Market Update for Pasadena's CalTech Area Homes for Sale, week 11/2/15

Real Estate Agent with Coldwell Banker Residential Brokerage CalBRE#01512696

Market Update for Pasadena’s CalTech Area Homes for sale for week ending 11/2/15

CalTech Area Real Estate is a Seller's Market. Here's why:

•     2 Months supply of homes trending

•     5 Home available (0 new this week)

The 6 month numbers are as follows:

Average Sale Price: $1,197,125

Median Sale Price: $1,052,500

Average Days on Market: 43

Average Sale Price to List Price Ratio: 103.17%

Of Special Note this week:  A dramatic slide in the market since one year ago, however, that’s relative to a balanced market which the CalTech area is still not anywhere near yet. CalTech has ALWAYS been desirable and continues to be so as the fall market settles in with its 2 months of supply.  All other numbers really reflect the exclusiveness of this area: only 5 of 16 sales in the last 6 months were under list price and ½ sold in less than a month.  Most homes on the market now have been available for more than 2 months but 3 of the 4 that are in escrow entered that process within the last 2 weeks so there appears to have been an early fall jump in activity.  Only 1 property closed escrow in October while only 2 in September. The market has slide off the craziness of the summer, which is to be expected but an area like CalTech will continue to command strong prices due to the low turnover of the current owners. If you are interested in finding out what your home might sell for, or would like to find out how I work in helping buyers get into a competitive market like CalTech, call me at 626-533-3929 for an appointment to review your situation.  

And that’s the market for Pasadena’s CalTech Area Homes for Sale for the week ending 11/2/15!

Posted by

Lee Bothast, CRS, CCS, CN

2nd Generation Pasadena Area Realtor

International President's Circle, 2017

Coldwell Banker Residential Brokerage

626.533.3929 cel

CalBRE# 01512696