Pasadena Real Estate Sales February 2017: Last month, there were 63 Pasadena real estate sales (single-family homes). Selling prices ranged from $414,900 to $5,900,000. The spring housing market is quickly heating up due to the lack of Pasadena real estate inventory and rising prices. Both the average selling and medican price increased. On the other hand the number of days on the market increased, while the selling price to list price decreased. The most interesting metric is the absorption rate. This indicates a market heavily favoring home sellers. Simply demand outweighs supply.
Pasadena Real Estate Sales February 2017 Recap:
The inability for supply to meet demand continues to drive prices higher. The most significant factor driving prices up is the lack of listings. At the end of the fourth quarter, there were 1.65 million homes available for sale, 6.3% less than the same quarter a year earlier and the lowest level since the National Association of Realtors began tracking the supply of all housing types in 1999. According to CoreLogic, the shortage of homes for sale has pushed prices to a 30-year high. Rising interest rates pressure home buyers in all Los Angeles markets.
Interested in learning more about Pasadena real estate and listings? Call Phyllis @ 818 790-7325
