Market Update for Pasadena’s CalTech Area Homes for sale for week ending 11/16/14?
CalTech Area Real Estate is a Seller's Market. Here's why:
• 2 WEEKS supply of homes trending
• 1 Home available (0 new this week)
The 6 month numbers are as follows:
Average Sale Price: $1,726,103
Median Sale Price: $1,387,500
Average Days on Market: 48
Average Sale Price to List Price Ratio: 100.43%
Of Special Note this week: Seller’s Market continues unabated! One would think we’d get sick of same thing CalTech Area, but seller’s love it! Two recent homes on the market sold with many, many offers, including one that needed significant work. Plus, only 2 closed sales in the last 60 days, which may make it difficult for appraisers. 7 of the last 10 sold at or above list price, however, only 2 sold in less than a month, which may be a reflection of the overall easing of the market seen all over the West San Gabriel Valley. There are currently 4 properties in escrow, although one of those is a short sale caught up in bankruptcy court since April. Two of those went into escrow in the last week, both having been on the market for less than a month each. The biggest impediment to more sales appears to be homeowners unwilling to sell! As we now start to drop down into the holiday season, this trend should not be expected to change and we may be looking at mid-January before anything really changes.
And that’s the market for Pasadena’s CalTech Area Homes for Sale for the week ending 11/16/14!
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