What’s the latest in Pasadena’s real estate market and what should you expect as the year winds down?
The first thing to note is that last month, on average, there were 196 single family homes for sale in Pasadena.
That’s 25% more houses on the market than during the same month last year.
So, supply is up, but what about demand?
For the best insights there, let’s look at the number of houses that’ve opened escrow recently.
This data point is called “Pending Sales” and it dropped last month.
In September there were 59 pending sales while October brought just 49.
But, that’s to be expected at this time of year.
As we get closer to year-end, market activity naturally tapers off.
And then, it starts a gradual ramp up into the busier spring and summer months.
Don’t get the wrong impression, though!
Even though supply is up and demand is down, that doesn’t mean prices will be falling.
It just means we’re entering the slower part of the annual market cycle when sales take longer compared to the peak season.
As far as prices go, they’ve been holding steady.
When we look at price per square foot, it came in at $920 last month and that’s actually higher than the previous month.
Another measure is median sale price which dropped last month, but it was still over $1.5M and that’s within the expected range.
Now, what does this all mean for sellers and for buyers?
If you’re considering a sale this year but still haven’t listed your house, I generally advise waiting until after the new year.
Of course, there are always active, motivated buyers out there and homes will certainly go into escrow during late November and throughout December.
It’s simply that there will be more buyers entering the market after the year-end holidays.
If you’re in the market to purchase a home, the end of the year can be an advantageous time.
Some sellers will be more motivated to negotiate on price as year end approaches and the market slows down.
But remember, at the end of the day, the best time to sell or buy is when it makes most sense for you and your needs.
And no matter the season, having rock solid guidance will ensure you enjoy the best outcome possible.
If you’re thinking of home sale or purchase this year or next, I invite you to reach out to me.
You can call me at 626-807-6581.