Pasadena Real Estate Values May 2017: Los Angeles housing values keep soaring. First, Pasadena follows this trend. Last month, 105 Pasadena homes closed escrow. On average, these homes measured 2,255 square feet. Accordingly, the average sale price hit $1,263,115. Next, the cheapest sale occurred at 2064 N. Summit. This home sold for $275,000. Interestingly, the same Realtor listed and sold it. Meanwhile, only one other Pasadena home sold under $400,000 this year. That property, at 1658 Glen Ave., fetched $382,000. It sat on a larger lot but was much smaller. These low prices seem unusual and raise questions.
In contrast, three Pasadena homes fetched over $3,000,000. The most expensive, at 561 Woodland, closed escrow for $5,000,000. This blockbuster sale underscores Pasadena’s robust luxury market. High-end properties continue to attract wealthy buyers. For instance, 561 Woodland boasts expansive living spaces, custom finishes, and sprawling grounds. Its sale reflects strong demand for elite estates.
Meanwhile, the low absorption rate reveals a tight market. Currently, Pasadena’s inventory stands at just under two months. If no new listings emerge, homes would vanish quickly. Buyers act fast to secure properties. This scarcity drives fierce competition. Consequently, prices for luxury homes keep climbing. Sellers hold the upper hand in negotiations. These dynamics cement Pasadena’s status as a hot market for upscale real estate.
