An analysis of the Pasadena Housing Market indicates that the market has slowed and the word "patience" has kept back into home sellers' vocabulary. However, Chicken Little is nowhere in sight.
This analysis looked at Single Family Residences' from January to June. Sales compiled from 400 + transactions indicate that the market is not moving forward or backward but holding steady in terms of pricing. The median price continues to be $750,000, which is the median price we recorded for the same period last year. Considering the overall state of the national housing market, I think Pasadena has performed very well. To be even with last years numbers speaks well to the local economy.
In terms of the number of houses that are selling, fewer are being sold this year vs. last and they are taking longer to sell.
The other factor looked at was what percent of Sale Price was achieved when compared to List Price. As you can see from the graphic below, the data indicated that sellers are accepting less than asking price. This corresponds with the increased times seen with "days on market". As a house takes longer to sell, sellers are realizing they must be more competitive on price, and are accepting price reductions.
Actually, the June Sales results almost mirror what we are seeing on a six month basis. The next few months should show if this becomes a trend.
In the next article, we will examine the Condominium and Town Home market and see how it compares with the sales of Single Family homes.
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