The month of September did not bring any relief for the Pasadena housing market. Unit sales declined 40% over last year and there are no indications that things will turn around when the October numbers are reported.
Single Family Residence
For the month of September there were only 42 units sold compared to 70 last year, while the days on market stayed about the same. It is taking the same amount of time to sell fewer homes. The median sales price continues to show a positive increase, but additinal analysis is really needed before we can say prices are still increasing.
Sales of Townhomes and Condominiums
The past few months sales of Townhomes and Condominiums have been strong and in some instances outpacing sales of Single Family homes. However the dark cloud that has been hovering over real estate seems to have also caught up with this segment of the market, as evidenced by the sales of only 31 units.
Will Things Be Improving?
Over the last few days, interest rates have slowly begun to edge downward, which is always good news for the housing market. We may also begin to see Seller’s who have been frustrated with no activity on their property begin to be more agressive and offer price reductions. This may be observed in certain parts of town and exclusive to specific properties and pricing.
About Doug Willis
[...] of today 385 Single Family Homes are for sale and 67 in escrow totaling 452 units. With only 42 homes sold in September, there is almost an 11 month supply. As we approach the end of the year it is [...]