Let’s dive into the Pasadena Housing Market December 2020:
In December, fifty-two of the ninety-one Pasadena homes sold over asking price. Five sold at asking and thirty-four for less than the asking price.
Last month the least expensive Pasadena sale was two-bedroom, one bath, 710 square foot home at 515 Cypress Ave. It sold for $529,500. The most expensive Pasadena home sale was a five bedroom, ten bath, 11,312 square foot home located at 1330 Hillcrest Ave. This Pasadena estate sold for $8,600,000.
Pasadena Housing Market December 2020 Recap:
Last year, home price growth soared. The absorption rate dropped to 0.73%, the year’s lowest. Inventory shrank as demand surged. COVID outbreaks and shutdowns deterred many sellers from listing homes. In December 2019, Glendale saw sixty-five single-family home sales.
In contrast, December 2020 recorded ninety-one sales. COVID erased the usual holiday home shopping slowdown this year. Despite the pandemic, financial insecurity hit many Angelenos. However, employed buyers stayed highly motivated. They capitalized on historically low interest rates. Competitive bidding drove prices higher. Well-maintained homes sold fastest. Glendale’s tight market favored sellers. Renovated properties drew intense interest. First-time buyers battled investors for listings. Consequently, multiple-offer scenarios became common. The market shows no signs of cooling soon
