Pasadena Real Estate November Home Sales

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

-Single FamilySingle Family

-Townhomes & CondominiumsTownhomes & Condominiums

-GraphsGraphs

-AnalysisAnalysis


Residential Homes

(condos, townhomes & single family)

Median Price

2008 $500,000

2007 $654,000

% Change (23.5 %)

Down $29K from October. In

October 2004, (four years ago)

the Median Home Price was $500,000


Single Family Homes

Median Price

2008 $522,500

2007 $710,000

% Change (26.4 %) 66% of the single family

homes sold were below $600,000


Number of Single Family Homes Sold

2008 42 units

2007 51 units

% Change (17.6 %)

Average Days on Marketcurrent days on market

2008 72

2007 60

% Change 20 %

A big decline from October’s

74 units


Current Inventory of Single Family Homes

Number Median Price Days/Mkt

Active 295 $ 685,000 63

Contingent 36 $540,500 105

Pending 48 $517,500 66

The numbers appear to be stabilizing,

compared to prices of “sold” homes

up2date

Townhomes & Condominiums

Median Price

2008 $395,000

2007 $547,500

% Change (38.6 %)

realestate.com

We anticipated prices would

continue to drop due to the amount of

inventory on the market


Number of Townhomes/Condo Units Sold

2008 20 units

2007 30 units

% Change (33%)

Average Days on Market

current days on market / cumulative days on market

2008 50

2007 40

% Change 25%

At these levels there is a 12

month inventory

This increases to 99 days when

the property has been relisted


Current Inventory Of Townhomes & Condominiums

Number Median Price Days/Mkt

Active 220 $499,000 72

Contingent 21 $438,000 117

Pending 28 $360,950 126

There seems to be a reluctance of buyers in the

higher end market, downward price

pressure is continuing


Pasadena Annual Median Home Prices

$450,000

$500,000

$550,000

$600,000

$650,000

$700,000

$750,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2004

2005

2006

2007

2008


Pasadena Median Home Prices

$450,000

$500,000

$550,000

$600,000

$650,000

$700,000

$750,000

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep Oct

Nov

Dec Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep Oct

Nov

Dec Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep Oct

Nov

Dec Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep Oct

Nov

Dec Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep Oct

Nov

2004 2005 2006 2007 2008


Pasadena Monthly Unit Home Sales

0

50

100

150

200

250

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2004 2005 2006 2007 2008


Summary & Outlook for the Pasadena Real Estate Market

-Homes in the middle price ranges ($600.0 - $999K) are experiencing very long selling times. Currently 91(31% of active listings) homes are listed for sale in this price range. Only 7 were sold in the month of November.

-Of the homes listed for sale, 28% are priced below $500,000.

-Homes are selling at a 10% discount to their original listing price.

-Look for December home sales to increase to approximately 75 units, with median prices remaining in the $515,000 range.

-Home prices are getting close to bottoming as lower interest rates should create some increased activity in the middle price ranges that have recently been ignored.

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Pasadena Real Estate November Home Sales

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