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 | Mar 18, 2022 | Buying, Selling
Altadena This week the median list price for Altadena, CA 91001 is $1,177,000. The market action index is hovering around 83. This is an increase over last month’s market action index of 76. Inventory has held steady at or around 24. 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. Pasadena This week the median list price for Pasadena, CA is $1,914,000. The Market Action Index (MAI) is hovering around 67, which is an increase over last month’s market action index of 63. Inventory has increased to 77. The market has been strong for several consecutive weeks. Reflecting these inventory conditions, with the MAI in the Seller’s zone, it is not surprising that prices have recently resumed their...
by Kathy Gibson | Sep 13, 2021 | Market
Here is a Market Report for Altadena and Pasadena for the week of 9/13. Altadena This week the median list price for Altadena, CA 91001 is $1,050,000 with the market action index hovering around 80. This is less than last month’s market action index of 82. Inventory has decreased to 27. 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 report. Pasadena This week the median list price for Pasadena, CA 91101 is $1,137,500 with the market action index hovering around 18. This is about the same as last month’s market action index of 18. Inventory has increased to 2. Inventory levels have been relatively consistent relative to sales. Despite the fact that there is a relatively high amount of available inventory, this Buyer’s market is still seeing prices move higher. Given inventory levels, these price conditions are relatively fragile. If the market cools off further, the price trend is likely to reverse. Click here to view a detailed...
by Kathy Gibson | Sep 8, 2021 | Market
Here is a Market Report for Altadena and Pasadena for the week of 9/08. Altadena This week the median list price for Altadena, CA 91001 is $1,072,500 with the market action index hovering around 81. This is an increase over last month’s market action index of 76. Inventory has decreased to 30. 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. Click here to view a detailed report. Pasadena This week the median list price for Pasadena, CA 91101 is $1,137,500 with the market action index hovering around 18. This is about the same as last month’s market action index of 18. Inventory has increased to 2. Inventory levels have been relatively consistent relative to sales. Despite the fact that there is a relatively high amount of available inventory, this Buyer’s market is still seeing prices move higher. Given inventory levels, these price conditions are relatively fragile. If the market cools off further, the price trend is likely to reverse. Click here to view a detailed...
by Kathy Gibson | Aug 30, 2021 | Market
Here is a Market Report for Altadena and Pasadena for the week of 8/30. Altadena This week the median list price for Altadena, CA 91001 is $1,097,500 with the market action index hovering around 81. This is an increase over last month’s market action index of 77. Inventory has decreased to 28. 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. Click here to view a detailed report. Pasadena This week the median list price for Pasadena, CA 91101 is $1,137,500 with the market action index hovering around 18. This is about the same as last month’s market action index of 18. Inventory has increased to 2. Inventory levels have been relatively consistent relative to sales. Despite the fact that there is a relatively high amount of available inventory, this Buyer’s market is still seeing prices move higher. Given inventory levels, these price conditions are relatively fragile. If the market cools off further, the price trend is likely to reverse. Click here to view a detailed...