by Kathy Gibson | Nov 18, 2024 | Buying, Home and Garden, Market, Neighborhood, Open House, Selling
Pasadena Real Estate Market Update: November 18, 2024The Pasadena housing market continues to favor sellers this week, with the median list price for a single family home holding steady at $1,823,500. The Market Action Index (MAI), which measures the balance between supply and demand, has slightly increased to 46, up from last month’s MAI of 45. This subtle shift reflects a strong seller’s market. Inventory UpdateThe number of homes available for sale has decreased to just 98, reinforcing the tight inventory conditions that have defined Pasadena’s real estate market recently. With demand outpacing supply, sellers remain in a strong position, but the market appears to have reached a relative equilibrium between sales and inventory. What Does This Mean for Buyers and Sellers?– For Sellers: Low inventory and sustained demand mean this is a great time to list your property. With the MAI firmly in seller’s market territory, competitive offers and favorable terms are more likely. – For Buyers: While competition remains high, market stasis could provide an opportunity to negotiate, especially if you’re ready to act quickly. Staying aware of new listings is key as inventory levels remain tight. What to WatchIf the market heats up further, with either a reduction in inventory or an increase in buyer activity, we may see prices begin to climb again. Keeping an eye on the Market Action Index will provide valuable insights into whether conditions are shifting more in favor of buyers or sellers. ConclusionPasadena’s real estate market remains robust, driven by limited inventory and steady demand. Whether you’re considering buying or selling, understanding the dynamics of the local market is essential...
by Kathy Gibson | Aug 19, 2024 | Buying, Market, Neighborhood, Selling
The market in our area continues to be competitive, with the majority of homes selling above the asking price. Home prices are expected to continue rising, but at a slower pace compared to previous years. The likelihood that the Fed will lower interest rates soon is high, with a rate cut anticipated at the Fed’s next meeting in September. This expectation is driven by weakening job market conditions and inflation nearing the Fed’s 2% target. Pasadena, CA Mon Aug 19 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 49. This is less than last month’s market action index of 52. Inventory has increased to 106....
by Kathy Gibson | Oct 9, 2023 | Market, Neighborhood
Pasadena, CA Mon Oct 09 2023 This week the median list price for a single family home in Pasadena, CA is $1,600,000 with the market action index (MAI) hovering around 53. This is less than last month’s market action index of 54. Inventory has increased to 93. The market has started cooling and prices have been flat for several weeks. Since we’re in the Seller’s zone, watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on...
by Kathy Gibson | Dec 12, 2022 | Buying, Market, Neighborhood, Selling
Pasadena, CA Mon Dec 12 2022 This week the median list price for Pasadena, CA is $1,445,000 with the market action index (MAI) hovering around 43. This is less than last month’s market action index of 45. Inventory has decreased to 125. The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in the Market Action Index (MAI), we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on...