Pasadena Home Prices per Square Foot

Sometimes trying to make sense of the housing market and the accompanying price swings is probably neither an art or a science but an artful science.

Single Family Homes - Pasadena 91104
Single Family Homes - Pasadena 91104
We can analyze median prices, average prices, days on market, current inventory, houses in escrow, homes taking price decreases, and homes selling over asking price. All of these will point to trends happening in the area but may be undetermined when it comes to a specific conclusion.

The mix of homes being sold can cause big discrepancies on the reporting of the sales data. For instance if there was an area where many homes were purchased with 100% financing and were presumed to be in more of a starter neighborhood, a higher proportional volume of sales in this area can affect the overall mix of homes being sold.

Here in Pasadena we have seen a large amount of home sales under $500,000 in the last year. This was a category that was almost nonexistent in 2005 & 2006. As a result, there was downward pressure on median home prices which had the affect of making the decline worse than it actually was.

Home Prices Expressed By Square Foot

When we look at home prices by zip code we can begin to focus on more specific area’s and more precise data. Graphed and expressed over a two year period you can begin to see the impact of the real estate decline and how it could be impacting your area. Although price per square foot is certainly not a universal indicator, the price swings are typically more consistent and representative of the area in which you live. For instance looking at zip code 91104 for August ’09 and comparing it to August ’08, the price appears to be consistent at approximately $375/square foot, indicating that prices have been fairly stable albeit for the normal seasonal swings.

The data provided through our MLS has become much more analytical and offers many more options than just the recent price of home sales. Pasadena zip codes include 91107, 91103, 91106, and 91105.