Pasadena California Real Estate April Recap

The Pasadena real estate market may be getting a pulse. After sales declines of 50% for the last three months, sales continued to decline but unit sales were of by a mere 28%, compared to April ’07. Compared to last month, unit sales increased from 38 to 51 units or 34%. Looking at some other key indicators such as days on market, it is still talking much longer to sell a house this year, which probably explains why homes are selling at a greater discount compared to their asking prices as evidenced by the percentage of sale price to list price.

According to Altos Research, there are 487 single family properties for sale in Pasadena, indicating a 9.5 months supply, very indicative of a buyers market.

Condo’s & Townhomes

Sales of condos and townhomes also decreased 14% compared to last year, but unit sales continued to decline by almost 50%. Compared to last month units increased from 25 to 31 and sales prices were down about 2% from $470,000 to $460,000. Last year we saw an increase in activity in new units which helped propel the median prices in this category. Now with the slower market, condos and townhomes are returning to median prices seen in 2006.

We are seeing some of the same characteristics as the single family market, mainly condos and townhomes are selling at a bigger discount to their listing prices. Altos Research reports that 289 condos & townhomes are available for sale. With 31 reported sales in April, a 9.3 months supply of inventory exists. If you would like the latest research information on the Pasadena real estate market, email me, indicating single family or condo.

A list of all the homes / townhomes that were sold in Pasadena, Altadena and South Pasadena for the month of April is available at up2daterealestate.

Note: We have modified our “days on market” with two numbers, (1) is days on market for the current listing period, (2) represents cummulative days on market indicating how long a property has been for sale. For instance, a property may have been for sale for 60 days and did not sell and was relisted with a new agent one week later. Numerically it would read 1/61.