Let’s dive into the Pasadena Real Estate Market for September 2023. The average sales and median price both declined. Last month, the least expensive home sold in Pasadena was a two-bedroom, one-bathroom, 792 square -foot located at 104 E. Hammond St. This home was initially listed for $540,000 and sold in ninety-one days for $490,500. The most expensive home sold was a five-bedroom, five-bathroom, 5,714-square-foot home located at 916 Linda Vista Ave. It was initially listed for $7,500,000. It sold over asking in eighteen days for $7,800,916.
The average number of days on the market is the lowest year to date. The absorption rate remains low as there is not much-listing inventory. This is somewhat typical as we approach the holidays. The other factor is that most homeowners are unwilling or able to give up their low-interest-rate loans and swap them out for rates in the sevens. When interest rates are low, most homeowners prefer to stay in their current homes rather than sell and face higher monthly payments on a new mortgage. This is not going to change until rates drop at least in the fives where they have historically hovered.
In analyzing the Pasadena real estate market for September 2023, the average price per square foot greatly varied. On the low end 2466 square foot home on Romney selling for $517.84 per foot. On the high end was a 3376 square foot home on Linda Ridge selling for $1,451.42 per foot.
Related Post: One South Orange Grove Closed