🤔 What does 2024 have in store for Pasadena’s real estate market?
And how are things already shaping up here in January?
Hi, it’s Eva Lin, #1 Realtor for Pasadena Sales Volume in 2023.
Last year, the 2 major factors impacting home values were:
✅ Low housing inventory, and
✅ High interest rates
In 2024, based on everything that’s been happening with the Federal Reserve…
…I expect inventory to open up a bit more and interest rates to fall, but not dramatically.
Home prices will continue to appreciate and sellers will generally be in a favorable position.
As we look at the most recent sales data from December, there are a few interesting things to note.
😲 For one, the number of New Listings hitting the market dropped to its lowest point in over 15 years last month!
Just 18 single family homes went up for sale in Pasadena.
Now, December is always the slowest month for new listings, but…
…18 is almost shockingly low for such a big city.
The average number of homes available for sale in Pasadena also reached record lows last month.
That number averaged just 75.
To put things into context, 12 months prior, Pasadena averaged over 120 homes available for sale.
With inventory being extremely tight and interest rates falling off their peaks…
💪…home prices have been strong for the limited number of sales that are actually taking place.
Last month, the median $/sq ft for a single-family home in Pasadena was $841.
This is about 10% higher than the same month one year prior.
The median sales price for a single-family home was over $1.45M.
This is not too far from peak levels!
As the year kicks off, I’ve already brought several beautiful homes onto the market and…
…I can tell you firsthand that buyer activity is ramping up quickly.
If you’d like to discuss your upcoming home sale or purchase, I invite you to reach out to me.
You can reach me at 626-807-6581.
Thank you so much!