📈 Pasadena home prices are on the rise, but…
…will this trend continue throughout the year?
Hi, it’s Eva Lin, #1 Realtor for Pasadena homes sold in 2021 & 2022.
😲 Despite all the talks of a housing crash at the end of last year, local home prices are near peak levels.
Last month, the median price for a single-family home in Pasadena was just under $1.5M.
That makes it the 3rd strongest month on record for the city!
Houses are also selling very quickly.
It’s taking just 13 days from “Just Listed” to “In Escrow” at the median.
That means there are plenty of motivated home buyers out there!
If you’ve been watching my monthly market updates for a while…
📉…you already know that low housing inventory is having a big impact on the market this year.
Not much has changed on that front.
Housing inventory remains low relative to demand.
As a result, the best houses are receiving a ton of interest when:
1) Presented beautifully
2) Priced strategically, and
3) Marketed powerfully.
This is true across multiple price points, and I can tell you this from personal experience.
Just a few weeks ago, I helped my dear clients Sarah & Jim sell their home of 27 years at 750 Holladay Road in Pasadena.
🙌 Their gorgeous property fetched over $400K above the asking price…
…and it sold for over $5.2M.
At $1,300 per sq./ft., Sarah & Jim couldn’t believe the incredible result!
Year to date more than 260 single family homes have sold in Pasadena…
…and just 8 of those sold for $1,300 per sq./ft or more.
The great outcome Sarah & Jim enjoyed was made possible by executing a very strategic gameplan in a strong seller’s market.
🤔 So, what was that strategic game plan?
If you’re planning to sell your home in the coming months…
…you’ll definitely want to pay attention to this!
1️⃣ Prep Work
First there was all the prep work my team coordinated and oversaw to make sure the house looked its absolute best.
My team tackled multiple refresh projects, including:
-Landscaping
-Painting
-Touchups
-And more!
When the projects were finished, the house looked amazing…
…and Sarah & Jim were able to relax through the whole process knowing that my team had it covered!
2️⃣ Unparalleled Marketing
Next, we executed our over-the-top marketing effort.
This included not just great photography but also:
-Engaging, interactive video
-An elegant, custom made digital book, and
-Professional copywriting that resonated with buyers on the deepest emotional level.
These efforts came together beautifully and increased the perceived value of the home in a powerful way!
Click here to see what I’m talking about!
3️⃣ Strategic List Price
I came up with a strategic list price designed to draw in the maximum amount of interest…
…while still positioning the home in a premium space.
My goal was to generate multiple strong offers so Sarah & Jim could be in control during the negotiations.
And I knew this approach would cause the price to be bid up to the highest possible point.
Within days of listing the house for sale, great offers started rolling in!
4️⃣ Negotiating
Finally, I guided Sarah & Jim through the negotiations, ensuring they didn’t leave any money on the table.
Because I negotiate 60+ local home sales or purchases every year…
…I know how to provide my clients with every advantage possible.
Sure enough, just 10 days after listing the house for sale, we opened escrow at a phenomenal price with an all-cash offer.
And 18 days after that, the house was officially sold!
🥳 Sarah & Jim were over the moon with not just the sale price, but their whole experience!
Here’s what they had to say about selling their home with me:
“Eva was the right choice! She and her team are pros and exceeded expectations at every stage.
She truly cares and it shows in all she does.”
-Sarah & Jim Griffin
While that was all happening, I also helped my clients Graz & Ilaria sell their lovely condo across town in Madison Heights.
Applying the same principles, I was able to sell their unit at 244 S Marengo for $1.2M.
No condo in their entire complex had ever sold for a higher price!
So, clearly, the local market is strong for sellers right now…
♟️…especially when the right selling strategies are being applied.
It looks like that’ll remain to be the case for the foreseeable future.
We are seeing slightly more inventory become available in Pasadena…
…but the number of new houses hitting the market is still very low.
What’s more, it’s likely that interest rates will drop in the second half of the year.
This will maintain upward pressure on prices.
🧐 Looking at market data in the cities adjacent to Pasadena we see similar trends playing out.
Prices are strong and inventory is low.
-South Pasadena
Just 9 houses sold last month with a median $/sq.ft. of nearly $1,100 (3rd highest on record!)
And houses continue to sell very quickly in South Pas.
It’s taking only about 10 days to open escrow at the median
-San Marino
Median $/sq.ft. last month was over $1,000 (4th highest on record!)
-La Cañada
Median $/sq.ft. was $972 (6th highest on record).
Feel free to each out with any questions!
And if I can support you in your upcoming home sale or purchase in any way…
…you can call or text me at 626-807-6581.
Thank you so much!