Last month eighty-seven Pasadena homes closed escrow, down from the previous month. Selling prices ranged from $585,000 for a 1,230 square foot three bedroom, one bath on Sierra Madre Blvd., to $5,000,000 for a 5,677 square foot four bedroom, six bath estate on Linda Vista Ave., Let’s take a closer look at Pasadena real estate values as of June 2018:
Forty-six Pasadena homes sold over asking price, fourteen at the listed price and twenty-seven for less than asking. Most Pasadena homes continue to sell quickly and often in multiple offers. The drop in the median selling price is likely attributed to the recent tax changes and interest rate increases.
The lack of real estate inventory in most of Los Angeles is wreaking havoc for LA real estate home buyers. Sadly, the home ownership rate is at its lowest point since 1965. Owning a home is becoming more and more elusive. And housing prices continue to escalate. Successful home buyers are allowing seller rent backs, shortening contingency periods and in some instances waiving most contingencies and sometimes even writing non-contingent offers. It’s extremely competitive as you can see by the abnormally low absorption rate.
We are working on a Pasadena mid-century listing, in mostly original condition. It will be an amazing home for one lucky buyer. Call for details….
