How's the market in Pasadena's San Rafael Hills Real Estate area week ending 6/26/11?
San Rafael Hills Real Estate is a Balanced Market. Here's why:
• 6 months supply of homes trending
• 15 Homes available (3 New this week)
The 6 month numbers are as follows:
Average Sale Price: $816,133
Median Sale Price: $825,000
Average Days on Market: 75
Average Sale Price to List Price Ratio: 98.66
Of Special Note this week: If 2 weeks makes a trend, and that's debatable, then we are seeing some market slowing. Despite today's national news about prices going up, which are actually a measurement from March to April & are "old" in the context of this column, prices seem to have dipped a bit from the previous week. Days on Market dramatically shortened due to the 3 properties closing this week each having very short on market times (1 was 11 days!). What makes this trend notable, and paradoxical, is that the last 3 homes to close escrow all sold over list, not by much, but still over, which indicates multiple offer situations. Now there's a lot of inventory and not an equal demand to keep things going briskly. Buyers may begin to see some more value in play if this trend continues, however, in this short range, I don't think seller's will want to sell low just yet as it will take some time for these numbers to percolate into the mainstream market and a true downward trend to be realized.
That's the market in Pasadena's San Rafael Hills Real Estate area week ending 6/26/11
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