2013 has a strong start for Pasadena home sales. Pasadena California is in a strong seller’s market. No longer do home buyers have plenty of homes to choose from. And, the prices are going up… Thankfully, the interest rates are still at record lows, but they only fuel the desperation seen in the market place with multiple home buyers bidding for same home. This should be no surprise for my readers since I’ve been talking about the market turning for quite awhile now.
But, let’s take a look at historical data.
- Average sold prices in Pasadena are back to just above 2003 levels. $668,040 would buy you an average 3 bedroom, 2 bath home last year.
- Inventory of available homes is the lowest in 10 years – January 2013 had only 122 Pasadena homes for sale!
- More homes are in demand. A whopping 938 homes have been sold last year. We have not seen this volume since 2006.
- 1 in 3 homes were purchased for all cash last year.
- 2nd mortgages are almost non-existent – only 1.8% of home owners were able to get a 2nd loan with their purchase. Almost 43.4% of all home purchases in 2006 had a 2nd mortgage.
- More home buyers are taking advantage of the low interest rates by locking in fixed rate loans. 3.7% in 2012 was the average compared to 6.4% in 2006.
- Affordability is at 51% in 2012, up from only 12% in 2006.
Now… FUN facts:
- Highest priced home sale in Pasadena in 2012 closed at over $8 million!
- So far, in the first month of 2013, Pasadena already had a home sale over $7 million!!!
Statistics gathered from Pasadena Foothill Association – Single Family Homes only.
Irina is a Top Realtor and the founder and President of Pasadena Views Real Estate Team™. She is available to assist you in all of your Real Estate transactions. Email or call her today at (626)629-8439.
Interested in seeing what available for sale? Take a look at the home listings below. The information is updated real-time as new homes are entered into the Multiple listings service: