Striving to be the best real estate agent in Pasadena, I analyze monthly housing numbers. Let’s dive into the Pasadena housing market for February 2023:
Last month thirty-one homes closed escrow. The average days on the market were 58 days, while the prior month was just 38 days on the market. Of these sales, sixteen sold over asking, two at asking, and thirteen below the asking price. The least expensive Pasadena sale was a one-bedroom, one-bathroom, 508-square-foot home at 1701 N. Oxford Ave. It sold for $503,000. It was initially listed at $487,500. This starter home sold in twelve days.
The most expensive home sold was a five-bedroom, seven-bathroom, 3,137-square-foot estate at 714 Prospect. Blvd. Initially listed for $2,575,000 and sold over asking at $2,805,000. It took just eight days to sell.
Once again, the average price per square foot greatly varied. On the low end was a 7700+ square foot home on Cynthia Ave. selling for $413.07. On the high end was a 1,441-square-foot home on Chester Avenue selling for $1,131.16 per foot.
Many homeowners and buyers use the average price per square foot as a simple way to determine a home’s value. However, unless comparing tract homes, it is typically not an accurate gauge of the value for a variety of reasons.
- Amenities and Condition: A home with luxury finishes and amenities will sell for more than one that needs updating.
- Location: A home on a busy street is not as desirable as one on a quiet cul-de-sac.
- Lot Size: Homes on large-level lots have more value than a similar-sized terraced or hillside lot.