Pasadena CA Real Estate

Featured Neighborhoods

1 Comment »

Pasadena Property, Real Estate Market Update and Housing Report – October 2008

Pasadena Property, Real Estate Market Update and Housing Report – October 2008

Pasadena’s real estate inventory of homes has decreased in October to 127 units overall – inclusive of single family residences, condos and townhomes.  It is not surprising as folks are getting ready for the holiday season and in the natural annual cycle of real estate, we expect to see less inventory to choose from.  The sales have closed strongly in October at 117 units.  Next month, we will see a marked decrease in this number as evidenced by the decline in the Pasadena home buyers going into escrow in October.

This month, I was able to catpure the median Pasadena home sales price and will be adding that information to all future reports.  Median home sales prices provide a more accurate picture since the median signifies that 50% of Pasadena homes sold for more and 50% of these homes sold for less.  Hope that you will find it useful.

Market Action Indicator for Pasadena’s real estate is currently in the buyer’s zone though not strongly so.  The 90-day Market Action Index stands this week at 22 so buyers should expect find reasonable levels of selection.  Inventory levels have been relatively consistent relative to sales.  Despite the fact that there is a relatively high amount of available inventory, this Buyer’s market is still seeing prices move higher.  Given inventory levels, these price conditions are relatively fragile.  If the market cools off further, the price trend is likely to reverse.

 

Pasadena Real Estate Market Action Index October 2008

The highest sold home in Pasadena for October was at 485 South Grand Avenue, a 4 bedroom/4 bath luxury estate with 6,000 sq. ft. on a 24,345 sq. ft. lot which sold for $4,300,000 at 95.56% of its asking price.

The lowest sold home in Pasadena for October was 476 East Mountain Street, a 1 bedroom and 1 bath with 624 sq. ft of a 2,580 sq. ft. lot whcihc sold for $233,000.  This home sold over its original asking price of $226,900.

Overall, October’s single family residences sold at 95.20% of their asking price.

 

Housing Market Statistics for Pasadena California for August 2008 through October 2008:

Single
Family Residence
Aug-08 Sep-08 Oct-08
New
Listings
80 78 72
Total
Listings
325 341 303
Sales
Pending
43 95 61
Homes Sold 69 59 71
Listings
Expired
36 59 54
Average Days
on the Market
133 115 141
Average
Price Per Sq. Ft.
$407 $396 $411
Average
Selling Price
$923,986 $751,228 $811,092
Median
Selling Price
$657,000 $655,000 $620,000
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
20.4 25.0 18.5
Condos Aug-08 Sep-08 Oct-08
New
Listings
31 46 43
Total
Listings
136 156 165
Sales
Pending
9 38 26
Homes Sold 27 21 31
Listings
Expired
22 35 16
Average Days
on the Market
115 121 135
Average
Price Per Sq. Ft.
$397 $445 $401
Average
Selling Price
$515,896 $459,540 $442,758
Median
Selling Price
$399,500 $350,000 $415,000
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
21.8 32.2 23.1
Townhomes Aug-08 Sep-08 Oct-08
New
Listings
11 16 12
Total
Listings
57 69 68
Sales
Pending
6 18 3
Homes Sold 13 15 15
Listings
Expired
4 12 10
Average Days
on the Market
111 130 72
Average
Price Per Sq. Ft.
$385 $358 $347
 Average
Selling Price
 $
597,477
 $
512,933
 $
544,820
Median
Selling Price
 $
539,000
 $
500,000
 $
519,900
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
19.0 19.9 19.6

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

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

SEARCH
PASADENA CONDOS AND TOWNHOMES FOR SALE

 

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.

 

Related Posts:

»crosslinked«

Posted on November 23rd, 2008
Posted by: Irina Netchaev

  1. Pasadena Real Estate Market Report: Side by Side 2 Year Housing Snapshot Comparison | ARTV

    […] READ More: Pasadena real estate market statistics – October 2008 […]

Leave a Reply

Like what you have been reading here? Subscribe now and receive email updates of our articles.


Newsletter

Categories

Freddie Mac

twitter-pasadenaviews-128

This site is proudly
sponsored by:
Irina Netchaev
Pasadena Views
2100 Huntington Dr #2

San Marino, CA 91108
CA DRE License #00872112
Cell: 626-627-7107
Direct: 626-629-8439
Fax: 800-584-4632
irina@irina4realestate.com

Syndicate this blog


Equal Housing Logo

Copyright © 2007-2013 - Pasadena CA Real Estate | All Rights Reserved.

California Real Estate by Best Pasadena Real Estate Agents