The one good thing about the 2007 Pasadena Housing market… it’s over!
Home sales for the month of December went out with a whimper as there were only 37 Single Family units sold compared to 81 in December of 2006, a decline of 54%. Median prices however stabilized and held firm at $775,000.
Pent up demand surfaced in December of 2006 and it was uncharacteristically a strong month for housing. It seems we had a late year end rally that continued into January and February of 2007. Then the news regarding sub-prime surfaced in March. I would expect January and February to also run behind last years numbers despite some very favorable interest rates, simply due to the strength of last years sales results.
Townhomes & Condominiums
Sales of Townhomes and Condominiums remained fairly flat in terms of units, however we did see the median price fall from $545,000 last year to $459,000 in December ’07. This is a number that has seesawed back and forth this year.
Current Inventory Levels
Based upon these latest rates of sale, there is a tremendous amount of inventory on the market. Currently there is approximately a 10 month supply of Single Family homes for sale and almost an 8 month supply of Townhomes and Condo’s. These numbers are calculated based upon the absorption rate in our area. Anything over a 5 month supply is considered a Buyers Market.