Pasadena Homes July '09 Analysis
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Median home prices in Pasadena declined 7.2% in 2009 compared to 2008, though sales volume increased 26%. Single family home sales rose 32% with a median price of $599,000, while condo/townhome sales grew 23% with a median of $430,000. The housing market showed signs of stabilizing in July 2009 with the strongest sales levels seen in three years and prices holding steady. Inventory remained higher for condos/townhomes compared to single family homes.
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Pasadena Homes July '09 Analysis
- 4. Housing Charts and Graphs
- 6. up2date realestate.com Pasadena – All Residential Units Median Price 2009 $516,800 2008 $557,000 % Change (7.2%) The continuing decline in Pasadena real estate prices will end in August
- 7. up2date realestate.com Number of Homes Sold- All Residential 2009 148 units 2008 117units % Change 26% Average Days on Market current days on market / cumulative days on market 2009 79/ 68 2008 54/ 75 % Change 46% July unit sales exceed previous July levels in ‘06, ‘07 & ‘08
- 8. up2date realestate.com Pasadena – Single Family Homes Median Price 2009 $599,000 2008 $633,670 % Change (5.5%) Prices are showing stability as the June price was $604.0
- 9. up2date realestate.com Number of Single Family Homes Sold 2009 104units 2008 79units % Change 32 % Average Days on Market current days on market / cumulative days on market 2009 74 / 64 2008 46 / 74 % Change 60 % Sales of Single Family homes continue to show strong gains over last year
- 10. up2date realestate.com Current Inventory of Single Family Homes Number Median Price Days/Mkt Active 294$749,000115 / 99 Contingent 71$649,900 90 / 84 Pending 96$470,00076 / 56
- 11. up2date Townhomes & Condominiums Median Price 2009 $430,000 2008 $470,500 % Change (9%) realestate.com Condominium market is still trending toward lower priced units
- 12. up2date Townhomes & Condominiums realestate.com Number of Units Sold 2009 49units 2008 40units % Change 23% Average Days on Market current days on market / cumulative days on market 2009 88/ 76 2008 72/ 78 % Change 22% Another strong month in terms of unit sales
- 13. up2date realestate.com Current Inventory of Townhomes & Condominiums Number Median Price Days/Mkt Active 226$517,00099 / 84 Contingent 34$426,500113 / 137 Pending 49$428,00078/ 40 Expected price levels for August look to continue price trend
- 17. up2date realestate.com Analysis and Forecast Homes sales in July were at the strongest levels we have seen in three years Look for the momentum to maintain this pace as the number of homes in escrow appear to duplicate the July sales numbers Pricing of Townhomes and Condominiums still appears to be soft due to a inventory supply of 6.3 months compared to a single family inventory of 4.4 months Single family homes are selling at an average of 91% of their original listing price, while condominiums and townhomes are achieving 92% Averaging selling times (days on market) are declining. About 33% of the homes sold in July were sold in less than 35 days, indicating strong buyer activity