Pasadena home buyers know the drill: Packed open houses. Bidding wars. Rising prices. That’s the landscape for much of the Southern California housing market as the spring selling season gets underway. Competition is as fierce, or even greater, than last year in many corners of the Southland, and would-be buyers can expect a pitched battle if they want to be the successful bidder.
The frenzied start has been driven by a dearth of homes for sale, low mortgage rates and steady job growth. Homes are selling faster than a year earlier, with more of them going for above the list price. Read the rest here:
Last March (2015) the average Pasadena home sold in 68 days for 99.26% of asking price. The average price per square foot was $485. The average Pasadena home continues to sell faster. The 2.1% absorption rate indicates the Pasadena real estate market heavily favors home sellers.
Home buying in Los Angeles is pretty much impossible right now for many people. We know that only about 27 percent of households in LA County can afford to buy a median-priced house.