Let’s dive into the Pasadena Housing Market December 2020:
In December, fifty-two of the ninety-one Pasadena homes sold over asking price. Five sold at asking and thirty-four for less than the asking price.
Last month the least expensive Pasadena sale was two-bedroom, one bath, 710 square foot home at 515 Cypress Ave. It sold for $529,500. The most expensive Pasadena home sale was a five bedroom, ten bath, 11,312 square foot home located at 1330 Hillcrest Ave. This Pasadena estate sold for $8,600,000.
Home price growth remained elevated last year. The absorption rate of .73% was the lowest of the year. Inventory has decreased as demand increased. COVID outbreaks and shutdowns have delayed many sellers from listing their homes for sale. In December 2019, there were sixty-five single family sales. Compared to ninety-one in December 2020. COVID eliminated the holiday home shopping lull this year.
While this pandemic has left many Angelenos in a position of financial insecurity, those who kept their jobs continue to be extremely motivated to take advantage of historically low interest rates.
