How's the market in the Pasadena CalTech Real Estate area week ending 7/17/11?
CalTech Area Real Estate is a Seller's Market. Here's why:
• 2 months supply of homes trending
• 10 Homes available (1 new this week)
The 6 month numbers are as follows, and are unchanged from previous week:
Average Sale Price: $958,607 (down about 50K from a month ago)
Median Sale Price: $962,500
Average Days on Market: 66
Average Sale Price to List Price Ratio: 96.55
Of Special Note this week: The CalTech neighborhood real estate has continued to be challenged by the active buyers that are out there, and although there appear to be plenty of buyers out there, they are tougher on price. Two of the three homes that went into escrow over the last 10 days were my clients, both of which were multiple offer situations, although one had activity generated by a price reduction. This points to the active buyer market for the area, however, despite there being a low inventory and it mathematically being a seller's market, the buyers seems to be wielding much of the control on price. So although the 1 new home on the market did keep the inventory in the double digits, that inventory seems to be mostly on the higher priced side of the market reflecting lesser activity at that price point. The one closing this past week was at $634,000 and sold just above asking price. Buyers looking for value appear to be the main segment of the purchasers at the moment, and although CalTech is a special area that frequently defies broader market trends, it does not appear to be so in this short moment in time.
And that's the market for CalTech Area Real Estate for the week ending 7/17/11
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