Let’s crunch the numbers for the Pasadena housing market April 2022: The Pasadena housing market continues to thrive. Last month, eighty-five homes were sold in Pasadena.
The average price per square foot, average sales price, and median price have all increased consistently since the beginning of 2022. The least expensive sale was a two-bedroom, one-bathroom, 660-square-foot home. It was located at 1719 N. Oxford Ave. It sold for $652,000, and was initially listed at $625,000. The most expensive home sale was an eight-bedroom, eight-bathroom, 10,260 square-foot home located at 1339 S. El Molino Ave. It sold for $6,880,000 and was initially listed for $5,000,000.
Although the absorption rate indicates the Pasadena market favors sellers, it is increasing. Time will tell if inflation further cool our economy and the housing market.
What’s the Pasadena Housing Outlook for the rest of the year? As interest rates continue to rise, the sense of urgency to buy keeps the market very competitive. Listing inventory continues to stay well below pre-pandemic levels. Therefore, I believe we will see more listings come on the market this year; the housing shortage issue will likely persist in the foreseeable future.
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