Pasadena Real Estate Report on November Home Sales

It was said many years ago people could look at the position of the sun and tell the time of day. Pasadena real estate is no different. Just look at the poor performance of home sales and it must be November.

Traditional sales of Pasadena homes in the past have resembled more of a bell curve, low on both the right and left ends, (January & December) but higher in the middle (May – August), indicating a seasonality to home sales. But then again we haven’t seen traditional for about two years.

The data for November is disappointing. There did seem to be some momentum building in the market as unit sales were increasing, albeit the brakes were applied. Not a slow rolling stop, but more of a skid.

What Effected the Cause?

When analyzing results, I look for triggers. What happened in October that resulted in poor sales results in November? Could it be the federal bailout, reduced gas prices, decorating for Halloween? Or could we just be in the infancy stages of normalcy, a return to seasonality, the home buying lull after the return to back to school? It’s hard to make a single determination as so many external factors have to be considered.

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Pasadena Median Home Prices

The median price sank to $500,000 for November. The last time the median price was at this level was 4 years ago. Homes priced under $500,000 are generating most of the activity, while homes in the $600,000 to $1,000,000 range have slipped into hibernation.

All of the market statistics are included in the 11 page presentation. If you would like to receive complimentary Pasadena market reports updated weekly, enter your contact information.

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