Pasadena Housing Market Stats for December 2018

Let’s dissect the Pasadena Housing Market Stats for December 2018: Last month, 62 Pasadena homes closed escrow. Pasadena closings are about the same as last month’s 63, which is steady for the holiday season and rose parade festivities. Selling prices ranged from $450,000 for a two-bedroom two-bath, 871 sq ft home on Forest Ave. to 8,800,000 for a five-bedroom, eight-bath, 8,307 sq ft estate at 1500 Lombardy Rd.  Twenty Pasadena listings had price reductions before selling.

Pasadena Housing for December 2018 Recap:

Thirty Pasadena homes sold for over the asking price. This shows strong demand and competitive bidding. Eight homes sold at their original list price, reflecting solid market value. Meanwhile, twenty-four homes sold for less than asking. These sellers likely adjusted expectations or faced negotiation.

The median selling price was $904,000, a significant drop from last month’s $1,068,000. This shift suggests some softening in higher-end sales or more activity in lower-priced properties.

Homes spent more time on the market than any other month this year. This increase hints at cautious buyers or more negotiation during escrow. The absorption rate stayed steady, hovering around two months of inventory. This indicates a seller’s market.Overall, Pasadena’s market remains active, but price shifts and longer market times hint at evolving conditions. Sellers should consider strategic pricing, while buyers may find more room for negotiation.