How's the market in Pasadena's "CalTech" Real Estate area week ending 3/27/11?
CalTech Area Real Estate is a Seller's Market. Here's why:
•· 2 months supply of homes trending
•· 5 Homes available (1 new)
The 6 month numbers are as follows:
Average Sale Price: $971,000
Median Sale Price: $962,500
Average Days on Market: 69
Average Sale Price to List Price Ratio: 95.02
Of Special Note this week: Of all the homes sold in the last 6 months, 1/2 of the lower 10 priced homes sold at least at 101.09 % of list price! This is very different for the higher priced homes that were trending in the mid to low 90% range, showing that the lower the price, the hotter the market! Also, the last week in general showed more activity, even as broad as Pasadena Real Estate in general. Anecdotally, there were a few homes that had been on the market for a while and then all of a sudden garnered multiple offers within days during this past week. An interesting trend? We'll have to see what happens this week!
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