Download - Pasadena Homes August Sales Report
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up2date Real Estate Market Report for Pasadena
-August Home Sales
-Single Family
-Townhomes & Condominiums
-Graphs
-Analysis
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Single Family Homes
Median Price
2008 $650,000
2007 $805,000
% Change (19%) This is a large decrease for one month
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Number of Homes Sold
2008 69 units
2007 74 units
% Change (6.7%)
Average Days on Marketcurrent days on market / cumulative days on market
2008 86 / 133
2007 55 / 91
% Change 56% / 46%
Home sales have declined 17 of the last
19 months
Homes are also taking longer to
sell
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Current Inventory of Single Family Homes
Number Median Price Days/Mkt
Active 377 $685,000 89
Contingent 51 $595,000 94
Pending 64 $499,500 64
Homes under contract are
less than current
Median $’s
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Townhomes & Condominiums
Median Price
2008 $462,000
2007 $475,000
% Change (2.7%)
realestate.com
Look for prices to soften to
reduce high inventory
levels
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Number of Units Sold
2008 35 units
2007 47 units
% Change (26%)
Average Days on Market
current days on market / cumulative days on market
2008 82 / 122
2007 78 / 106
% Change 5% / 15%
Sales of condo/townhom
es have been very slow. Look
for price reductions and incentives on
new construction
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Current Inventory Of Townhomes & Condominiums
Number Median PriceDays/Mkt
Active 228 $499,450 108
Contingent 22 $449,500 108
Pending 48 $390,000 112
Sales numbers
may increase as prices fall
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Pasadena Annual Median Home Prices
$450,000
$500,000
$550,000
$600,000
$650,000
$700,000
$750,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2004
2005
2006
2007
2008
Look for prices to fall below $600.0
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Pasadena Median Home Prices
$450,000
$500,000
$550,000
$600,000
$650,000
$700,000
$750,000
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
2004 2005 2006 2007 2008
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Pasadena Monthly Unit Home Sales
0
50
100
150
200
250Ja
n
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2004 2005 2006 2007 2008
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Summary & Outlook for the Pasadena Real Estate Market
-Declining interest rates as a result of Government takeover of FNMA/FHLMC will result in increased homebuyer activity
-Home sales (units & prices) have been trending down. This will continue until inventory levels come back in line. Inventory levels have dropped in the last few months
-Inventory stands at approximately 6.6 months supply of single family and about an 8.5 month supply on condo/townhomes, and remains high
-Next month, look for September home sales to show a big bump both locally and nationally. The reason is that sales in September ’07 were very weak. Sales are reported on a year on year basis
.