The Los Angles Times reported today that home levels are near their April 2005 levels.
Just for kicks we went back in time to April 2005 when there were approximately 180 recorded residential sales made up of single family, condos and townhomes. I found that the median price was $598,000. Then I looked at where the median price for Pasadena was in October 2007. Again, I merged the data using single family, condos and townhomes. The median price was $655,000, with 54 units sold. Not quite near April ’05 prices.
A lot of the analysis we feature here at up2date separates the reporting of single family compared to condos and townhomes. I simply feel it provides a much more accurate snapshot of the market. The point they were attempting to make is that the market is in an awful slump and as a result prices are coming down and may continue to come down.
However, all real estate markets are local just as we see certain disparities within the zip codes of Pasadena. Below is a chart that looks at listing prices in the single family market
and also listing prices of condo / townhomes
The data definitely makes a compelling case for lower prices, but then again it is that time of year. So relax for now Pasadena, we still have a ways to go before we reach April 2005.
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