Pasadena Housing Market June 2019: Selling prices ranged from $450,000 for a two bedroom, one bath, 756 sq ft home on Wilson Ave. to $6,300,000 for a five bedroom, five bath, 7,184 sq ft estate at 890 Huntington Circle. Last month ninety-three Pasadena homes closed escrow, fifteen more than last month.
Forty-eight of these Pasadena homes sold for over asking price, thirty-six sold for less and nine at asking price. Twenty of these Pasadena homes had a price reduction prior to selling and two had price increases. The absorption rate is the lowest year to date and continues to reflect a very strong seller’s market. June’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 continues to soften. It’s a great time to be a move up buyer.
I find two price increases to be intriguing. Not something I usually see