Pasadena Market Snapshot

If you own a home in Pasadena or are looking to buy one, I’m here with an update on the latest market trends. In this blog, we’ll explore various aspects of the current market, from supply and demand to pricing trends, providing you with a comprehensive overview of what’s happening in Pasadena real estate as of October 2023.

High Level Market Overview

Average Price

Pasadena’s housing appeal is reflected in its prices. The median sold price for single-family homes stands at $1,305,000, highlighting the area’s desirability and preference for space and privacy. Condos, with a median price of $960,000, present a more affordable entry into homeownership, though they may not appreciate as quickly as houses.

List to Sale Price Ratio

The competitive nature of Pasadena’s market is evident in the list to sale price ratio. Single-family homes are selling for an average of 104.8% of their listed price, a scenario that favors sellers but can lead to bidding wars for buyers. Condos are also performing well, selling at 101.6% of the list price, offering a slightly more negotiable environment.

  • Single-Family Home Inventory: There’s been a 14.35% drop in the number of available single-family homes since last year. This scarcity is creating a more competitive environment for sellers who might be looking to put their homes on the market.
  • Condo Market Shifts: In contrast, condo availability has increased by 8.12%, suggesting a shift towards a buyer’s market in this segment. This increase provides a larger selection for prospective buyers and a less rushed buying process.
  • Above Listing Sales: With the current demand in certain sectors, sellers are often closing above their listing price, indicating a robust market that may favor those looking to sell.

Pasadena’s real estate market dynamics are changing, with different implications for buyers and sellers. The decline in single-family home inventory signifies a potential increase in property values and seller leverage. The rise in condos could mean a cooler market, providing negotiating power to buyers. Current trends suggest that well-priced homes, particularly single-family residences, can sell for more than expected.

FAQ's

Q: What does the decrease in single-family home inventory mean for sellers?

A: Sellers could see more interest in their properties and possibly receive multiple offers, sometimes above the asking price, due to the lower inventory.

Q: How does the increase in condo inventory benefit buyers?

A: Buyers might enjoy a wider selection of properties, more room to negotiate, and less pressure to make quick decisions in the buying process.

Q: Are people really selling their homes above the listing price?

A: Yes, with the right conditions and marketing, homes are indeed selling above their asking price, reflecting the competitive nature of the Pasadena market for certain property types.

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. 

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