pasadena real estate - up2date market recap for october

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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 %)

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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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