These new statistics provide a compelling story of the Pasadena Real Estate market. They provide two years worth of monthly reports that allow you to form your own conclusions as to the pending improvement or the continuing decline of our local housing market. The data looked only at single family residential detached homes.

From the data presented, two of the charts offer reasons for optimism. The first is the Monthly Supply of Inventory. Housing units available for sale are basically at their lowest levels in two years indicating one of two things, 1) there is beginning to be some balance in the market or 2) many sellers have taken their homes off of the market because prices don’t provide them the opportunity to sell.

The other chart that portends a bottoming or the beginning of a turnaround is the Homes in Escrow. Again the number of homes that have an accepted purchase contract is near a two year high.

Lastly, one of the more puzzling charts is the How Many Days to Sell. This trend is coming down slowly within the last year but spiked considerably in April. If the housing downturn is in remission, the number of days it takes to sell a house will have to decline. Also with fewer homes on the market, I would think the number of days required to sell them would be less.

The only factor that might be contributing to this is the way this number is calculated. It can be easily manipulated, depending on the manner in which the listing agent changes the status. After an offer is accepted, if the status changes to “pending” the days on market stops counting. If it is changed to “back up,” the meter continues to run.

One last note of irony. In May 2007, the median listing price of a single family home in Pasadena was $769,500. In April 2009, the median price of all homes listed for sale that month were $769,000.

source Clarus REsource