Let’s take a look at the Pasadena housing market for November 2022. Fifty-three homes sold last month, down from October’s sixty-three. The days on the market have increased and are the highest year to date. Twenty-four homes sold over the price, seven at asking, and twenty-two below. Fourteen of the fifty-three sales had price reductions before eventually selling.
The least expensive home sold was a two bedroom, two bathroom, 832 square foot home located at 3820 E. Green St. Originally listed for $799,000, then reduced to $699,000 and finally selling for $680,000. The most expensive home sold was a four-bedroom, nine-bathroom, 10,277-square-foot estate located at 100 Los Altos Drive. Originally listed for $13,000,000 and after numerous price reductions, it eventually sold for $8,000,000.
The absorption rate is the highest year to date, which is a bit odd. Most Pasadena home sellers don’t put their homes on the market this close to the holidays. It will be interesting to learn how many of these active listings remain on the market for the new year. Or perhaps the sellers will simply “give up” knowing they won’t get the price they were hoping for.
As usual, the average price per square foot varied greatly. On the low end was a two bedroom one bath, selling for $376 per square foot. The Girardi Estate on Los Altos was on the high end, selling for $1,113 per square foot.
