Let’s look closer at the Pasadena real estate market for May 2023. Last month, the number of Pasadena sales experienced a significant decline compared to the eighty homes sold in the same month of the previous year. Twenty-six of the fifty-one homes sold for over the asking price, three at the asking and twenty-two under the asking price. The least expensive home sold last month in Pasadena was a two-bedroom, one-bathroom, 1,040-square-foot home located at 3510 E. Del Mar Blvd. Originally listed at $820,000 and sold under asking in thirty-two days for $630,000. The most expensive home sold last month was a six-bedroom, eight-bathroom, 9,188-square-foot estate located at 1660 Lombardy Rd. This stunning property was originally listed for $10,800,000 and sold off market for $10,300,000.
Both the median and average selling prices are the highest year to date. It’s still a seller’s market in Pasadena. Many homes continue to sell quickly, evidenced by the 38 average days on the market. The absorption rate remains low.
When examining the Pasadena real estate market for March 2023. it’s interesting to note the disparity in the average price per square foot. On the high end was a two-bedroom one bath home on Raymond selling for $1,386.50 per foot. On the other end of the spectrum was a 3,589-square-foot home on Milton selling for $1,386.50 per foot.
