Let’s dissect the numbers for the Pasadena Housing Market in July 2020. The least expensive home sold was a two-bedroom, one-bathroom, 808-square-foot home at 430 Del Rey Ave. It sold for $620,000, $21,000 over the asking price. The most expensive home sold was a five-bedroom, five-bathroom, 5,212-square-foot home located at 405 S. Sierra Bonita Ave. This colonial estate sold for $4,595,000.
Last month, 40 Pasadena homes sold over the list price. Nine sold at the asking price. Thirty sold less than the listing price. In July 2019, 95 Pasadena homes closed, and in July 2020, just 79 closed. The median selling price is up year over year, and the absorption rate is down. It is a more robust seller’s market.
I have clients trying to break into this market, and it’s tough. It’s highly competitive. Many buyers have large down payments and are in a position to waive both loan and appraisal contingencies. The bottom line is price – how high are you willing to go?
Pool please. Consumers looking to upgrade their lockdown experience are investing in their outdoor spaces. Houzz has seen a tripling of searches for pool builders.
When coronavirus first hit I was convinced that it would tank the housing market. Boy was I wrong!