The Pasadena Real Estate Market Continues to Head in a Positive Direction
Provided by Laura Flores Coldwell Banker Residential Brokerage
Year over year data shows an increase of 10% in the number of properties sold in Pasadena. The entire San Gabriel Valley is up 9% in the number of units the sold. California shows an increase of 9.4% much the same on a national level, with an increase in homes sold by 9.3%.
With the increase in the number of homes sold there has been less properties being placed back on the market for sale in Pasadena and in California. Which means fewer opportunities for Buyers. Overall, buyers have anywhere from 43% to 48% less to choose from than they did the previous year. California as a whole is down 30% in active properties for buyers to choose from.
The reason for this? Perhaps, some sellers do not see an incentive to sell if their equity is near or below zero. Or more sellers are biding their time, waiting for real estate values to increase. With that said, Pasadena has fared much better than most markets nationally. Generally, seeing a reduction in equity values year to date, on average of 22.6% from the median height of $762,500 for Single Family Homes that was enjoyed in 2007. Currently, the median value, year to date for a single family home in Pasadena is $590,000. The continued increase of sales coupled with the lack of inventory would indicate the Pasadena Real Estate market is trending in a positive direction.
It is safe to say that the lack of housing inventory in Pasadena and the West in general will continue to create an upward pressure on pricing. Good news for homeowners. How long this will take is anyone’s guess. The election is behind us however, the uncertainty of the economy is still weighing on the collective consciousness. It may be a while…. The pendulum may swing back and forth for a while before we see a true equilibrium in the real estate market.
Sources: DQ News, NAR, CAR, iTECH MLS