pasadena homes august sales report

up2daterealestate.com

up2date Real Estate Market Report for Pasadena

-August Home Sales

-Single Family

-Townhomes & Condominiums

-Graphs

-Analysis


Single Family Homes

Median Price

2008 $650,000

2007 $805,000

% Change (19%) This is a large decrease for one month


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


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

up2date

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


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


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


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


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

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Dec

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Aug

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Feb

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Aug

2004 2005 2006 2007 2008


Pasadena Monthly Unit Home Sales

0

50

100

150

200

250Ja

n

Feb

Mar

Apr

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2004 2005 2006 2007 2008


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

.