Market Update for Pasadena’s CalTech Neighborhood for week ending 11/13/11?

CalTech Area Real Estate is a Seller's Market. Here's why:

•     2.3 months supply of homes trending

•     7 Homes available (1 new this week)

The 6 month numbers are as follows:

AverageSalePrice: $789,272

MedianSalePrice: $739,495

Average Days on Market: 69

AverageSalePrice to List Price Ratio: 96.30

Of Special Note this week:  A property that was just newly purchased this past September is becoming available again next week by it’s new owner, an online entrepreneur. This follows another on Rose Villa that was new this past week, so we are seeing a short term pick up in activity as we approach Thanksgiving. With currently 5 in escrow, 3 of which are scheduled to close this coming week, a shift towards a slight slowing in the micro-market will become apparent.  This will further the recent trend noted for the area, which is most likely holiday related. We’ll have to wait a week to see what all of next weeks potential activity means for the numbers in the short run, however, the holidays should show a typical slowing trend to last through the middle of January 2012.

And that’s the market for CalTech Neighborhood Real Estate for the week ending 11/13/11!