What’s happening with Pasadena home prices right now…
…and where’s the market headed as the year gets underway?
Hi, it’s Eva Lin, #1 Realtor for Pasadena Home Sales Volume in 2023.
Let’s jump right into my February Market Update!
💪 The first thing to know is home prices have started off strong and I expect this to continue.
Last month, the median sales price for a single-family home in Pasadena was $1,450,000.
For context, in 2023 only two months brought a median sales price that was higher.
Those months were May and June, when the market is usually much more active than in the beginning of the year.
So, the fact that we’re already seeing a median sale price well over $1.4m indicates that home prices will generally be on the rise this year.
Of course, prices are a function of supply and demand, so let’s talk about both.
🔎 One way we measure housing supply is by tracking the number of homes that are coming on to the market.
Pasadena had 76 single-family homes hit the market last month and that’s 10% higher than the same month last year.
As you probably know, housing inventory in 2023 was very low and it remained flat almost all year.
Typically, inventory rises until July or August before it starts to fall, ultimately reaching its lowest point in December.
😲 Last year, there was no rise. Inventory just stayed low and never exceeded 76 new listings for a single month.
The fact that 76 houses just came on the market in January indicates inventory will loosen this year and more houses will be available for sale relative to 2023.
At the same time, it looks like mortgage rates in 2024 (on average) will be more favorable than they were in 2023.
That will lead to increased demand from buyers, and I do believe demand will outpace supply in our local market.
This means a strong seller’s market where multiple offers should be expected, so long as your home is
✅ Priced strategically, and
✅ Marketed powerfully.
I’m already seeing this firsthand with my clients.
A few weeks ago, I listed a beautiful Mid-Century at 1415 Wicks Road in Upper Linda Vista.
I offered the home at $2.8M and just 25 days later we’ve already closed escrow for $3.3M ($1,306 per sq ft!)
My clients received 8 very strong offers and they couldn’t be happier with the outcome.
✨ Half a million over asking does have quite a nice ring to it!
Last month, I also listed another beautiful Pasadena home for sale, this time in Kinneloa Mesa.
1746 Pasadena Glen was offered at $1.8M and, once again, I generated multiple strong offers for my clients.
Their home just sold for $2.14M, which is $340,000 over the asking price.
I could share a few more examples too, but I think you get the idea.
😃 With the right guidance, I expect local home sellers will continue to see very strong outcomes this year.
If there’s anything I can do to support you with your home sale or purchase, don’t hesitate to reach out.
Thank you so much!