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Pasadena Real Estate Market Report – August 2008

Pasadena Real Estate Market Report – 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 Market Action Index

 

READ MORE:  Pasadena Real Estate Market Report – September 2008

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.

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Posted on September 25th, 2008
Posted by: Irina Netchaev

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