by Kathy Gibson | Mar 4, 2024 | Buying, Market, Neighborhood, Open House, Selling
After a promising start in January due to a decrease in rates, the housing market has shown some fluctuations with a recent decrease in pending sales. This suggests that the rebound may not be entirely smooth. However, there are positive signs that buyers are adapting to more typical rates compared to those experienced during the pandemic. Key market indicators point to a growing competitiveness as we approach the Spring home buying season. Pasadena, CA Mon Mar 04 2024 This week the median list price for a single family home in Pasadena, CA is $1,689,000 with the market action index hovering around 53. This is an increase over last month’s market action index of 51. Inventory has decreased to 64. 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...
by Kathy Gibson | Feb 26, 2024 | Buying, Market, Neighborhood, Open House, Selling
Pasadena, CA Mon Feb 26 2024 This week the median list price for a single family home in Pasadena, CA is $1,678,500 with the market action index hovering around 49. This is less than last month’s market action index of 51. Inventory has held steady at or around 76. 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...
by Kathy Gibson | Feb 20, 2024 | Buying, Home and Garden, Market, Neighborhood, Selling
In January 2024, California’s real estate market showed promising signs of improvement, with both housing supply and buyer demand on the rise. Although the market may encounter challenges in the upcoming months due to fluctuating mortgage rates, there is optimism surrounding the lending environment for the year. It is anticipated that rates will become more favorable as inflation stabilizes in the second quarter, potentially leading to a surge in sales during the spring homebuying season as pent-up demand is unleashed. Pasadena, CA Tue Feb 20 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 51. This is about the same as last month’s market action index of 51. Inventory has held steady at or around 70. 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 | 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 | Oct 16, 2023 | Buying, Market, Neighborhood, Selling
Pasadena, CA Mon Oct 16 2023 This week the median list price for a single family home in Pasadena, CA is $1,649,500 with the market action index (MAI) hovering around 53. This is less than last month’s market action index of 55. Inventory has increased to 94. 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...