find a home in pasadena: How Does Pasadena Compare With National Real Estate Trends?
- 05/29/08 12:44 PM
National housing is down 14% . . . how does Pasadena fare? Here's the data for zip code 91107: Wow! There were 63% fewer closed real estate transactions in March of 2008, than March of 2007! Holy cow! That's quite a lot, isn't it? But the interesting thing to note is that prices were UP, not DOWN!!! Average home sales were up 9%, and the median home price was up 5%. OK, so you had to wait a little longer (63 average DOM), but prices are still going UP instead of DOWN. Just fewer people are risking it, I guess. Priced (2 comments)
As you can see from the above market statistics, home sales have slowed considerably since March of last year . . . the number of closed sales is just over half. Prices are holding fairly well, though, (down about 4%) but you have to be willing to wait a little longer to close escrow. Still, 63 days on market isn't bad, considering that the national numbers are showing 10 months of inventory (meaning, the average time it takes to sell a home is 10 months). Fewer sales are occurring, but they are occurring, and the sellers that are willing to (0 comments)
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