by Kathy Gibson | Sep 26, 2023 | Buying, Market, Neighborhood, Selling
Pasadena, CA Tue Sep 26 2023 This week the median list price for a single family home in Pasadena, CA is $1,495,000 with the market action index hovering around 55. This is about the same as last month’s market action index of 55. Inventory has held steady at or around 91. Market action index (MAI) compares rate of sales vs. inventory. 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. South Pasadena, CA 91030 Tue Sep 26 2023 This week the median list price for a single family home in South Pasadena, CA 91030 is $1,789,000 with the market action index hovering around 52. This is about the same as last month’s market action index of 52. Inventory has increased to 12. The market has started cooling and prices have recently plateaued. 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 prices....
by Kathy Gibson | Sep 11, 2023 | Buying, Market
What’s the latest in real estate news? As the job market continues to show signs of easing, it is looking more likely that the Fed may not raise rates in their upcoming September meeting. With mortgage rates remaining elevated despite their downward movement in the past couple of weeks, the Fed’s hike pause would be welcome news for the housing market. Mortgage applications just started rising after five weeks of retreat, and the housing market could build on its momentum if rates continue to move sideways or even decline in the next few weeks. Pasadena, CA Mon Sep 11 2023 This week the median list price for a single family home in Pasadena, CA is $1,488,000 with the market action index hovering around 55. This is less than last month’s market action index of 56. Inventory has increased to 83. 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 climb. South Pasadena, CA 91030 Mon Sep 11 2023 This week the median list price for a single family home in South Pasadena, CA 91030 is $1,825,000 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 10. 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...
by Kathy Gibson | Aug 7, 2023 | Buying, Market, Neighborhood, Open House, Selling
Pasadena, CA Mon Aug 07 2023 This week the median list price for a single family home in Pasadena, CA is $1,596,500 with the market action index hovering around 53. This is an increase over last month’s market action index of 52. Inventory has increased to 88. 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 market action index. If the market heats up, prices are likely to resume an upward climb. South Pasadena, CA 91030 Mon Aug 07 2023 This week the median list price for a single family home in South Pasadena, CA 91030 is $1,895,000 with the market action index hovering around 46. This is about the same as last month’s market action index of 46. Inventory has decreased to 14. 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 move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone. Watch for a persistent up-turn in Market Action to signal prices rising...
by Kathy Gibson | Jul 10, 2023 | Buying, Market, Neighborhood, Selling
The U.S. economy survived the first half of 2023 without going into a recession, as consumers turned out to be more resilient than most economists expected. Despite going through high inflation rates, banking crisis, and debt ceiling issues in the first six months of the year, consumers remain upbeat, and their confidence recovered somewhat in recent weeks. The housing market, on the other hand, has continued to encounter headwinds since late 2022, as rates stayed elevated and housing supply remained tight. With an increase in home building activity at the national level, we could see some slight improvement in market conditions in the U.S., but tight inventory will likely remain the norm in California in the second half of the year until rates start coming down meaningfully. Pasadena, CA Mon Jul 10 2023 This week the median list price for a single family home in Pasadena, CA is $1,495,000 with the market action index hovering around 53. This is an increase over last month’s market action index of 52. Inventory has decreased to 83. 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. South Pasadena, CA Mon Jul 10 2023 This week the median list price for a single family home in South Pasadena, CA is $1,773,500 with the market action index hovering around 50. This is less than last month’s market action index of 55. Inventory has increased to 18. The market has been cooling off a bit in recent...
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...