Pasadena Homes August Sales Report

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Recap of the Pasadena California Real Estate Market including analysis and outlook

Recap of the Pasadena California Real Estate Market including analysis and outlook

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  • 1. up 2 date realestate.com up 2 date Real Estate Market Report for Pasadena
    • August Home Sales
    • Single Family
    • Townhomes & Condominiums
    • Graphs
    • Analysis
  • 2. up 2 date realestate.com Single Family Homes Median Price 2008 $650,000 2007 $805,000 % Change (19%) This is a large decrease for one month
  • 3. up 2 date realestate.com Number of Homes Sold 2008 69 units 2007 74 units % Change (6.7%) Average Days on Market current days on market / cumulative days on market 2008 86 / 133 2007 55 / 91 % Change 56% / 46% Home sales have declined 17 of the last 19 months Homes are also taking longer to sell
  • 4. up 2 date realestate.com Current Inventory of Single Family Homes Number Median Price Days/Mkt Active 377 $685,000 89 Contingent 51 $595,000 94 Pending 64 $499,500 64 Homes under contract are less than current Median $’s
  • 5. up 2 date
    • Townhomes & Condominiums
    • Median Price
    • 2008 $462,000
    • 2007 $475,000
    • % Change (2.7%)
    realestate.com Look for prices to soften to reduce high inventory levels
  • 6. up 2 date realestate.com Number of Units Sold 2008 35 units 2007 47 units % Change (26%) Average Days on Market current days on market / cumulative days on market 2008 82 / 122 2007 78 / 106 % Change 5% / 15% Sales of condo/townhomes have been very slow. Look for price reductions and incentives on new construction
  • 7. up 2 date realestate.com Current Inventory Of Townhomes & Condominiums Number Median Price Days/Mkt Active 228 $499,450 108 Contingent 22 $449,500 108 Pending 48 $390,000 112 Sales numbers may increase as prices fall
  • 8. up 2 date realestate.com Look for prices to fall below $600.0
  • 9. up 2 date realestate.com
  • 10. up 2 date realestate.com
  • 11. up 2 date realestate.com Summary & Outlook for the Pasadena Real Estate Market -Declining interest rates as a result of Government takeover of FNMA/FHLMC will result in increased homebuyer activity -Home sales (units & prices) have been trending down. This will continue until inventory levels come back in line. Inventory levels have dropped in the last few months -Inventory stands at approximately 6.6 months supply of single family and about an 8.5 month supply on condo/townhomes, and remains high -Next month, look for September home sales to show a big bump both locally and nationally. The reason is that sales in September ’07 were very weak. Sales are reported on a year on year basis .