Pasadena Housing Update March 2020: Selling prices ranged from $465,000 for a two-bedroom, one bath, 780 square-foot home on Raymond Ave. to $5,475,000 for a four-bedroom, five- bath, 4,137 square foot estate at 1185 Arden Rd.
Last month, fifty-three Pasadena homes closed escrow.
Thirty of these Pasadena homes sold for over the asking price, twenty sold for less, and three at the asking price. Ten of these homes had a price reduction prior to selling.
The absorption rate of 2.13% 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.
Of course, Pasadena real estate and Los Angeles real estate are generally different amid the coronavirus. Understandably, many Pasadena home sellers don’t want their homes shown. A lot of homeowners are taking their homes off the market or are waiting for the virus to subside. Several weeks ago real estate agents were advised we couldn’t show homes, not even vacant ones. Then it was determined that we are an essential business.
We prefer that clients living in their homes strongly consider not allowing in-person showings. Although there are exceptions to every rule, we don’t believe that people should purchase a home sight unseen. Currently, open houses are virtual. Showings are with booties, masks and gloves. Many listing agents of occupied homes are requiring buyers to be prequalified prior to viewing a home. How Realtors conduct business in Los Angeles is constantly changing amid the corona virus lockdown.
Related Post: 1185 Arden Rd. Pasadena Closed
