Pasadena Real Estate Values May 2015: According to the Census Bureau, the percentage of U.S. residents who own their homes is at its lowest point in more than 20 years. How are Pasadena real estate values holding up? The average price per square foot of Pasadena homes in May was the highest for the year. The average Pasadena home is selling quickly and over asking price.
Pasadena Real Estate Values May 2015 Recap:
The absorption rate indicates that if no new Pasadena homes were listed, inventory would be depleted in just over two months. Ideally, higher real estate prices will persuade more homeowners to put their homes on the market, giving the listing inventory the boost it needs.
This is the perfect storm for Pasadena home sellers. Low inventory, evidenced by the low absorption rate and the selling price to list price ratio, indicates that most homes are selling with multiple offers, resulting in selling over the asking price.
