What’s happening in our local real estate market as we enter the 4th quarter of the year?
Hi, it’s Eva Lin and I have some important info to share with you, especially if you’re considering a home sale or purchase in the next few months.
The first thing we should talk about is local housing inventory because it just hit its highest level in over 4 years.
Last month, in Pasadena, there were 188 single family homes for sale on average.
For context, that’s about 22% higher than the same month last year.
Now, that might sound concerning if you’re thinking of selling your house, but don’t worry because the market is not actually being flooded with inventory.
It’s important to remember that, overall, Pasadena’s housing supply has been significantly higher this year than it was in 2023 and 2024.
For the last few months, inventory has averaged around 180 houses so a jump to 188 isn’t cause for alarm.
What’s more, both the median home price and the total number of sales in Pasadena showed month over month increases in September.
With 63 homes sold, there was a 22% increase in closings.
And with the median sale price coming in at $1.6M, there was a 6% increase compared to August.
This all indicates that more buyers are entering the market as more houses become available.
But, this doesn’t mean supply and demand are evenly balanced.
We’ve definitely been trending toward more of a buyer’s market and this is starting to show in the data.
In August and September, Pasadena’s median Sale Price vs. Asking Price was at 100% and 100.3%, respectively, for single family homes.
This might sound favorable, but these are actually the lowest numbers recorded all year.
In fact, back in April and May, the numbers were averaging 107% and 105%, respectively.
This means today’s buyers are less likely to engage in aggressive bidding, so having the right guidance is more important than ever when selling.
And for buyers, this market is presenting an increasing number of opportunities to secure a home without overbidding.
As Pasadena’s top selling agent year after year, you can be sure I know which strategies are working and which are best avoided in this shifting landscape.
If you’d like to discuss your upcoming home sale or purchase, I invite you to reach out to me!
You can call or text me at 626-807-6581.