Pasadena Housing Market July 2019: Selling prices ranged from $485,000 for a one bedroom, one bath, 608 square foot home on Montana St. to $6,885,000 for a three bedroom, four bath, 6,092 square foot estate at 220 N. San Rafael Ave. Last month ninety-five Pasadena homes closed escrow.
Forty-eight of these Pasadena homes sold for over asking price, forty-one sold for less and six at asking price. Twenty-six of these Pasadena listings had a price reduction prior to selling and four had price increases. The absorption rate is the lowest year to date and continues to reflect a very strong seller’s market. July’s numbers reflect the end of the Spring selling season.
The median price reflects half the homes sold for more and half sold for less. The median is more indicative of market conditions than the average selling price. The average can be skewed by a relatively small share of upper-end transactions. The decrease in the median selling price indicates that more entry level housing is selling. The lower tier of real estate is fueling the Pasadena real estate market. Luxury real estate is still selling strong but the middle tier continues to lag. It’s a great time to be a move up buyer.
Since 2010, the housing flip rate has increased significantly. In the first quarter of 2018, the number of properties bought and sold again within a two-year period reached its highest point at 11.4%. Strong recovery for home prices and rents. Since June 2009, home prices and rents have continued to grow. Through May 2019, home prices increased a cumulative 50% and single-family rents increased 33% in the United States. Read more here: