What’s happening with the Pasadena real estate market in February of 2025?
And how’s the impact of the devastating Eaton Fire affecting local sellers and buyers?
Hi, it’s Eva Lin and I have an important market update to share with you today.
📊 The January sales data is in and the market disruption is plain to see.
For one, the fires caused home buyers to pull out of the market at an unprecedented level.
In Pasadena, just 20 houses went into escrow last month.
That’s a record low number.
Compare that to January of 2024, when 45 houses went into escrow…
…and you can see how extreme the drop in activity was.
📉 At the same time, the number of closed home sales in Pasadena fell to a 15 year low last month.
Only 28 houses sold across the entire city.
Now that we’re about 5 weeks removed from the disaster…
…a lot of folks are wondering where home sales will go from here.
Initially, I was expecting a prolonged recovery period but activity has already started to pick back up.
Multiple home owners have reached out to me over the past weeks sharing similar sentiments–
They’d been contemplating a sale for a while and now, after the fires, they’re certain they want to move.
We’ve been in a low inventory environment for years, so this is good news for home buyers.
📈 At the same time, home buyer demand has also started to rebound faster than expected.
For instance, I put 1727 Euston Road on the market in late January for $3.2M.
We quickly received multiple offers over the asking price and opened escrow.
The sale is scheduled to close before month end, and my client is feeling great about the outcome!
So, even though the market was severely disrupted during January and the outlook for home sellers was very uncertain…
😃…each passing week is bringing more signs of recovery.
If you’d like to discuss your real estate needs with me directly, I invite you to reach out!
You can call or text me at 626-807-6581.