Each month we analyze the previous month’s MLS data. Pasadena Housing Market August 2019: Selling prices ranged from $520,000 for a one-bedroom, two-bath, 830-square-foot home on Lotus Ave. to $6,885,000 for a nine-bedroom, seven-bath, 10,290-square-foot estate at 1145 Arden Rd. Last month, eighty-nine Pasadena homes closed escrow.
The median price reflects half the homes sold for more and half sold for less. The median is more indicative of market conditions than the average selling price. The average can be skewed by a relatively small share of upper-end transactions. Thirty-nine of these Pasadena homes sold for over asking price, thirty-nine sold for less, and eleven at asking price. Twenty-nine of these Pasadena listings had a price reduction before selling, and two had price increases. The absorption rate is the lowest year to date and continues to reflect a very strong seller’s market.
Fifty-five percent of prospective home buyers who were actively searching for a property to purchase in the second quarter of this year say their house hunts were unfruitful for three months or longer, according to a new survey from the National Association of Home Builders.
