I perform a monthly housing analysis to remain a Pasadena real estate expert. Let’s crunch the numbers for the Pasadena housing market for March 2023. The number of closings doubled from the prior month. The low absorption rate indicates a shortage of listing inventory.
I don’t anticipate inventory to pick up much. The major problem is that those with low interest rates can’t afford to move and pay rates which are now in the sixes.
Last month the number of homes sold doubled from February; the average sales and median prices increased substantially. The least expensive home sold last month in Pasadena was a two-bedroom, one-bathroom, 781-square-foot home located at 446 Anderson Pl. This home was initially listed for $699,000 and sold for $680,000. It sold in one hundred twenty-two days. The most expensive home sold was a six-bedroom, six-bathroom, 5,450-square-foot home located at 1430 Arroyo View Dr. Initially listed for $7,900,000, it sold before going live in the Multiple Listing Service. It sold for $7,200,000.
Thirty-four homes sold for over the listing price. Four homes sold at the listing price. Twenty-four sold for less than the listing price.
It’s interesting when looking at the Pasadena housing numbers for March 2023, to note the average price per square foot variation. The average price per square foot varied greatly. On the low end was a 2205 square foot home on Woodbury, selling for $340.14 per foot. On the high end was a 1,428-square-foot home on Heatherside Rd. Sited on a 26,694-square-foot lot, this home sold for $1,750.70 per foot.
