Let’s dive into the Pasadena housing market for October 2021:
Last month, a total of seventy-two homes successfully closed escrow. This strong number of closings highlights steady demand in the market. Moreover, the average time these homes spent on the market was just 26 days. This quick turnaround reflects high buyer interest and competitive conditions. Looking closer at the sales data, forty-nine of these homes sold for over the asking price. This indicates strong competition among buyers, often leading to bidding wars.
Meanwhile, three properties closed right at the asking price, demonstrating fair pricing and solid market alignment. On the other hand, twenty homes sold for less than the asking price, revealing that some listings were overpriced and the sellers negotiated down rather than up. Additionally, nine of these properties required price reductions before eventually selling. This suggests that initial pricing may have been too ambitious for market conditions.
As for the least expensive Pasadena sale, it was a charming two-bedroom, one-bathroom home located at 1148 Lincoln Ave. This 858-square-foot property sold for $670,000. Interestingly, it was originally listed at $605,000, but strong demand increased the final sale price. Even more impressive, the home went under contract in nine days, proving that well-priced starter homes are still in high demand.
The most expensive home sold was an eight-bedroom, seven-bathroom, 7,479-square-foot estate located at 880 La Loma Road, which sold for $8,000,000.
Take away from this Pasadena housing market update for October 2021:
The absorption rate remains very low. The selling price to list price ratio is high. This is a very difficult market for Pasadena home buyers.
