Pasadena Residential Property Sales Report for June

The Pasadena housing market continues to limp along on one leg. While this strategy seems to work well for Tiger Woods, it does not bode well if you are a property owner with a house to sell. Sales results for the month of June continue to confirm what we have seen year to date with (1) fewer home sales and (2) decline in the median sales price.Pasadena Single Family June

The June median price was $700,000, compared to $790,000 last year, a decline of 11.3%. Compared to Pasadena’s median price last month of $760,000, prices declined 7.9%. June is normally a strong month for housing as evidenced by last years median price of $790,000 for May and June. The fact that we experienced further declines this past month indicate that the housing market is continuing to soften.

The mix of units sold is changing. In June ’07, there were 4 homes that sold below $500,000 ranging in price from $449.0 to $495. This year 10 homes sold below $500,000 with prices from $339.9 to $469.9. The low end of the market has re-emerged with sales of homes in the range of $500.0 to $999.0 slowing. Currently 504 units/properties are either active, pending or in back-up position resulting in approximately a 10 month inventory supply.

Pasadena Condo’s & Townhomes

Condo’s and Townhomes continue to lag and drag. They lag the units sold in comparison to the single family market and they continue to drag down the overall performance of the housing market with their larger declines in value. .Pasadena up2date June GraphSales results for June indicate a median price of $477,500 which was down almost 17% from last June’s median price of $575,000 and we sold almost 50% fewer units. Compared to last month’s median price of $488,000, the median price declined 2.1%. We also have approximately a 10 month supply here as well with 319 units on the market today.

Median Price vs Average Price

I am often asked why we do not include an “average” price on our market updates. To me, an average price is not a good indicator of what is happening in the market. Here is an example. Currently the most expensive listing in Pasadena is a house for $52 million. If this house were to sell, can you imagine how the numbers would be inflated and thrown all out of proportion due to this one sale based upon an average? Median prices direct us towards the middle. Average prices tend to sku the results, either positively or negatively.

Ckick on the link to see all of the homes sold in Pasadena, South Pasadena, and Altadena for the month of June.

The data used for this report was compiled from the i-Tech MLS on 7/10. The data will only include properties listed in the i-Tech MLS.

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