CalTech Area Real Estate is a Seller's Market. Here's why:
• 0 WEEKS supply of homes trending (NO HOMES FOR SALE!)
• 0 Home available (0 new this week)
The 6 month numbers are as follows:
Average Sale Price: $1,378,429
Median Sale Price: $1,320,000
Average Days on Market: 42
Average Sale Price to List Price Ratio: 105.80%
Of Special Note this week: AGAIN – NO HOMES FOR SALE! This is truly a seller’s market, and with prices up already so much this year (Average up over $300,000 since March!), it’s a fantastic time for a seller in the CalTech area to put their home on the market. Over the past month, only 2 houses have become available and both sold quickly even though one was over $4 million! Ten out of the 14 sold within the last 6 months sold at or above list, with one selling at 38% over list price (agreeably an anomaly). Remarkably so, only 5 of the last 6 months sales sold in less than a month, which could indicate a buyer cautiousness that seems to be appearing in many areas of the West San Gabriel Valley – multiple buyer’s wait to see what will happen to a property and then all “pounce” at the same time, creating a bid up situation. This 0 inventory is not unprecedented over the last 18 months, but it is unusual within the general setting of real estate, and it just underscores the desirability of the CalTech Area within Pasadena. As we begin to move into the traditionally slow holiday period, let’s see if this severe lack of inventory continues.
And that’s the market for Pasadena’s CalTech Area Homes for Sale for the week ending 9/27/14!
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