Let’s examine the Pasadena real estate market for October 2024. Twenty-six of the forty-nine homes sold over their asking price. Four at the asking price and nineteen less than asking. A four-bedroom, three-bathroom home at 3783 Elma Rd sold for $472.47 per foot to an investor. A four-bedroom, six-bathroom home at 1640 Lombardy Rd. sold for $1,416.01 per foot. This luxury home also set the record as the most expensive home sold in Pasadena for October 2024.
Last month, the least expensive sale in Pasadena was a two-bedroom, one-bathroom, 764-square-foot located at 486 Anderson Place. This property listed for $699,999 and sold for $715,000 after seventy-six days.
Nine homes sold in ten days or less, and fourteen took fifty or more days to sell. A home on Mentor listed at $850,000 took 182 days to sell, ultimately selling for $790,000. A three-bedroom, two-bath home on Navarro listed at $949,000 sold in nine days for $1,212,777. A two-bedroom, one-bath home on Wilson was listed at $799,000 and sold for $1,010,000. The absorption rate and selling price to the list price reflect the unbalanced market.
In October, buyers purchased six Pasadena homes priced between two and three million, five homes between three and four million, and two homes in the four to five million range. The luxury sale noted above closed at $9,500,000.
It’s crazy that homes are still selling so quickly (ten days or less) but the most notable item above is the home that sold for over 200k above asking price. That must have been some crazy bidding war