The Pasadena housing market in November 2023 is witnessing significant changes, with interest rates hovering around 7%. In this update, we delve into the latest market trends and statistics to give you a comprehensive understanding of the current real estate landscape in Pasadena. Whether you’re a prospective buyer, a homeowner looking to sell, or simply interested in the market dynamics, this post will provide you with valuable insights.
Current Market Overview: As we approach the winter season, the Pasadena real estate market is becoming increasingly competitive. The Months Supply of Inventory (MSI) has seen a notable decrease, currently standing at 1.68 months for single-family homes and 1.82 months for condos. This represents a drop of over 25% from the previous year, signaling a tighter market with fewer homes available.
Good News for Sellers: For those looking to sell their homes, the Pasadena market offers encouraging prospects. Homes are consistently selling above their asking price, with the List to Sold Price percentage reaching 103.2% for single-family homes and 101.6% for condos. This trend suggests a strong seller’s market, with high demand and the potential for significant returns on your property.
Advice for Sellers: In such a market, strategic pricing and presentation of your property are key. Consider professional staging and high-quality marketing to enhance the appeal of your home. Despite the high-interest rates, the market is predominantly in favor of sellers, but stay vigilant about market fluctuations.
Market Dynamics for Buyers: Buyers face a fast-paced and competitive market, with median days on the market at just 14 for both single-family homes and condos. This quick turnover rate means that desirable homes are being snapped up rapidly. To succeed in this environment, having your financing in order and being ready to make quick decisions are crucial. Budget for the likelihood of homes selling above their listed value and be flexible in your housing criteria.
Pasadena’s Market Performance: The median sold price in Pasadena stands at $1,325,515 for single-family homes and $829,950 for condos, outperforming LA County, California, and the US in property value. A graph illustrating this robust market value and desirability is a testament to Pasadena’s strong real estate position.
Pasadena’s real estate landscape offers diverse opportunities, whether you’re selling and looking for a quick, profitable transaction or buying and hoping to find the perfect place to call home. For a precise evaluation of your property’s market value or to uncover potential opportunities in buying, feel free to reach out for a complimentary, obligation-free market assessment. My commitment is to provide you with clear, straightforward advice tailored to your unique circumstances, helping you make the most informed decision possible. If you find this beneficial, please use the link associated with this video to arrange a call. Or, if you prefer, explore my other videos for more insights, and I’ll return with a fresh market update next month.