by Kathy Gibson | May 15, 2023 | Buying, Market, Neighborhood, Open House, Selling
Recently the Fed enacted its 10th rate hike in its battle against inflation. They hinted that it may be the last but reiterated that much depends on incoming data as uncertainty on the health of the banking system and the overall economy amounts. Despite recent challenges, the labor market remains solid and added more jobs than expected. However, fewer job openings suggest that the 2-year labor shortage is beginning to normalize. Total construction spending increased, though single-family outlays continued to weigh on residential spending, which dipped for the tenth month in a row. Fortunately, California’s population decline slowed last year as births stabilized, deaths decreased, and foreign immigration rebounded. Pasadena, CA Mon May 15 2023 This week the median list price for a single family home in Pasadena, CA is $1,612,500 with the market action index hovering around 50. This is about the same as last month’s market action index of 50. Inventory has held steady at or around 82. 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. South Pasadena, CA Mon May 15 2023 This week the median list price for a single family home in South Pasadena, CA is $1,974,500 with the market action index hovering around 60. This is less than last month’s market action index of 62. Inventory has increased to 12. The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices...
by Kathy Gibson | Mar 21, 2023 | Uncategorized
Pasadena, CA Tue Mar 21 2023This week the median list price for Pasadena, CA is $1,702,900 with the market action index hovering around 45. This is less than last month’s market action index of 46. Inventory has held steady at or around 94. The market remains in a relative stasis in terms of sales to inventory. Prices have not been moving higher for several weeks. 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 persistently, prices are likely to resume an upward climb. Altadena, CA 91001 Tue Mar 21 2023This week the median list price for Altadena, CA 91001 is $1,180,000 with the market action index hovering around 51. This is an increase over last month’s market action index of 49. Inventory has decreased to 25. While the Market Action Index (MAI) shows some strengthening in the last few weeks, prices have not seemed to move from their plateau. Should the upward trend in sales relative to inventory continue, expect prices to resume an upward climb in tandem with the...