2013 has been an extremely difficult real estate market for Pasadena home buyers. Real estate is cyclical. And, we are once again at the onset of another real estate cycle. Pasadena home prices, as everywhere else in Southern California, have pretty much bottomed out at the end of last year and are on a very steep rise once again.
By the Numbers:
Nothing speaks better than reviewing the actual data. So, what I’ve pulled together, based on the real estate statistics in the Pasadena Foothill Association of Realtors, is a comparison between the first 6 months of 2012 vs same period in 2013.
|Jan – June 2012||Jan – June 2013||% change||June 2013|
|– Average Sales Price||$1,025,055||$1,468,964||43.3% ↑||$1,490,066|
|– Average $/Sq. Ft.||$397||$493||24.2% ↑||$526|
|– # of Homes Sold||200||242||21% ↑||58|
|– Average Sales Price||$811,039||$841,047||3.7% ↑||$810,445|
|– Average $/Sq. Ft.||$376||$423||12.5% ↑||$431|
|– # of Homes Sold||473||492||.04% ↑||85|
|– Average Sales Price||$1,804,491||$2,224,168||23.3% ↑||$2,091,109|
|– Average $/Sq. Ft.||$599||$708||18.2% ↑||$708|
|– # of Homes Sold||58||64||10.3% ↑||16|
|– Average Sales Price||$983,893||$1,069,353||8.7% ↑||$1,173,833|
|– Average $/Sq. Ft.||$472||$509||7.8% ↑||538|
|– # of Homes Sold||54||62||14.8% ↑||12|
The table above shows a bit of what’s going on in the market place price wise. Prices are steadily on the rise in the Greater Pasadena neighborhoods. But, what is driving these prices.
- Lack of Inventory – the number of homes for sale is still quite low given the buyer demand. Many home sellers are sitting back and observing the market place especially if they don’t have to sell.
- Historically low interest rates – we’ve been seeing fixed rates in the 3% specter. It’s come as a huge surprise to many buyers when interest rates jumped a full point about 10 days ago. Rates have been kept low by the Fed to stimulate the economy. Now the Fed is making it very clear that this will not be the case for long. Many home buyers are trying to take advantage of their buying power by getting in to homes and condo at lower rates and at still relatively lower home prices.
- Multiple Offers – if a home is properly marketed and represented by the seller and his agent, staged & professionally photographed and strategically priced, it will sell quickly and for more dollars by generating interest from multiple buyers. Some of my home sellers have seen 43+ offers to choose from when selecting a buyer – thus the “fierce” competitive market.
- Investors and foreign buyers are out in force making it difficult to compete since most are paying for houses in all cash. They are also picking up these homes as quickly as they come up on the Multiple Listing Service.
So… if you are a home buyer interested in Pasadena real estate, get a professional home buying consultation with a great real estate agent. You can also check out our FAQ page on the home buying process here.
If you are a home seller, understand that your home will sell right now. The question is how high will it sell for and how quickly! To get the highest possible price for your home, give me a call at 626-629-8439 to schedule a private consultation.
See what our recent home sellers said:
Via Yelp – 543 Woodward Avenue in Pasadena
“Five stars are not enough for Irina Netchaev and the Pasadena Views Real Estate Team. Irina sold my Pasadena home in just a few days from open house to escrow for a price far above asking. Her smart and comprehensive marketing strategy produced many strong offers. Irina explained clearly the merits and weaknesses of each of the top offers, and she handled the negotiations very professionally. She is very pleasant to work with, and she really knows the Pasadena area market. The Pasadena Views Team is tech-savvy and very effective at marketing, and I would recommend Irina and Pasadena Views to anyone.”
Via Yelp – 1022 N Kenwood in Burbank
“Irina just helped me sell my home in Burbank. “Helped” is a huge understatement. I first met Irina when my boss referred me to her in 2007 when I wanted to buy a home in the Burbank area. Yes, I am one of the unlucky ones who purchased this wonderful home in 2007 when property values were at their all time high. Yet, Irina got me a very fair price, even for that time. Trying to sell now and get even close to breakeven was a pipedream….or so everyone told me. Irina was not deterred. She proposed a brillant strategy that included easy staging, a few touch ups, beautiful online photos and desription, and her impeccable sense for market trends to bring my home to market in a way to maximize its value. I had 6 offers in 4 days, and the house sold well above our asking price. She negotiated wisely through tight time frames, contingencies, and made it all feel very easy. She works with top notch partners, only the A team. I highly recommend working with Irina for any and all housing needs!”
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Thinking of selling your Pasadena home? Interested in finding out the current market value of your single family home, condo or investment property? Then call Irina Netchaev at (626) 629-8439 to discuss what is happening in today’s Pasadena Real Estate Market.