Pasadena Housing Market December 2022 and the year-end review.
The year ended with the lowest number of Pasadena sales. The average sales price and the median price were the lowest year to date. However, Pasadena homes continue to sell over their asking price. Eighteen homes sold over the asking price, four at the asking and twenty less than the asking price. The least expensive December sale in Pasadena was a three-bedroom, two-bathroom, 792-square-foot home at 397 Avocado Lane. Initially listed for $565,000 it sold over asking for $605,000 in nine days. The most expensive home sold last month was a five-bedroom, five-bathroom, 4,861-square-foot home located at 560 S. San Rafael Ave. It was listed for $5,500,000 and sold in forty-two days for $5,200,000.
When examining the Pasadena housing market for Pasadena December 2022 I love to look at the range of the average price per square foot. It varied from a low of $389.52 for a 3,530 square foot home located on Sycamore Glen. On the high side was a 3,429-square-foot home located on Chateau selling for $1,210.27 per sq.ft.
Pasadena’s housing market has cooled considerably, it remains to be seen if this trend will continue through the spring. The decline in demand has opened more opportunities for buyers. Competition for buyers has decreased as higher interest rates lower demand. Fewer buyers, however, means more opportunities to find the right home.