The residential real estate market in Pasadena, California, known for its stunning architecture and vibrant culture, is currently in a dynamic state that favors sellers. As of April 2023, the median listing home price stands at $1.1 million, showing a slight downward trend of -4.3% compared to the previous year, according to data from Realtor.com. The median listing home price per square foot is approximately $747.
Despite a slight decline in listing prices, the sale-to-list price ratio, which indicates the average percentage at which homes sell in relation to their initial listing price, stood at approximately 100.34% in April 2023. This suggests a competitive market where buyers are willing to meet sellers’ expectations.
In this seller’s market, demand from buyers exceeds the available homes for sale, leading to increased competition among buyers and potentially driving up home prices. Prospective buyers must be prepared and act swiftly when finding a property that meets their needs1.
Homes in Pasadena are typically on the market for approximately 51 days before going under contract, indicating a potentially faster-paced market. This figure has decreased since the previous month.
Despite the current seller’s market, the average home value in Pasadena has decreased by 2.1% over the past year, standing at $1,066,131 as of April 30, 2023. This suggests that there may be opportunities for buyers to find properties at lower prices compared to the previous year. However, market watchers caution that shifts or fluctuations may impact future trends.
Additionally, data as of March 31, 2023, reveals that approximately 45.4% of home sales in Pasadena were conducted above the list price, while 42.1% of sales were under the list price. This shows that a significant proportion of transactions are happening at or above the asking price, indicating a competitive market for buyers.
Given the current data, forecasts suggest that Pasadena’s housing market may continue to experience a modest decline in prices in the near future, presenting opportunities for potential buyers. However, experts recommend closely monitoring the market for any shifts or changes that may impact these projections.
Despite these projections, the sale-to-list ratio suggests that sellers can expect strong demand for their properties, with many transactions occurring at or above the asking price. This competitive environment could put upward pressure on prices if buyer demand remains high.
The Pasadena housing market is characterized by a fast-paced selling process, with a median of 16 days to pending. Buyers need to act swiftly and decisively to secure properties of interest, as desirable homes are likely to attract multiple offers. Sellers can anticipate a relatively short time on the market if they price their homes competitively and present them effectively.
