Here’s our update on the Pasadena Housing Market for September 2021
Of the 89 Pasadena sales, 58 homes sold over the asking price. The average selling price was $1,727,991, while the average list price was $1,676,363. Selling prices ranged from $650,000 for a 993-square-foot home on a 3,755-square-foot lot to $13,255,572 for the former Orel Hershiser estate.
The average price per square foot varied widely last month. It ranged from $395.06 on the low end to an impressive $1,118.14 for the Hershiser Estate. This large disparity highlights an important point. It clearly shows why the average price per square foot is not the best way to determine your Pasadena home’s value. In fact, unless your property is located in a tract of similar style homes—like those in Pasadena’s Pegfair Estates—you are essentially comparing apples to oranges. Each property is unique, with its characteristics that greatly impact its value.
The average price per square foot tries to sum up everything about a home in just one calculation. It compresses crucial factors like square footage, lot size, condition, and amenities into a single number. While it may seem straightforward, it often oversimplifies the true value of a property.
That is why it is absolutely critical to look deeper if you want to understand your home’s worth. You need to consider only those homes that are truly comparable to yours. This means finding properties with similar layouts, square footage, lot sizes, and amenities. Only then can you arrive at a realistic and meaningful estimate of your home’s value.
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