Pasadena Real Estate - up2date Market Recap for October

up2daterealestate.com

up2date Real Estate Market Report for Pasadena -Pasadena October Home SalesPasadena October Home Sales

-Single FamilySingle Family

-Townhomes & CondominiumsTownhomes & Condominiums

-GraphsGraphs

-AnalysisAnalysis


Residential Homes

(condos, townhomes & single family)

Median Price

2008 $529,000

2007 $652,500

% Change (19 %)

Very little change from

the September number of $525,000


Single Family Homes

Median Price

2008 $605,500

2007 $710,000

% Change (14.7 %) Down about $50K from the

September Median price of

$656,000.


Number of Single Family Homes Sold

2008 74 units

2007 35 units

% Change 111 %

Average Days on Marketcurrent days on market / cumulative days on market

2008 86

2007 48

% Change 79 %

This is the strongest

performance we have seen this

year

The increased activity has not yet shown up in reduced selling

times


Current Inventory of Single Family Homes

Number Median Price Days/Mkt

Active 329 $699,000 91

Contingent 48 $608,250 108

Pending 64 $480,000 67

77% of the “Pending” sales are

below $600,000

up2date

Townhomes & Condominiums

Median Price

2008 $436,250

2007 $459,300

% Change (5 %)

realestate.com

87% of the units that were sold

were below $600,000


Number of Townhomes/Condo Units Sold

2008 40 units

2007 22 units

% Change (81%)

Average Days on Market

current days on market / cumulative days on market

2008 112

2007 69

% Change 62%

This category which has been negative to flat is beginning to

show some momentum

Only a very small change

from last month’s number

of 118


Current Inventory Of Townhomes & Condominiums

Number Median Price Days/Mkt

Active 226 $499,000 109

Contingent 20 $407,250 94

Pending 36 $399,000 89

Due to the large number of units on the market we are still seeing pricing

pressure


Summary & Outlook for the Pasadena Real Estate Market

-Home sales are picking up, however if you are trying to sell your home this may not be good news as most of the action is in the low end <$600.0 and bank owned or short sale properties.

-The bottom doesn’t seem to be near as most of the properties in escrow are exhibiting lower prices than what has previously sold.

-In the Single Family market, prices between $700K - $1,000M are very weak. The market is showing strength in the low end and high end. Homes in the middle price ranges are slow to sell.

-Look for lower median prices in the December and January. Home sales will be concentrated in the low end with bargain hunters willing to buy at a normally slow time of the year.

.

Pasadena Real Estate - up2date Market Recap for October

Business

Transcript of Pasadena Real Estate - up2date Market Recap for October