Let’s dissect the numbers for the Pasadena housing market in October 2020. Wow!! Last month, ninety-three homes closed. This is the largest number of Pasadena homes sold this year. COVID has erased the spring buying season – all bets are off.
The least expensive sale was a three-bedroom, one-bathroom, 760-square-foot home at 464 Avocado Ave., which sold for $635,000. The most expensive sale was a five-bedroom, eight-bathroom, 8,322-square-foot home located at 1725 Orlando Rd. This gorgeous estate sold for the asking price of $7,690,000.
The Pasadena housing market is on fire! Of the ninety-three homes sold last month, fifty-two sold over their asking price. Eight sold for asking. Thirty-three sold below the asking price. The absorption rate of 1.37% is the lowest for the year.
“Housing continues to be a bright spot during an otherwise challenging economic time for many U.S. households. Those in sectors that weathered the transition to remote work successfully are now able to take advantage of low mortgage rates to purchase a home for the first time or to trade-up to a larger home.” Frank Martell, President and CEO of CoreLogic
