Pasadena Real Estate

I just came across a chart from my favorite real-time real estate analysis company - Altos Research - analyzing the health of Pasadena California's real estate market in January of 2006.  Since Pasadena real estate blog subscribes to all the latest real estate reports from Altos, I thought it would be interesting to compare the above Pasadena real estate snapshot to the one that was just received on December 15, 2008 - almost 2 years later.

Looking at these Pasadena housing statistics side by side, it's interesting to note the following:

• Median List price is 20% lower in 2008 vs. 2006
• There are properties for as low as $120,000 in 2008.  The lowest priced home in January of 2006 was $459,000.
• Average price per square foot of Pasadena homes for sale dropped by 17.6%.
• The available Pasadena home inventory increased by almost 54%!
• It is taking twice as long to market a home now - almost 4.5 months.
• 44% of homes listed expire and have to be relisted by Pasadena realtors compared to only 17% in December of 2006.  Main reason for re-listing Pasadena homes is incorrect and overly high pricing.
• Which leads to 2 out of 3 properties needing a price reduction - 40%.

READ More:  Pasadena real estate market statistics - October 2008

                        State of Pasadena Housing Market by Chief Economist of California Association of Realtors

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Posted by Irina Netchaev, Pasadena Realtors