🔥 With mortgage rates falling fast, is Pasadena’s real estate market about to heat up?
Hi, it’s Eva Lin, and I have big news to share with you in my Market Update for August of 2024!
Before I cover how lower mortgage rates will impact our local market, let’s take a look at where things currently stand.
The July sales data shows that Pasadena home values remain very strong.
📈 In fact, for the first time ever, the median price per square foot for a single-family home in Pasadena exceeded $1,000 during the month of July.
This is a huge milestone and it tells us a lot about the current balance between housing supply and demand.
As far as housing supply goes, inventory has been slowly increasing, but it’s still lower than it was at the same time last year.
With just 67 houses listed for sale in Pasadena last month (a relatively low number), it looks likely that inventory will remain low in the coming months.
🚀 Demand for housing, on the other hand, is poised to rise.
As falling interest rates become part of the equation, more buyers will enter the market and they’ll be competing for an already limited number of houses.
This means local home values should remain strong for the foreseeable future.
In recent updates, I’ve shared about how some houses are selling quickly in this market while others are taking longer to sell.
That continues to be the case, with the most desirable houses in the best neighborhoods being in very high demand…
…so long as they’re priced appropriately and marketed powerfully.
Just last month, I helped 3 different clients complete a home sale in Pasadena and they all enjoyed great results.
🙌 Olivia’s house at 1590 Linda Vista Ave sold for $4.85M, which was $100K over the asking price and it took just 14 days to go into escrow.
👍 Craig & Janna over at 1557 Poppy Peak sold their house at $2.7M. This sale was $200K over the asking price and required just 17 days “on the market.”
🥳 And Kendra & Justin’s beautiful Craftsman bungalow in Bungalow Heaven sold for $300K over asking at $1.9M with only 7 days on the market!
I love being able to deliver these kinds of fast and exceptional results for my clients, but I don’t want to give you the wrong impression!
Every home is different and those that don’t have as broad of an appeal do require more time and persistence to achieve the best sale outcome possible.
😃Because I’m so active in helping local home sellers, I know precisely the right strategies to apply in each, individual situation.
If you’re interested in selling or purchasing a home soon, I invite you to reach out to me!