Let’s take an in-depth look at the Pasadena Housing Market for May 2022:
Last month, eighty homes sold in the area. That’s a strong number and shows continued buyer activity. Even more notable, both the average selling price and the median price hit new highs for the year. This suggests that demand remains strong, especially for well-presented homes in desirable locations.
At the same time, the absorption rate remains low. This means there’s still limited inventory compared to the number of buyers, and the market continues to favor sellers. Most homes are selling quickly. In many cases, they’re receiving multiple offers. It’s common for homes to close above the list price, especially if they are priced right and show well. In short, despite rising prices, buyers are still motivated. Low supply and strong demand are keeping the market competitive.
The least expensive sale was a two-bedroom, one bathroom, 912 square foot home located at 448 N. Wilson. It sold for $718,000 while originally listed for $714,900 and sold in thirteen days.
The most expensive Pasadena sale was a five-bedroom, seven-bathroom, 5,905, square foot home located at 775 Holladay Road. It sold for $7,125,000, initially listed for $6,395,000, and sold in fifteen days.
Although interest rates have increased, it continues to be an extremely strong seller’s market, as evidenced by the low absorption rate.
