Hi, it’s Eva Lin and if you’re thinking of selling or buying a home this year…
😮…you don’t want to miss my March 2024 market update.
The biggest story of the month has to do with housing inventory.
This is important because it directly impacts the value of local houses.
You probably know that low housing inventory was a big issue in 2023.
Even though interest rates were high, house values remained strong because…
🏡…there were so few homes hitting the market.
As 2024 kicked off, it looked like inventory was poised to loosen up.
January brought 82 single family homes onto the market in Pasadena.
That was more than any single month in all of 2023!
Plus, January is historically a slow month in terms of the number of houses that are listed for sale…
…so with 82 homes listed in the first month, the year started with serious momentum!
Generally, we’d expect the number of new listings in February to be somewhat in line with January.
🤯 What actually happened was very different, though.
Last month, in February, only 36 single family homes were listed for sale in Pasadena.
That means, year to date, fewer houses have been listed for sale in 2024 compared to 2023.
This presents an interesting scenario for how the market could unfold this year.
Interest rates are still expected to drop, and this will lead to more buyer demand.
If we have even lower inventory than last year coupled with lower interest rates…
…it’s easy to imagine what the Pasadena market will be like.
The current seller’s market we’re experiencing will only intensify as competition amongst home buyers ratchets up.
📈 As a result, home prices will continue to rise.
With regard to current home prices in Pasadena, the numbers have remained consistently strong over the last three months.
In February, the median price for a single-family home was $1,435,000.
This is about 1% lower than in January.
So far this year, I’ve already helped many local families enjoy great outcomes with their home sale or purchase.
Earlier this month, I helped my clients Tom & Molly sell their historic Bungalow in Madison Heights for $2.9M.
🎉 At $400,000 over the asking price they were thrilled!
And last month, I helped Latondra & Jim sell their stunning Mid-Century in Upper Linda Vista for $3.3M…
…which was $500,000 over the asking price.
Also in February, there was Debbie & Antolin up in beautiful Kinneloa Mesa.
I helped them sell their house for $2.14M, which was $340,000 over asking.
😃 If you’d like to discuss your upcoming home sale or purchase…
…I invite you to reach out to me!