As the year winds down, there are a few key trends to be aware of.
Sales Continue To Slow
📉 The end of 2024 marks a 3rd consecutive year of declining sales in Pasadena.
Through November, just 528 houses have sold.
That’s an 8% drop compared to the same period last year and a whopping 30% drop compared to two years ago.
Housing Supply Continues To Fall
While demand for houses continues to fall, the same is true for the supply of houses.
This year, Pasadena’s housing inventory fell by about 9%.
Prices Continue To Rise
📈 What’s interesting to note is that even though the market slowed down again this year, home prices went up.
In 2023, the median price for a single-family home in Pasadena was well under $1.4M.
And the same was true in 2022.
But this year, the median price has been over $1.5M.
If we look at price per square foot, we see that Pasadena houses are averaging $900 per square foot this year.
That’s about 11% higher than 2023!
2025 Outlook
Now the big question is, what does 2025 have in store?
Assuming interest rates stay in the 6 – 7% range, I expect the market to remain the same for the most part.
That means supply and demand will be generally balanced, with both being on the lower side.
As far as home prices go, they’re likely to continue moving upwards, though not dramatically.
🤔 But that’s just speculation…
How To “Beat The Market”
The fact is, nobody knows what will happen with interest rates and trying to time the market rarely works out.
I’m proud to earn the spot as Pasadena’s top-selling agent once again this year.
💪 I can tell you firsthand that regardless of how the market is performing, the best result always comes down to having the right strategies and guidance working in your favor.
This is true whether you’re selling your home or buying one.
This year, many of my home-selling clients have been kind enough to share about their experience on camera in our “The Story Behind” video series, which you can see here…
😃 Even though they each had different needs, they all enjoyed great outcomes.
That’s because I tailored my proven approach to marketing, pricing, and negotiating for their specific home and situation.
If you’re considering a home sale or purchase in 2025, I invite you to reach out to me so I can learn more about your unique needs and put together a success plan!