Let’s dive into the Pasadena housing market for August 2022. Yet, the most notable changes are the drop in average sales price, price per square foot, and median sales price. Moreover, the number of days on the market has increased. Forty-one homes sold over the asking price, four at asking and twenty-four below.
The least expensive Pasadena home sale was a two-bedroom, one-bathroom, 672-square-foot home located at 1697 N. Sierra Bonita Ave. Initially listed for $499,000, it sold for $575,000. The most expensive sale was a five-bedroom, nine-bathroom, 9,680-square-foot home located at 1620 Lombardy Rd. Initially listed for $10,475,000 this luxury home sold for $9,600,000.
Note that the percentage of sales price versus list price is the lowest of the year.
The lowest price per square foot sale was a 672-square-foot home selling for $393.76 per foot. The highest price per square foot sale was the luxury home sale noted above. It sold for $1,218.72 per square foot.
According to a recent survey from Fannie Mae, consumers are anticipating a drop in real estate values. Their poll indicated that homebuyers expect a 0.4% dip in the market and a slow-down in rental price growth. However, this survey marks a significant shift in sentiment from the previous month when consumers expected house prices to increase by 1.9%. These expectations have already affected the plans of potential sellers. The possibility of price declines stems from consumer concerns over a likely recession and higher interest rates.
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