pasadena real estate - up2date market recap for october
DESCRIPTION
A recap of the Pasadena California Real Estate Market for October '08, including analysis and forecastTRANSCRIPT
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up2date Real Estate Market Report for Pasadena -Pasadena October Home SalesPasadena October Home Sales
-Single FamilySingle Family
-Townhomes & CondominiumsTownhomes & Condominiums
-GraphsGraphs
-AnalysisAnalysis
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Residential Homes
(condos, townhomes & single family)
Median Price
2008 $529,000
2007 $652,500
% Change (19 %)
Very little change from
the September number of $525,000
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Single Family Homes
Median Price
2008 $605,500
2007 $710,000
% Change (14.7 %) Down about $50K from the
September Median price of
$656,000.
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Number of Single Family Homes Sold
2008 74 units
2007 35 units
% Change 111 %
Average Days on Marketcurrent days on market / cumulative days on market
2008 86
2007 48
% Change 79 %
This is the strongest
performance we have seen this
year
The increased activity has not yet shown up in reduced selling
times
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Current Inventory of Single Family Homes
Number Median Price Days/Mkt
Active 329 $699,000 91
Contingent 48 $608,250 108
Pending 64 $480,000 67
77% of the “Pending” sales are
below $600,000
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Townhomes & Condominiums
Median Price
2008 $436,250
2007 $459,300
% Change (5 %)
realestate.com
87% of the units that were sold
were below $600,000
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Number of Townhomes/Condo Units Sold
2008 40 units
2007 22 units
% Change (81%)
Average Days on Market
current days on market / cumulative days on market
2008 112
2007 69
% Change 62%
This category which has been negative to flat is beginning to
show some momentum
Only a very small change
from last month’s number
of 118
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Current Inventory Of Townhomes & Condominiums
Number Median Price Days/Mkt
Active 226 $499,000 109
Contingent 20 $407,250 94
Pending 36 $399,000 89
Due to the large number of units on the market we are still seeing pricing
pressure
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Summary & Outlook for the Pasadena Real Estate Market
-Home sales are picking up, however if you are trying to sell your home this may not be good news as most of the action is in the low end <$600.0 and bank owned or short sale properties.
-The bottom doesn’t seem to be near as most of the properties in escrow are exhibiting lower prices than what has previously sold.
-In the Single Family market, prices between $700K - $1,000M are very weak. The market is showing strength in the low end and high end. Homes in the middle price ranges are slow to sell.
-Look for lower median prices in the December and January. Home sales will be concentrated in the low end with bargain hunters willing to buy at a normally slow time of the year.
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