The Pasadena housing market for July 2022, has seen a decline in the number of homes sold. July’s sixty-nine homes sold opposed to June’s eighty-four and May’s eighty. In July, both the median selling price and Selling Price to List were the lowest year to date.
The median price in a particular neighborhood is generally a more indicative way of examining prices. Note that the average selling price can be significantly skewed by one sale that is extremely high or extremely low. Subsequently, the average sales price jumped due to a $9,600,000 sale.
The least expensive home sold was a two-bedroom, two-bathroom, 1,056 square foot home located at 1713 N. Oxford Ave. This home sold in sixteen days for the list price of $550,000. The most expensive sale was a five- bedroom, seven-bathroom, 6,255 square foot home located at 720 S. San Rafael Ave. Originally listed at $9,800,000 this Arroyo Seco home sold for $9,600,000.
Price per square foot ranged from 393.08 for a 2,544 square foot home built in 1907. The highest price per foot was $1,534.77 for the $9,600,000 sale noted above.
I am frequently asked why the Fed’s most recent interest rate hike didn’t translate into higher mortgage rates. The Fed’s most recent rate increase impacted short-term borrowing. Such as car loans, credit cards, student loans and home equity lines. By raising interest rates, the Fed hopes to curb inflation. Let’s hope it works.
Now more than ever it is critical for Pasadena home sellers to price their home realistically. And when properly priced the home will typically sell in multiple offers over the asking price.
