Let’s delve into the Pasadena housing market May 2020. First, I prefer to examine it year over year…. and what a crazy few months and recent events have been:
Selling prices ranged from $495,000 for a three bedroom, one bath, 948 square foot home on Forest Ave. to $4,425,000 for a five bedroom, seven bath, 4,945 square foot estate at 1776 Linda Vista Ave.
The median price is lower than May 2019. This reflects that the market is mostly dominated by first time buyers. Pasadena sales in more affordable price ranges are dominating this market. Many still quickly and in multiple offers. Only two homes over $2,000,000 closed escrow in May 2020. The time on market of about six weeks year over year reflects minimal change. Of the fifty May 2020 sales, only three homes were on the market over 100 days:
One was a four bedroom, four bath home originally priced at $1,999,000. Then reduced to $1,799,000 and ultimately selling 108 days later for $1,706,000. Another was a three bedroom two bath originally listed at $895,000. Reduced to $775,000 and selling 301 days later for $750,000. The third sale took 113 days. This three bedroom three bath Pasadena home was originally listed at $1,475,000. It was reduced to $1,375,000 and sold for $1,303,500.
Even in this “new normal” over pricing – or overreaching is not the way to achieve the highest selling price. Properly pricing your home from the beginning is still the way to go.
From one of my favorite blogs…. core logic
“Tight supply and pent-up demand, particularly among millennials, provides optimism for a bounce-back in the housing market purchase activity and home prices over the medium term. The next 12 to 18 months are going to be very tough times for the broader economy. As employment and economic activity begin to pick up, as it will surely do, we expect housing to be a driver in a national recovery”
