Stability of the Pasadena Real Estate Market
As compared to other markets regionally and across the nation Pasadena Real Estate Market values have fared well. This speaks to the general demand and desirability of the area itself.
To give you an idea REO, Real Estate Owned or Bank Owned properties comprise roughly 10.3% YTD of the number of sales of homes and condominiums in Pasadena. Short sales comprise roughly 11.78% YTD. This is quite a contrast of the state of California which YTD has seen over 38% of homes sold were bank owned and 17% were sort sales. Nationwide REO sales are 13% on average, short sales are roughly 11% of the market share. In 2011, those combined were 35% Nationally.
Depending on the asking price of a home or condo in Pasadena, on average the days on market a home is active before it is sold roughly 45-50 Days. This is much the same for the average in the state of California as well. Properties priced over 1.5Million may see anywhere from 90 Days to 180 Days depending on the demand of that particular property. Nationally the average days on market for September was 70 days. That is down from 101 days the same time a year ago.
Pasadena has fared much better than most markets nationally, seeing a reduction in equity values on average of 20-23%. Nationally values remain suppressed by 27% from the height. California in general, remains down 43.7% in values.
On average, buyers in Pasadena are paying anywhere from 97% to 99% of the sellers asking price. In some instances, I have seen buyers actually paying a fair amount higher than the seller’s asking price. Much is determined by the general location of the home, condition and how competitively priced the property was to begin with.
Pasadena housing inventory continues to remain low with levels running 40-50% less available for buyers than the same time last year. California is much the same. Nationally, the average 20% less available active inventory. If this trend continues I would suspect we may see values continue to rise. Moreover, the demand for Pasadena and the San Gabriel Valley real estate will continue to strength.
Feel free to contact me directly at http://www.laurafloresrealestate.com/ , info@LauraFloresRealEsate or 626 696 9963 if you would like more specific data for your neighborhood or an evaluation on your home.
Sources: DQ News, NAR, CAR iTech MLS