Pasadena January 2016 Real Estate Sales
At first glance it appears, Pasadena’s average price per square foot is down, from December but it’s much higher than January of last year. DOM (days on market) remains under two months and the absorption rate of less than 3 months of inventory indicates a very strong home seller’s market. Now that Super Bowl is over, I am finally seeing more homes come on the market. Will it be enough to change the absorption rate to a more balanced market – can supply keep up with demand? I don’t believe so, but we will have to wait and see – it’s an election year and all bets are off.
Stagnant wages and increasing home prices are causing some home buyers to have the winter blahs. Fannie Mae’s monthly Home Purchase Sentiment Index shows that fewer Americans think it’s a good time to buy a home now, with last month seeing a 1.7-point drop in consumer optimism toward owning a home. Read the rest here: