Pasadena Housing Market Stats October 2018: Last month, seventy-four Pasadena homes closed escrow, up from last month. Selling prices ranged from $510,000 for a 1000 square foot 2 + 1, to $14,280,000 for a 17,284 square foot 7 + 13 estate. Let’s take a look at Pasadena Real Estate Values as of October 2018:
Thirty-five Pasadena homes sold over the asking price, seven at the listed price, and thirty-two for less than asking. There were twenty price reductions. Last month, we closed escrow on our listing at 2054 Galbreth Rd.
The biggest take away from last month’s sales is the major decrease in the median selling price. It is the lowest for the year. Does this mean Pasadena real estate values are declining? The absorption rate of 2.67% indicates a climate more favorable to sellers. What this indicates is that there are different layers to the market. The recent tax deduction changes (mortgage interest deduction and property tax deduction) have impacted the middle high-end market.
