Pasadena Homes Feb09 Sales Report

up2daterealestate.com

up2date Real Estate Market Report for Pasadena

-February 2009 Home Sales

-Single Family

-Townhomes & Condominiums

-Housing Charts and Graphs

-Analysis and Commentary


Pasadena – All Residential Units

Median Price

2009 $435,000

2008 $599,500

% Change (27%)The Median Price in

Pasadena was up from $429,000 last month

Have Prices Bottomed?


Number of Homes Sold- All Residential

2009 59 units

2008 46 units

% Change 28%

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

2009 91 / 136

2008 77 / 101

% Change 18%

Slight increases in Unit Volumes

Slight decreases in Selling times as well


Pasadena – Single Family Units

Median Price

2009 $470,000

2008 $724,250

% Change (35%) The Single Family price was down

from $505,000 last month


Number of Single Family Homes Sold

2009 41 units

2008 26 units

% Change 58 %

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

2009 67 / 115

2008 73 / 86

% Change 8%

41 units in Feb ‘09 compared to 30 in

Jan ‘09

Average days in January were 94 days on market


Current Inventory of Single Family Homes

Number Median Price Days/Mkt

Active 358 $654,000 122

Contingent 40 $573,500 78 / 107

Pending 75 $429,800 69 / 113


Townhomes & Condominiums

Median Price

2009 $360,000

2008 $440,000

% Change (18%)Less demand and

high inventory continues to drive

down prices


Townhomes & CondominiumsNumber of Units Sold

2009 17 units

2008 21 units

% Change -19%

Average Days on Market

current days on market / cumulative days on market

2009 131 /165

2008 81 / 118

% Change 61%

28 units sold in January ‘09

Single family homesOffer better value


Current Inventory of Townhomes & Condominiums

Number Median Price Days/Mkt

Active 286 $494,000 104

Contingent 21 $464,450 127 / 179

Pending 34 $363,950 111 / 148

Continued pricing pressure due to huge inventories


• Analysis and Forecasts – The low end <$400,000 is where most of the activity is in Single family homes.

Many bank owned properties are receiving multiple offers as investors and home buyers find good supplies of inventory.

– Look for prices of condominiums and townhomes to continue their decline. Too much inventory and Buyers are opting for Single Family homes. Foreclosures and bank owned townhomes and condominiums are putting pricing pressure on this market

– We should see a spike in home sales as we approach the traditional selling season. The just announced home buyer credit of $8000 should give people incentive

– Rumors indicate that Banks will begin to turn loose of some of their REO inventory and may become more aggressive in selling distressed properties, increasing pricing pressure on existing home sellers

Pasadena Homes Feb09 Sales Report

Business

Transcript of Pasadena Homes Feb09 Sales Report