by Kathy Gibson | Apr 2, 2024 | Buying, Market, Neighborhood, Open House, Selling
The economy is showing solid first-quarter growth, boosting consumer confidence in their financial well-being. However, resilient consumer spending is preventing a decrease in inflation, posing a challenge for the Fed in lowering interest rates. The central bank is still expected to cut rates by 75 bps this year, with the first cut anticipated in June. If this prediction holds true, rates should start declining more sustainably in May, potentially benefiting the spring home buying season. Pasadena, CA Tue Apr 02 2024 This week the median list price for a single family home in Pasadena, CA is $1,980,000 with the market action index (MAI) hovering around 52. This is less than last month’s market action index of 55. Inventory has held steady at or around 63. The market remains in a relative stasis in terms of sales to inventory and prices have been relatively stable for a few weeks. 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 climb. ...
by Kathy Gibson | Mar 25, 2024 | Buying, Home and Garden, Market, Open House, Selling
Consumers have been feeling positive about buying and selling since the start of the year, and the latest housing market report released by the California Association of Realtors reflected the improvement in optimism. Both supply and demand increased in February and the competitiveness of the market appeared to be heating up as we entered the spring homebuying season. Pasadena, CA Mon Mar 25 2024 This week the median list price for a single family home in Pasadena, CA increased to $1,950,000 with the market action index hovering around 52. This is less than last month’s market action index of 53. Inventory has decreased to 65. While the Market Action Index shows some strengthening in the last few weeks, prices have settled in a bit of a plateau. We are currently in a Seller’s market so prices will likely resume their climb should this trend...
by Kathy Gibson | Mar 18, 2024 | Buying, Home and Garden, Market, Neighborhood, Open House, Selling
The housing market continues to show promising signs of a better spring homebuying season that we saw last year. Both closed and pending sales appear to have risen again in February and all signs point to a market that is heating up as days on market falls, the percentage of sellers discounting to attract buyers falls, and the percentage of home closing above list price rises. Pasadena, CA Mon Mar 18 2024 This week the median list price for a single family home in Pasadena, CA is $1,881,499 with the market action index hovering around 54. This is an increase over last month’s market action index of 49. Inventory has held steady at or around 70. Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues....
by Kathy Gibson | Mar 4, 2024 | Buying, Market, Neighborhood, Open House, Selling
After a promising start in January due to a decrease in rates, the housing market has shown some fluctuations with a recent decrease in pending sales. This suggests that the rebound may not be entirely smooth. However, there are positive signs that buyers are adapting to more typical rates compared to those experienced during the pandemic. Key market indicators point to a growing competitiveness as we approach the Spring home buying season. Pasadena, CA Mon Mar 04 2024 This week the median list price for a single family home in Pasadena, CA is $1,689,000 with the market action index hovering around 53. This is an increase over last month’s market action index of 51. Inventory has decreased to 64. Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend...
by Kathy Gibson | Feb 26, 2024 | Buying, Market, Neighborhood, Open House, Selling
Pasadena, CA Mon Feb 26 2024 This week the median list price for a single family home in Pasadena, CA is $1,678,500 with the market action index hovering around 49. This is less than last month’s market action index of 51. Inventory has held steady at or around 76. The market has been cooling over time and prices have recently flattened. Despite the consistent decrease in Market Action Index (MAI), we’re in a Seller’s Market (where significant demand leaves little inventory available). If the MAI begins to climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on...
by Kathy Gibson | Feb 12, 2024 | Buying, Market, Open House, Selling
Pasadena, CA Mon Feb 12 2024 This week the median list price for a single family home in Pasadena, CA is $1,720,000 with the market action index hovering around 51. This is less than last month’s market action index of 52. Inventory has increased to 69. The Federal Reserve decided to keep interest rates steady at their recent meeting. They indicated that they will closely watch for signs of improving inflation before considering any cuts. However, better-than-expected employment figures for January caused 10-year Treasury prices to drop, leading to an increase in bond and mortgage rates last week. This suggests that the expected rate cuts may not happen as quickly as anticipated. Despite this, weekly pending sales numbers reveal that consumers are making the most of the recent rate relief we experienced last month. As we head into the spring home buying season, we could see a rise in closed sales in the coming...