Let’s dissect the numbers for the Pasadena Housing Market November 2020. Last month the least expensive sales were two Pasadena homes selling for $550,000. The first one was a two bedroom, one bathroom, 528 square foot home at 463 Macdonald Street. The other a two bedroom, two bathroom, 763 square foot home at 1377 Locust Street. The most expensive sale was a seven bedroom, nine bathroom, 9,050 square foot home located at 931 Gainsborough Drive. This gorgeous estate sold for the asking price of $6,980,000.
Last month seventy-eight Pasadena homes sold. Forty-six of these homes sold over their asking price. Nine sold for asking. Twenty-three sold below the asking price.
Most Pasadena homes continue to sell quickly. Average days on market (DOM) is 38. The absorption rate of one and one half months of listing inventory indicates an extremely strong market for Pasadena sellers. Unless we are discussing luxury real estate, the gravest mistake a Pasadena seller can make is overpricing. Luxury real estate is completely different because there is much more emotion and less “need”. There are fewer similar homes to chose from. Luxury homes are more unique and Realtors are selling a lifestyle.
It’s important to note that for the Pasadena Housing Market November 2020, fourteen Pasadena home sellers reduced their initial asking price prior to selling. Every real estate cycle is different. But in this cycle the home seller is king. When pricing their “entry level” home competitively, the price will only be driven up. Of course this depends on them hiring a competent Realtor. With an aggressive marketing plan. “Entry level” housing in Pasadena might be best indicated by the median price. Half the Pasadena homes are selling for less than $1,215,000. But in my experience working with Pasadena buyers, the market is extremely competitive up to about $1,500,000. And then it starts to wane… depending on the home and it’s features.
