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Pasadena California: Real Estate Comparison 2006 vs. 2008

Pasadena California: Real Estate Comparison 2006 vs. 2008

you’ve been reading this Pasadena real estate blog, you know that I keep talking about how we need to look at the local activity in the real estate market. National and California housing statistics are great, but if you’re looking to buy a Pasadena home or are a Pasadena home seller, you really need to understand what’s going with Pasadena’s housing market.

When I work with my home buyers and home sellers, we take this real estate data even further and narrow it down to the individual neighborhood. I recommend looking at real estate statistics within a 1/4 mile radius of the home that you are buying or selling.

For the purposes of this post, we’ll keep it a little more general, and look a how the city of Pasadena is weathering the housing market.

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

Interested in more information about Pasadena and surrounding cities, check out our City Guides below:

Alhambra City Guide

Altadena City Guide

Arcadia City Guide

Eagle Rock City Guide

Monterey Hills City Guide

Pasadena City Guide

San Gabriel City Guide

San Marino City Guide

Sierra Madre City Guide

South Pasadena City Guide

And, if you are interested in fun activities to do in Pasadena, take a look at our 365 Things To Do in Pasadena® page.

Thinking of selling your Pasadena area home? Interested in finding out the current market value of your single family home, condo or investment property? Then call Irina Netchaev at (626) 629-8439 to discuss what is happening in today’s Pasadena Real Estate Market.

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Posted on December 19th, 2008
Posted by: Irina Netchaev

  1. Interested?


    Keep up the informative posts!…

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