July was a strange month for Pasadena real estate. The reason....Sales of townhomes and condominiums outpaced sales of single family homes. Rarely does this occur.
The market for townhomes and condominiums continues to prosper as new construction offers Buyers either the amenities or lifestyle they cannot find in a comparably priced home.
The median price of a townhome/condo was $575,000 compared to $850,000 for a single family. As recently reported, there is a weakness in the market for single family homes priced below $625,000, however this market represents 70% of all the condo/townhomes sold in Pasadena for the month of July.
In other areas the days on market showed an increase from 46 days on July ‘06 compared to 59 days in July ‘07.Sellers also had to be more aggressive in July. Sales prices represented only 94.9% of their asking prices, indicating that the unit priced at $500,000, closed escrow at $474,450.
There are about 250 units for sale in Pasadena indicating about a five month supply of inventory.
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