Pasadena Housing Update March 2019: Selling prices ranged from $563,000 for a two-bedroom, one-bath, 840 sq ft home on Carmelo Ave. to $4,500,000 for a six-bedroom, five-bath, 4,360 sq ft estate on 620 South Hill Ave. Last month, sixty-seven Pasadena homes closed escrow, quite a jump from February.
The average price per square foot was $624.42, and the average days on the market was 48. The average selling price in Pasadena, CA, was $1,340,691. The selling price to list price (average) was 99.95%. The median selling price was $1,050,888.
Twenty-five of the Pasadena homes sold for over the asking price, thirty-seven sold for less, and five at the asking price. Thirteen of these Pasadena homes had a price reduction prior to selling. The absorption rate of 2.63% continues to reflect a solid seller’s market.
“About 40 percent of the country’s top 50 largest metropolitan areas are now categorized as overvalued, and we expect that percentage to grow over the remainder of 2019. The cost of either buying or renting in expensive markets puts a significant strain on most consumers. Our research tells us that about 74 percent of millennials, the single largest cohort of homebuyers, now report having to cut back on other categories of spending to afford their housing costs.”
-Frank Martell, President and CEO of CoreLogic
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