Let’s crunch the numbers for the Pasadena housing market April 2022: The Pasadena housing market continues to thrive. Last month eighty-five homes sold in Pasadena.
The average price per square foot, average sales price and median price have all increased consistently since the beginning of 2022. The least expensive sale was a two bedroom, one bathroom, 660 square foot home. It was located at 1719 N. Oxford Ave. It sold for $652,000, and was originally listed at $625,000. The most expensive home sale was an eight bedroom, eight bathroom, 10,260 square foot home located at 1339 S. El Molino Ave. It sold for $6,880,000 and was originally listed for $5,000,000.
Although, the absorption rate indicates the Pasadena market favors sellers, it is increasing. Time will tell if inflation is going to further cool our economy and the housing market.
What’s the Pasadena Housing Outlook for the rest of the year? As interest rates continue to rise, the sense of urgency to buy is keeping the market very competitive. Listing inventory continues to stay well below pre-pandemic levels. Therefore, I believe we will see more listings come on the market this year, the housing shortage issue will likely persist in the foreseeable future.
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