by Kathy Gibson | Nov 18, 2024 | Buying, Home and Garden, Market, Neighborhood, Open House, Selling
Pasadena Real Estate Market Update: November 18, 2024The Pasadena housing market continues to favor sellers this week, with the median list price for a single family home holding steady at $1,823,500. The Market Action Index (MAI), which measures the balance between supply and demand, has slightly increased to 46, up from last month’s MAI of 45. This subtle shift reflects a strong seller’s market. Inventory UpdateThe number of homes available for sale has decreased to just 98, reinforcing the tight inventory conditions that have defined Pasadena’s real estate market recently. With demand outpacing supply, sellers remain in a strong position, but the market appears to have reached a relative equilibrium between sales and inventory. What Does This Mean for Buyers and Sellers?– For Sellers: Low inventory and sustained demand mean this is a great time to list your property. With the MAI firmly in seller’s market territory, competitive offers and favorable terms are more likely. – For Buyers: While competition remains high, market stasis could provide an opportunity to negotiate, especially if you’re ready to act quickly. Staying aware of new listings is key as inventory levels remain tight. What to WatchIf the market heats up further, with either a reduction in inventory or an increase in buyer activity, we may see prices begin to climb again. Keeping an eye on the Market Action Index will provide valuable insights into whether conditions are shifting more in favor of buyers or sellers. ConclusionPasadena’s real estate market remains robust, driven by limited inventory and steady demand. Whether you’re considering buying or selling, understanding the dynamics of the local market is essential...
by Kathy Gibson | Nov 4, 2024 | Buying, Market, Neighborhood, Selling
Pasadena, CA Mon Nov 04 2024 This week the median list price for a single family home in Pasadena, CA is $1,804,500 with the market action index hovering around 46. This is an increase over last month’s market action index of 45. Inventory has held steady at or around 98. Market Narrative In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is sufficiently low to keep us in the Seller’s Market zone so watch changes in the MAI. If the market heats up, prices are likely to resume an upward...