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Pasadena Real Estate Housing Analysis – Five Years in Review

Pasadena Real Estate Housing Analysis – Five Years in Review

Pasadena real estate housing market has been on a bumpy ride in 2008, as we enter 2009, it’s always interesting to look at historical trends.

Every month, Pasadena real estate blog brings you a statistical report highlighting Pasadena housing trends.  For December’s 2008 Pasadena real estate statistics, visit Pasadena housing trends and real estate market report for December 2008.

Looking at historical data and trends is critical in understanding what the Pasadena future real estate market can bring.

So, without further ado, here’s the analysis of where Pasadena real estate has taken us:

SFR 2003 2004 2005 2006 2007 2008
# of Units Sold 1402 1390 1294 1069 811 657
Ave List Price/Sq.Ft. $339 $402 $472 $502 $496 $440
Ave Sold Price/Sq.Ft. $336 $408 $479 $497 $489 $428
Ave List Price $620,750 $717,994 $835,039 $938,407 $977,794 $880,432
Ave Sales Price $616,489 $728,126 $847,985 $928,328 $959,394 $851,702
% of Sold to List 99.3% 101.4% 101.6% 98.9% 98.1% 96.7%
Ave # of Days on the Market 27 24 26 37 96
Condos & Townhomes 2003 2004 2005 2006 2007 2008
# of Units Sold 664 744 731 683 597 374
Ave List Price/Sq.Ft. $268 $341 $410 $437 $442 $409
Ave Sold Price/Sq.Ft. $269 $346 $420 $431 $432 $388
Ave List Price $343,168 $425,945 $499,323 $526,625 $571,055 $529,495
Ave Sales Price $344,487 $430,696 $507,887 $519,946 $557,042 $504,093
% of Sold to List 100.4% 101.1% 101.7% 98.7% 97.5% 95.2%
Ave # of Days on the Market 24 23 31 50 66 95

First of all, the most significant change each year has been the volume of Pasadena homes and condos sold:

  • 2003 has seen the highest number of Pasadena homes sold – 1,402 units.  Compare that to 657 Pasadena homes sold last year in 2008.  That’s a drop of over 50%.
  • Pasadena condo and townhome sales have peaked in 2004 at 744 units sold.  Again, the volume of condo and townhome sales in 2008 has dropped by more than 50% from 2004.
  • Each year, it’s taking longer and longer to market Pasadena homes.  Still, the average days on the market was a bit over 3 months for both Pasadena homes and condos/townhomes.  We are still very much in the seller’s market even though it doesn’t feel like it to those of us that has experienced the real estate market over the last several years.  The official definition of a buyer’s market is when properties stay on the market for six months or more.

Pasadena real estate is still selling close to asking price:

  • 2008 closed at 96.7% of asking prices for homes sold and 95.2% of list to sold price of condos and tonwhomes sold in Pasadena California.

Price per square foot for Pasadena Real Estate:

  • Pasadena real estate started seeing price per square foot decreases in 2007 where it dropped slightly to $489 per square foot for homes sold and then a more significant drop in 2008 of 12.5% to $428.
  • Pasadena condos and townhomes sold price per square foot was pretty flat from 2004 through 2008 and dropped by 11% this year.

Average Pasadena home sale prices:

  • Pasadena home sale prices are back to 2005 levels, ending 2008 at $851,702.
  • Pasadena condos and townhomes are paralelling, Pasadena single family homes and are also back to 2005 levels at $504,093.

So what can we anticipate in 2009:

  • More foreclosures and short sales – no surprise there.
  • Great interest rates for Pasadena home buyers and refinancing.
  • Banks tightening up lending requirements and making financing dollars more difficult to get.
  • Buyers needing to come up with more down payment funds.
  • Home sellers providing more incentives to buyers.
  • A much longer marketing period to sell Pasadena homes.
  • Internet marketing and social media playing a significant role in selling homes.

Read More:  Pasadena Real Estate Outlook for 2009
South Pasadena Real Estate Review – 2003 – 2008
San Marino Real Estate Review – 2003 -2008
Duarte Real Estate Review – 2003 – 2008

Posted by Irina Netchaev, your Pasadena Realtor.

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Posted on January 2nd, 2009
Posted by: Irina Netchaev

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