up 2 date realestate.com up 2 date Real Estate Market Report for Pasadena <ul><li>Pasadena November Home Sales </li></ul><ul><li>Single Family </li></ul><ul><li>Townhomes & Condominiums </li></ul><ul><li>Graphs </li></ul><ul><li>Analysis </li></ul>
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
up 2 date <ul><li>Townhomes & Condominiums </li></ul><ul><li>Median Price </li></ul><ul><li>2008 $395,000 </li></ul><ul><li>2007 $547,500 </li></ul><ul><li>% Change (38.6 %) </li></ul>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. .
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