How's the market in the Pasadena CalTech Real Estate area week ending 4/17/11?
CalTech Area Real Estate is a Seller's Market. Here's why:
• 2.6 months supply of homes trending (no change from last week)
• 8 Homes available (1 new one at over $6 Million!)
The 6 month numbers are as follows:
Average Sale Price: $972,941
Median Sale Price: $975,000
Average Days on Market: 66
Average Sale Price to List Price Ratio: 95.34
Of Special Note this week: A new construction home came on the market at over $6 million, which now makes 2 homes in the area over $6 million. It is a truly special neighborhood to potentially be commanding those types of prices, however, they are not sold yet and we'll have to wait and see what the market will bear. 1 property fell out of escrow this week, and a romantic Mediterranean fixer sold within 12 days! It's a fickle market, still with much activity as I had just shy of about 100 people at my open house on Rose Villa today. Let's see how this holiday week evolves to see if the activity continues.