What’s happening in Pasadena’s real estate market as we approach the spring selling season?
And what am I seeing, firsthand, as the city’s top selling agent?
Hi, it’s Eva Lin and this is my market update for March of 2025.
As you know, the wildfires in January caused major disruptions to our local real estate market.
📉 Activity dropped to record lows and, for a time, it was anybody’s guess as to what the future held.
Now, the February sales data is in, and we can see signs of recovery.
Let’s jump into the key data points…
In Pasadena, the number of new listings hitting the market is rising and this is a positive sign for buyers.
🏡 More new listings and more inventory means more options.
At the same time, the number of houses going into escrow is also rising and this is positive for home sellers.
After all, more houses going into escrow indicates increased buyer demand.
Another important data point to look at is called “Days on Market.”
This refers to how long it takes from when a house is first listed for sale until it goes into escrow.
At the median, that number dropped from 17 days in January to just 11 days in February.
👍 The fact that houses are going into escrow faster is yet another good sign for home sellers and it speaks to growing buyer demand.
I’ve noted this within my own business as well.
Towards the end of 2024, the market was particularly sluggish and two of my home sellers weren’t receiving offers at the level they’d hoped for.
My advice was that we take the homes off the market and wait until Q1 of 2025 to put them up for sale again.
They took my advice and here’s what happened.
🙌 The first home, 2304 E Dudley Street in Pasadena, opened escrow in 5 days.
It just sold at $2.1M which was over $210,000 above the asking.
The other property, 251 S Orange Grove #7, also sold quickly.
It took only 8 days to go into escrow and just closed at $1.6M, which is $120,000 above asking.
I was so happy to deliver the results my clients were looking for and so glad they took my advice to wait until the market was stronger.
In the past week, I’ve also helped two different home sellers open escrow at their target selling price…
😀…before the first weekend of open houses!
These are all great signs that buyer demand is bouncing back as we enter the spring market, but I don’t want to give you the wrong impression.
Some houses, even great houses, will still take longer to sell if they appeal to a smaller pool of buyers.
This could be due to lack of a yard, a unique layout, or any number of other reasons.
🔑 At the end of the day, making sure your house is properly priced and marketed is the key.
This will give you the best possible outcome whether your home has broad or more narrow appeal.
If you’d like to discuss your upcoming home sale or purchase, I invite you to reach out to me.
Thank you so much!