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up 2 date realestate.com up 2 date Real Estate Market Report for Pasadena
Pasadena November Home Sales
Townhomes & Condominiums
up 2 date realestate.com Residential Homes ( condos, townhomes & single family) Median Price 2008 $500,000 2007 $654,000 % Change (23.5 %) Down $29K from October. In October 2004, (four years ago) the Median Home Price was $500,000
up 2 date realestate.com Single Family Homes Median Price 2008 $522,500 2007 $710,000 % Change (26.4 %) 66% of the single family homes sold were below $600,000
up 2 date realestate.com Number of Single Family Homes Sold 2008 42 units 2007 51 units % Change (17.6 %) Average Days on Market current days on market 2008 72 2007 60 % Change 20 % A big decline from October’s 74 units
up 2 date realestate.com Current Inventory of Single Family Homes Number Median Price Days/Mkt Active 295 $ 685,000 63 Contingent 36 $540,500 105 Pending 48 $517,500 66 The numbers appear to be stabilizing, compared to prices of “sold” homes
realestate.com We anticipated prices would continue to drop due to the amount of inventory on the market
up 2 date realestate.com Number of Townhomes/Condo Units Sold 2008 20 units 2007 30 units % Change (33%) Average Days on Market current days on market / cumulative days on market 2008 50 2007 40 % Change 25% At these levels there is a 12 month inventory This increases to 99 days when the property has been relisted
up 2 date realestate.com Current Inventory Of Townhomes & Condominiums Number Median Price Days/Mkt Active 220 $499,000 72 Contingent 21 $438,000 117 Pending 28 $360,950 126 There seems to be a reluctance of buyers in the higher end market, downward price pressure is continuing
up 2 date realestate.com Summary & Outlook for the Pasadena Real Estate Market -Homes in the middle price ranges ($600.0 - $999K) are experiencing very long selling times. Currently 91(31% of active listings) homes are listed for sale in this price range. Only 7 were sold in the month of November. -Of the homes listed for sale, 28% are priced below $500,000. -Homes are selling at a 10% discount to their original listing price. -Look for December home sales to increase to approximately 75 units, with median prices remaining in the $515,000 range. -Home prices are getting close to bottoming as lower interest rates should create some increased activity in the middle price ranges that have recently been ignored. .