Pasadena Housing Market Stats October 2018: Last month, seventy-four Pasadena homes closed escrow, up from last month. Selling prices ranged from $510,000 for a 1000 square foot 2 + 1, to $14,280,000 for a 17,284 square foot 7 + 13 estate. Let’s take a look at Pasadena Real Estate Values as of October 2018:
Pasadena Housing Market Stats October 2018 Recap:
Last month, thirty-five Pasadena homes sold above the asking price, seven sold at list price, and thirty-two sold for less than asking. In addition, there were twenty price reductions. Despite market shifts, we successfully closed escrow on our listing at 2054 Galbreth Rd.
The biggest takeaway from last month’s sales is that the median selling price dropped significantly. It’s now the lowest we’ve seen all year. This raises a big question: Are Pasadena real estate values declining? Not necessarily. The absorption rate sits at 2.67%, signaling a market still favorable to sellers. This shows that Pasadena’s market isn’t one-dimensional. Instead, it’s layered.
The recent changes in tax deductions, like the mortgage interest deduction and property tax deduction, have added pressure to the middle high-end market. This shift is real, and it’s influencing buying behavior. But even with these changes, certain segments of the market remain strong.
