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August 5 2022 Market Report

August 5 2022 Market Report

by | Aug 5, 2022 | Uncategorized

Pasadena, CA Fri Aug 05 2022 This week the median list price for Pasadena, CA is $1,499,500 with the market action index hovering around 53. This is less than last month’s market action index of 59. Inventory has increased to 136. The market has been cooling off a bit in recent weeks, as more homes are available and demand is less. We’re already seeing prices move lower as a result. Expect this trend to continue especially if the index falls to the Buyer’s zone. Watch for a persistent up-turn in Market Action to signal prices rising again. Altadena, CA Fri Aug 05 2022 This week the median list price for Altadena, CA 91001 is $1,174,000 with the market action index hovering around 77. This is less than last month’s market action index of 83. Inventory has decreased to 32. The market has been cooling over time and prices plateaued for a while. Despite the consistent decrease in market action index (MAI), we’re in the Seller’s zone. Watch for changes in MAI. If the MAI resumes its climb, prices will likely follow suit. If the MAI drops consistently or falls into the Buyer’s zone, watch for downward pressure on...

Market Report for Altadena and Pasadena | July 28

by | Jul 28, 2021 | Market

Here is a Market Report for Altadena and Pasadena for the week of 7/28. Altadena This week the median list price for Altadena, CA 91001 is $1,099,000 with the market action index hovering around 75. This is less than last month’s market action index of 77. Inventory has decreased to 29. 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 prices. Click here to view a detailed report. Pasadena This week the median list price for Pasadena, CA 91106 is $2,348,800 with the market action index hovering around 47. This is less than last month’s market action index of 49. Inventory has increased to 23. Home sales have been exceeding new inventory for several weeks. However prices have not yet stopped falling. Since the market is already in the Seller’s zone, expect prices to level off very soon. Should the sales trend continue expect that prices could climb from there. Click here to view a detailed...

2020 Market Predictions

by | Feb 3, 2020 | Uncategorized

Housing Market 2020 Predictions After a cooling-off period in 2019, home prices regained momentum and are expected to further increase in 2020. How much? A cohort of economists at the National Association of Realtors Forecast Summit predicts a 3.6 percent rise; ULI predicts 2.5 percent, Zillow estimates 2.8 percent and Realtor.com 0.8 percent. The California Association of Realtors (CAR) believes the median home price in California likely will increase by 2.5% to $607,900 in 2020, slowing from a projected 4.1% annual gain in 2019. The group predicts sales of existing single-family homes will increase 0.8% in 2020 to reach 393,500. While low mortgage rates make it easier for buyers to afford homes, this is being offset by the possibility of an economic contraction due to international trade concerns, said Jared Martin, president of CAR. “Buyers have more purchasing power than in years past, but they may be reluctant to get off the sidelines because of economic and market uncertainties.” “California’s housing market will be challenged by changing migration patterns as buyers search for more affordable housing markets, particularly by first-time buyers, who are the hardest hit, moving out of state,” said CAR Senior Vice President and Chief Economist Leslie Appleton-Young. “With California’s job and population growth rates tapering, the state’s affordability crisis is having a negative impact on the state economically as we lose the workers we need most such as service and construction workers, and teachers.” What are the experts saying? “Housing remains a solid foundation for the U.S. economy going into 2020. Although economic output is expected to soften—influenced by clouds of uncertainty in the global outlook,...