Pasadena Housing Update March 2020: Selling prices ranged from $465,000 for a two bedroom, one bath, 780 square foot home on Raymond Ave. to $5,475,000 for a four bedroom, five bath, 4,137 square foot estate at 1185 Arden Rd.
Last month fifty-three Pasadena homes closed escrow.
Thirty of these Pasadena homes sold for over asking price, twenty sold for less and three at asking price. Ten of these homes had a price reduction prior to selling.
The absorption rate of 2.13% reflects that if there were no new Pasadena listings, we would run out of inventory in less than three months. This indicates a strong seller’s market.
Of course Pasadena real estate and Los Angeles real estate in general is different amid the coronavirus. Understandably many Pasadena home sellers don’t want their home shown. A lot of homeowners are taking their home off the market or are waiting for the virus to subside. Several weeks ago real estate agents were advised we couldn’t show homes, not even vacant ones. Then it was determined that we are an essential business.
Personally, we prefer that clients living in their homes, strongly consider not allowing in person showings. Although, there are exceptions to every rule, we don’t believe that people should purchase a home sight unseen. Currently, open houses are virtual. Showings are with booties, masks and gloves. Many listing agents of occupied homes are requiring buyers to be prequalified prior to viewing a home. How Realtors conduct business in Los Angeles is constantly changing amid the corona virus lockdown.