Pasadena Homes Feb09 Sales Report
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A summary of the Pasadena Housing market for February 2009
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Pasadena Homes Feb09 Sales Report
- 1. up2date realestate.com up2date Real Estate Market Report for Pasadena -February 2009 Home Sales -Single Family -Townhomes & Condominiums -Housing Charts and Graphs -Analysis and Commentary
- 2. up2date realestate.com Pasadena – All Residential Units Median Price 2009 $435,000 2008 $599,500 The Median Price in % Change (27%) Pasadena was up from $429,000 last month Have Prices Bottomed?
- 3. up2date realestate.com Number of Homes Sold- All Residential 2009 59 units Slight increases in Unit Volumes 2008 46 units % Change 28% Average Days on Market current days on market / cumulative days on market Slight decreases in 2009 91 / 136 Selling times as well 2008 77 / 101 % Change 18%
- 4. up2date realestate.com Pasadena – Single Family Units Median Price 2009 $470,000 2008 $724,250 The Single Family % Change (35%) price was down from $505,000 last month
- 5. up2date realestate.com Number of Single Family Homes Sold 2009 41 units 41 units in Feb ‘09 compared to 30 in 2008 26 units Jan ‘09 % Change 58 % Average Days on Market current days on market / cumulative days on market 2009 67 / 115 Average days in 2008 73 / 86 January were 94 % Change 8% days on market
- 6. up2date realestate.com Current Inventory of Single Family Homes Number Median Price Days/Mkt Active 358 $654,000 122 Contingent 40 $573,500 78 / 107 Pending 75 $429,800 69 / 113
- 7. up2date realestate.com Townhomes & Condominiums Median Price 2009 $360,000 2008 $440,000 Less demand and high inventory % Change (18%) continues to drive down prices
- 8. up2date realestate.com Townhomes & Condominiums Number of Units Sold 28 units sold in 2009 17 units January ‘09 2008 21 units Single family homes % Change -19% Offer better value Average Days on Market current days on market / cumulative days on market 2009 131 /165 2008 81 / 118 % Change 61%
- 9. up2date realestate.com Current Inventory of Townhomes & Condominiums Number Median Price Days/Mkt Active 286 $494,000 104 Contingent 21 $464,450 127 / 179 Pending 34 $363,950 111 / 148 Continued pricing pressure due to huge inventories
- 13. up2date realestate.com • Analysis and Forecasts – The low end <$400,000 is where most of the activity is in Single family homes. Many bank owned properties are receiving multiple offers as investors and home buyers find good supplies of inventory. – Look for prices of condominiums and townhomes to continue their decline. Too much inventory and Buyers are opting for Single Family homes. Foreclosures and bank owned townhomes and condominiums are putting pricing pressure on this market – We should see a spike in home sales as we approach the traditional selling season. The just announced home buyer credit of $8000 should give people incentive – Rumors indicate that Banks will begin to turn loose of some of their REO inventory and may become more aggressive in selling distressed properties, increasing pricing pressure on existing home sellers