Let’s dive into the Pasadena housing market for August 2022. The most notable changes are the drop in average sales price, price per square foot and the median sales price. While the number of days on market has increased. Forty-one homes sold over asking price, four at asking and twenty-four below.
The least expensive Pasadena home sale was a two-bedroom, one-bathroom, 672 square foot home located at 1697 N. Sierra Bonita Ave. Originally listed for $499,000 it sold for $575,000. The most expensive sale was a five-bedroom, nine-bathroom, 9,680 square foot home located at 1620 Lombardy Rd. This luxury home originally listed for $10,475,000 and sold for $9,600,000.
Note that the percentage of sales price versus list price is the lowest of the year.
The lowest price per square foot sale was a 672 square foot home selling for $393.76 per foot. The highest price per sqaure foot sale was luxury home sale noted above. It sold for $1,218.72 per square foot.
According to a recent survey from Fannie Mae, consumers are anticipating a drop in real estate values. Their poll indicated that homebuyers expect a 0.4% dip in the market, along with a slow-down in rental price growth. However, this survey marks a significant shift in sentiment from the previous month when consumers expected house prices to increase by 1.9%. These expectations have already affected the plans of potential sellers. Much of the possibility for price declines is stemming from consumer concerns over a likely recession and higher interest rates.