There has been much speculation about the housing market and its effect on the overall economy. Discussion centers around the real estate market and housing prices stabilizing along with increasing employment and job creation. The question is “When is this going to happen”?
Is the local Pasadena housing market better or worse than other real estate markets across the country? The factors that must be considered are the number of homes that sell compared to the number of homes that enter the foreclosure process. An increased number of home sales will indicate that consumers are returning to the market and the underlying fundamentals mentioned above are beginning to provide a foundation in which overall consumer confidence is increasing.
The Pasadena home sales for the month of December were just recently reviewed including the median prices and number of units that were sold. I took the single family home sales and plotted them on a map. If you scroll you mouse over the “green pin” and click you can also access the recorded sales price below.
To give you an idea of the disparity that exists in the Pasadena housing market, the second map includes the number of homes where a “Notice of Default” has been filed.
As you can see the problem becomes pretty defined when displayed in a visual context. In addition this may help you understand why the median price of a Pasadena home has declined about $200,000 in the last 12 months.
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