Let’s look in-depth at the Pasadena housing market in August 2021. Last month, a total of sixty-nine homes were sold, marking another active month in the market. This level of activity reflects strong buyer interest and steady demand. Diving into the details, fifty-three of these homes sold for more than their asking price. This impressive figure shows fierce buyer competition, often leading to bidding wars and premium offers.
Meanwhile, three properties sold exactly at their original asking price. This suggests they were well-priced and attracted buyers without the need for negotiation. On the other hand, thirteen homes closed for less than their initial list price. This indicates that some sellers had set prices slightly above market expectations. Interestingly, nine of these properties required price reductions before finally selling. This adjustment helped align the homes with buyer expectations and led to successful closings.
Looking at the extremes, the least expensive sale was a cozy one-bedroom, one-bathroom home. Located at 459 Mar Vista Ave., this 835-square-foot property sold for its asking price of $740,000. This sale represents a solid entry point into the Pasadena market.
In contrast, last month’s most expensive sale was a grand five-bedroom, five-bathroom estate. Situated at 837 El Campo Dr., this sprawling 5,306-square-foot home sold for $4,800,000. Surprisingly, this was a whopping $1,588,000 below its original asking price, signaling a significant negotiation in the sale.
These contrasting sales highlight the wide range of property values in Pasadena, further proving that each home has its own unique story and market journey.
Days on the market is the lowest year to date. The Pasadena absorption rate continues to be less than two months of housing supply.
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