How's the market for Pasadena homes for sale in the CalTech Real Estate area week ending 11/6/11?
CalTech Area Real Estate is a Seller's Market. Here's why:
• 2 months supply of homes trending
• 6 Homes available (nothing new this week)
The 6 month numbers are as follows:
Average Sale Price: $789,272 (down about 75K from September)
Median Sale Price: $739,495
Average Days on Market: 69
Average Sale Price to List Price Ratio: 96.30
Of Special Note this week: I’ve received a few notes wondering where my column went, and well, I’ve been here, taking care of my clients. I’ve closed 5 transaction sides in the CalTech area over the last year, not including my clients in other areas and so whereas market updates are important, my clients are most important. Returning to the market, the numbers show a very strong seller’s market, however, anecdotally, buyers are very discriminating, which has kept prices capped, despite continued multiple offer situations. All the numbers are moving in a downward trend by just a bit, which could be seasonal, but may also be attributed to continuing uncertainty in the overall economy and the upcoming election cycle. The activity is still very strong and the demand is high as the number of days a home is now at only 69 days, but this is up significantly from the summer, even though the 5 homes in escrow sold within an average of 25 days. We continue to see supply drying up, which is also reflective of the overall Pasadena market including San Marino and South Pasadena! It is expected that seasonal slowing will show a continued slowing trend until early 2012.
And that’s the market for Pasadena homes for sale in the CalTech Area for the week ending 11/6/11!
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