	Aug-08
New Listings	36	21	11
Total Listings	90	81	57
Sales Pending	9	15	6
Homes Sold	11	10	13
Listings Expired	7	9	4
Average Days on the Market	102	84	111
Average Price Per Sq. Ft.	$391	$374	$385
Average Selling Price	$ 555,236	$ 695,800	$ 597,477
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	35.5	35.1	19.0

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

SEARCH PASADENA CONDOS AND TOWNHOMES FOR SALE

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

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/007738