The median price for a house in Pasadena just hit its highest point ever.
And, at the same time, interest rates have crept back to over 7%.
🤨 I know this market can seem confusing, but I’m breaking down exactly what you need to know.
Hi, it’s Eva Lin and today I’m sharing my Pasadena Market Update for May of 2024.
The big headline is that the median price for a single family home in Pasadena hit $1.59M last month, and that’s the highest it’s ever been.
There was also a jump in the number of houses that hit the market, causing total inventory to rise, but that’s expected at this time of year.
📉 The thing about inventory is, while it did loosen up a bit in April, it’s still much lower than we’ve seen in recent years.
That’s why bidding wars continue to take place even with interest rates being where they are.
If you’re thinking of selling your home, here’s the important thing to know.
The market’s in a funny place right now.
Some houses receive multiple offers and sell within a week or two while others require a longer time horizon.
There’s a “Tale of Two Markets” at present…
🥰 Despite the interest rates, many buyers are still ready, willing, and able to go all out for those homes that are most desirable.
If the house is in a good neighborhood, it has curb appeal, it has a good layout, and it doesn’t require a huge renovation project, it’ll sell quickly so long as it’s not overpriced.
But, if the house has some quirks to it or requires major overhauls, it’s likely to take quite a bit longer to sell, even if the offer price is realistic.
So, part of the market remains hot while the other is lukewarm.
You can expect this dynamic to continue until inflation numbers cool off and the Fed finally cuts interest rates.
🍁 At the beginning of the year, rate cuts were expected by summertime, but now it’s looking like fall is more realistic.
For the next few months, you can expect inventory to remain low, interest rates to possibly creep up higher, and 2 distinctly different markets to continue to exist.
This year I’ve already helped 15 local families successfully sell their home.
Many of the sales happened for hundreds of thousands over the asking price with a flood of offers received, but not all of them.
Other sales took longer and required different strategies to secure the best offer possible.
That’s just the nature of the market we’re in.
♟️ At the end of the day, enjoying the best outcome always comes down to using the right strategy for the right situation.
If you’d like to discuss your upcoming home sale or purchase, I invite you to reach out to me!