by Kathy Gibson | Feb 5, 2024 | Buying, Home and Garden, Market, Neighborhood, Selling
The economic data from last week illustrates the consistent outperformance of the U.S. economy, defying earlier gloomy forecasts of slower growth in 2023. Despite the upward pressure on mortgage rates due to the stronger economy, the average 30-year fixed-rate mortgage remains below 7%, maintaining its position since early December. This has contributed to a revitalization of the housing market, with pending sales increasing for the first time since rates hit bottom in early 2021. However, the resurgence in housing demand has not been met with an equivalent increase in supply, leading to heightened competition in the California market once again. Sellers are less inclined to reduce prices, resulting in a continued upward trend in the median price that began last summer. Pasadena, CA Mon Feb 05 2024 This week the median list price for a single family home in Pasadena, CA is $1,749,000 with the market action index hovering around 51. This is less than last month’s market action index of 53. Inventory has increased to 73. Home prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to 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 6, 2022 | Buying, Market, Neighborhood, Open House, Selling
Pasadena, CA Tue Dec 06 2022 This week the median list price for Pasadena, CA is $1,580,000 with the market action index (MAI) hovering around 44. This is less than last month’s market action index of 46. Inventory has increased to 125. The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in 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 prices. Monrovia, CA 91016 Tue Dec 06 2022 This week the median list price for Monrovia, CA 91016 is $1,062,000 with the market action index (MAI) hovering around 48. This is an increase over last month’s market action index of 47. Inventory has decreased to 28. 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 | Aug 4, 2021 | Market
Here is a Market Report for Altadena and Pasadena for the week of 8/11. Altadena This week the median list price for Altadena, CA 91001 is $1,048,000 with the market action index hovering around 77. This is less than last month’s market action index of 78. Inventory has increased to 33. The market remains in a relative stasis in terms of sales to inventory and prices have been relatively stable for a few 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, prices are likely to resume an upward climb. Click here to view a detailed report. Pasadena This week the median list price for Pasadena, CA 91101 is $1,590,000 with the market action index hovering around 18. This is about the same as last month’s market action index of 18. Inventory has held steady at or around 1. The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes. Click here to view a detailed...
by Kathy Gibson | Jul 28, 2021 | Market
Here is a Market Report for Altadena and Pasadena for the week of 7/28. Altadena This week the median list price for Altadena, CA 91001 is $1,099,000 with the market action index hovering around 75. This is less than last month’s market action index of 77. Inventory has decreased to 29. The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on prices. Click here to view a detailed report. Pasadena This week the median list price for Pasadena, CA 91106 is $2,348,800 with the market action index hovering around 47. This is less than last month’s market action index of 49. Inventory has increased to 23. Home sales have been exceeding new inventory for several weeks. However prices have not yet stopped falling. Since the market is already in the Seller’s zone, expect prices to level off very soon. Should the sales trend continue expect that prices could climb from there. Click here to view a detailed...
by Kathy Gibson | May 8, 2020 | Market, Uncategorized
Here’s a picture of market activity in Pasadena and Altadena over the past 24...