Pasadena Housing Market February 2020: Selling prices ranged from $425,000 for a two-bedroom, two-bath, 672 sq ft home on Washington Blvd. to $8,280,000 for a five-bedroom, ten-bath, 8,644 sq ft estate at 1137 Parkview Ave. Last month, forty-two Pasadena homes closed escrow.
Eleven of these Pasadena homes sold for over the asking price, twenty-six sold for less, and five at the asking price. Ten of these homes had a price reduction before selling.
The median price reflects that half the homes sold for more and half sold for less. The median is more indicative of market conditions than the average selling price. The average can be skewed by a relatively small share of upper-end transactions, as happened last month. The absorption rate of 2.83% reflects that if there were no new Pasadena listings, we would run out of inventory in less than three months. This indicates a strong seller’s market.
Rents are at all time highs. The lower tier of real estate is fueling the Pasadena real estate market. 2019 Saw the Fastest Annual Rent Appreciation Since 2016. US Single-Family Rents Up 2.9% Year Over Year in December:
- Rents for lower-priced homes increased faster than those of higher-priced homes in December compared with a year earlier.
- Rent increases were highest in the Southwest.
