by Kathy Gibson | Apr 22, 2024 | Buying, Home and Garden, Market, Neighborhood, Open House, Selling
Pasadena, CA Mon Apr 22 2024 This week the median list price for a single family home in Pasadena, CA is $1,900,000 with the market action index hovering around 54. This is an increase over last month’s market action index of 52. Inventory has increased to 77. The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from their current trend. ...
by Kathy Gibson | Mar 25, 2024 | Buying, Home and Garden, Market, Open House, Selling
Consumers have been feeling positive about buying and selling since the start of the year, and the latest housing market report released by the California Association of Realtors reflected the improvement in optimism. Both supply and demand increased in February and the competitiveness of the market appeared to be heating up as we entered the spring homebuying season. Pasadena, CA Mon Mar 25 2024 This week the median list price for a single family home in Pasadena, CA increased to $1,950,000 with the market action index hovering around 52. This is less than last month’s market action index of 53. Inventory has decreased to 65. While the Market Action Index shows some strengthening in the last few weeks, prices have settled in a bit of a plateau. We are currently in a Seller’s market so prices will likely resume their climb should this trend...
by Kathy Gibson | Mar 18, 2024 | Buying, Home and Garden, Market, Neighborhood, Open House, Selling
The housing market continues to show promising signs of a better spring homebuying season that we saw last year. Both closed and pending sales appear to have risen again in February and all signs point to a market that is heating up as days on market falls, the percentage of sellers discounting to attract buyers falls, and the percentage of home closing above list price rises. Pasadena, CA Mon Mar 18 2024 This week the median list price for a single family home in Pasadena, CA is $1,881,499 with the market action index hovering around 54. This is an increase over last month’s market action index of 49. Inventory has held steady at or around 70. Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues....
by Kathy Gibson | Mar 11, 2024 | Buying, Home and Garden, Market, Neighborhood, Selling
Pasadena, CA Mon Mar 11 2024 This week the median list price for a single family home in Pasadena, CA is $1,765,000 with the market action index hovering around 55. This is an increase over last month’s market action index of 51. Inventory has decreased to 59. Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend...
by Kathy Gibson | Feb 20, 2024 | Buying, Home and Garden, Market, Neighborhood, Selling
In January 2024, California’s real estate market showed promising signs of improvement, with both housing supply and buyer demand on the rise. Although the market may encounter challenges in the upcoming months due to fluctuating mortgage rates, there is optimism surrounding the lending environment for the year. It is anticipated that rates will become more favorable as inflation stabilizes in the second quarter, potentially leading to a surge in sales during the spring homebuying season as pent-up demand is unleashed. Pasadena, CA Tue Feb 20 2024 This week the median list price for a single family home in Pasadena, CA is $1,735,000 with the market action index (MAI) hovering around 51. This is about the same as last month’s market action index of 51. Inventory has held steady at or around 70. In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward...
by Kathy Gibson | Feb 9, 2024 | Buying, Home and Garden, Market, Neighborhood, Open House, Selling, Uncategorized
California Association of Realtors 2024 Housing Market Forecast California housing market will rebound in 2024 as mortgage rates ebb. Existing, single-family home sales are forecast to total 327,100 units in 2024, an increase of 22.9 percent from 2023’s projected pace of 266,200. California’s median home price is forecast to climb 6.2 percent to $860,300 in 2024, following a projected 1.5 percent decrease to $810,000 in 2023 from 2022’s $822,300. Housing affordability* is expected to remain flat at 17 percent next year from a projected 17 percent in 2023. LOS ANGELES (Sept. 20) – Slower economic growth and cooling inflation will bring down mortgage interest rates in 2024 and create a more favorable market environment to spur California home sales next year, according to a housing and economic forecast released by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). The baseline scenario of C.A.R.’s “2024 California Housing Market Forecast” sees an increase in existing single-family home sales of 22.9 percent next year to reach 327,100 units, up from the projected 2023 sales figure of 266,200. The 2023 figure is 22.2 percent lower compared with the pace of 342,000 homes sold in 2022. The California median home price is forecast to rise 6.2 percent to $860,300 in 2024, following a projected 1.5 percent dip to $810,000 in 2023 from $822,300 in 2022. A persistent housing shortage and a competitive housing market will continue to put upward pressure on home prices next year. “2024 will be a better year for the California housing market for both buyers and sellers as mortgage interest rates are expected to decline next year,” said C.A.R. President Jennifer Branchini, a...