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Pasadena Housing Market March 2021

Let’s crunch the numbers for the Pasadena Housing Market March 2021:

Seventy-five homes sold last month. Eight of those sold for more than three million.  Forty-eight of the seventy-five homes sold over asking. Four at asking and twenty-two less than the asking price.

Just thirteen of these Pasadena home sales had price reductions prior to selling. The least expensive single-family home sold was a two-bedroom, one-bathroom, 1,015-square-foot home located at 1127 Sunset Ave. This home sold over asking for $660,000. The most expensive luxury home sale was a five-bedroom, six-bathroom, 6,864 square-foot estate at 2975 Lombardy Road selling for $5,700,000.

The just over one percent absorption rate reflects an extremely strong seller’s market. Pasadena home buyers are all too aware of how competitive this market is. Let’s look at these numbers from another perspective. At the same time, there are more than one thousand real estate agents with a Pasadena address, just seventy-five Pasadena homes sold in March. 

Pasadena Housing Market March 2021

“The run-up in home prices is good news for current homeowners but sobering for prospective buyers. Those looking to buy need to save for a down payment, closing costs, and cash reserves, all of which are much higher as home prices go up. Add to that a rise in mortgage rates and the affordability challenge for first-time buyers becomes even greater.”  – Dr. Frank Nothaft, Chief Economist for CoreLogic

 

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