The Pasadena Condo Market seems to be ignoring all the publicity about the slowing housing market. Unit sales were up 20% and the median price increased to $575,000 compared to $470,00 last year.
If you have had the opportunity to drive through town, you have seen some new construction going on and chances are it may be new housing additions. There are several new complexes for sale on Green St, Chester Avenue and Union St., with prices starting in the mid $500’s and up into the mid $800’s. There seems to be a trend towards more luxurious and more expensive units.
Despite the growth in this particular segment, there did appear to be some softening in sales prices. Sales indicate on properties that were sold, achieved 97.86% of their list price compared to 99.27% last year. While they are selling for less than asking they are also taking almost twice as long to sell. The
days on market increased from 39 last year to 72 this year. A pretty strong correlation could be made from the increased “days on market” to the 97.86% of sales price to list price. The longer a property stays on the market generally indicates that pricing may become more competitive.
The Northwest area continues to lag behind other parts of the city and as we have seen in past months, it seems more susceptible to the housing slowdown.