Let’s crunch the numbers for the Pasadena housing market in June 2021.
Pasadena Housing Market June 2021 Recap
The absorption rate in real estate shows how fast homes sell in a market, expressed as a percentage or months needed to sell all listings. It reflects supply and demand balance. A low rate signals a seller’s market with quick sales due to high demand and low inventory. A high rate indicates a buyer’s market with more homes than buyers, causing longer selling times. The absorption rate is the lowest year to date. The selling price to the list price is the highest year to date. The most expensive Pasadena home sale was the Allen House, by architects Johnson, Kaufmann & Coate. This home was located at 870 S. San Rafael Avenue, Pasadena, and sold for $7,150,000. The least expensive sale was an 865-square-foot home at 25. N. Sunnyslope Avenue. Sited on a small 2737-square-foot lot, this home was originally listed for $599,800, reduced to $574,900, and sold for $575,000.
“First-time buyers are hitting a wall in many places around the country. As home prices rise, they outpace the benefits of lower borrowing costs. Younger and first-time buyers, including younger millennials, face the challenge of having sufficient savings for a down payment, closing costs, and cash reserves. As we look to the balance of 2021, we expect price rises to continue, which could very well push prospective buyers out of the market in many areas and slow home price growth over the next year.” -Frank Martell, President and CEO of CoreLogic
Related Post: The Allen House
