Pasadena Homes Sept08 Sales Report

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up2date Real Estate Market Report for Pasadena

-September Home SalesSeptember Home Sales

-Single FamilySingle Family

-Townhomes & CondominiumsTownhomes & Condominiums

-GraphsGraphs

-AnalysisAnalysis


Residential Homes

(condos, townhomes & single family)

Median Price

2008 $525,000

2007 $675,000

% Change (22 %)

The last time the Median Price was $525,000;

November ‘04


Single Family Homes

Median Price

2008 $656,000

2007 $806,500

% Change (18.6 %) This was the same

decrease we had for August


Number of Homes Sold

2008 64 units

2007 44 units

% Change 45 %

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

2008 86 / 116

2007 52 / 72

% Change 65% / 61%

23 homes sold under $500.0 this month vs.

only 3 in Sept ‘07

There was very little movement from last month


Current Inventory of Single Family Homes

Number Median Price Days/Mkt

Active 338 $694,950 91

Contingent 54 $620,000 107

Pending 82 $504,500 63

The value of pending sales is less than this months median price

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Townhomes & Condominiums

Median Price

2008 $450,000

2007 $553,000

% Change (16.6 %)

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We expected to see a continuing

softening in prices due to

excess inventory levels


Number of Units Sold

2008 36 units

2007 33 units

% Change (26%)

Average Days on Market

current days on market / cumulative days on market

2008 118 / 130

2007 61 / 90

% Change 93% / 44%

Condo / Townhome unit

sales finally turned positive

Big increase in the time it took

to sell in September; 118 vs. 82 days in

August


Current Inventory Of Townhomes & Condominiums

Number Median PriceDays/Mkt

Active 218 $479,450 108

Contingent 24 $449,500 99

Pending 51 $399,000 95

Look for median price declines next

month as the market shifts away from luxury units


Summary & Outlook for the Pasadena Real Estate Market

-Inventory levels are beginning to decline due to seasonal factors

-The current financial crisis may not be felt in the housing market due to the poor results experienced 12 months ago

-Pending Home Sales are showing increased activity over last month, which should reduce inventory levels further

-Last year when the mortgage crisis first appeared, sales of high end homes were less affected than low end. Now what we are seeing is a re-emergence of the low end market (thanks to foreclosures) and a much less active high end. This is why we are seeing such huge disparities in the Median Price.

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Pasadena Homes Sept08 Sales Report

Real Estate

Transcript of Pasadena Homes Sept08 Sales Report