🤯 Pasadena real estate just had a record-breaking month!
Hi, it’s Eva Lin, and today I’m sharing exactly what you need to know if you’re thinking of selling or buying a home this year.
Right now, in Pasadena, there are two big real estate headlines.
✅ ONE: Prices are on the rise!
✅ TWO: There are very few houses for sale compared to previous years!
Last month, on average, 70 houses were available for sale at any given time in Pasadena.
This is a RECORD LOW number for local housing inventory…
…and nearly half of what it was during the same month last year!
As a result of low inventory, very few sales are taking place.
Barely 3 dozen single family homes sold in Pasadena last month!
📉 For context, that’s about half of the activity we saw one year prior.
But here’s the real kicker:
Even though sales activity is low, prices are not.
That’s because demand continues to outpace supply.
In March, Pasadena’s median $/sq.ft. for a single-family home was $915.
That number is just shy of the all-time record, which occurred in June of last year ($918.
🤔 Now, the million-dollar question is: “Where do we go from here?”
Even though the Fed Chair Powell didn’t announce a rate cut at the most recent Fed meeting…
…he did indicate that lower rates are still highly likely later in the year (even despite the recent inflation numbers).
That will mean further price appreciation as more home buyers compete for a limited number of available houses.
👉 Home Sellers
You can expect favorable market conditions and multiple offers when your home is properly priced and powerfully marketed.
The difference between a good outcome and a great outcome will all come down to how skilled your agent is in these areas, as well as…
…how strong they are with negotiating on your behalf.
👉 Home Buyers
In this kind of market, it’s critical that you work with an agent who:
1. Knows how to give you a big competitive edge when submitting offers, and
2. Knows how to present you with off-market opportunities.
So, now you’re up to speed on where Pasadena’s real estate market stands…
…and where it’s likely headed.
Feel free to reach out if there’s anything I can do to support you with your upcoming home sale or purchase.
Thank you so much!