by Kathy Gibson | Feb 10, 2016 | Buying, Market, Neighborhood, Selling
The median list price in Pasadena is currently $869,000. There are 231 residential homes (single family + condos, townhomes, lofts) currently for sale, and 148 properties in escrow. The volume of home sales continues to out-strip supply, which means we are definitely in a seller’s market. Median home prices have plateaued, and inventory is up slightly. Click here to see the report in its entirety. Report courtesy of Altos...
by Kathy Gibson | Feb 3, 2016 | Buying, Market, Neighborhood, Selling
The median list price in Pasadena this week is $888,500. Inventory is tightening and days-on-market is falling. But demand as measured by the Market Action Index is also trending down. The market is not giving strong up or down signals from these data. 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. Click here to see the report in its entirety. Report courtesy of Altos...
by Kathy Gibson | Jan 27, 2016 | Buying, Market, Open House, Selling, Uncategorized
The median price of a home in Pasadena this week is $714,995. 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 Market Action Index. If the market heats up, prices are likely to resume an upward climb. Inventory is tightening and days-on-market is falling. Click here to see the report in its entirety. Report courtesy of Altos...
by Kathy Gibson | Jan 15, 2016 | Buying, Market, Selling
C.A.R. releases its 2016 California Housing Market Forecast California home sales to increase slightly, while prices post slowest gain in five years LOS ANGELES (Oct. 8) – California’s housing market will continue to improve into 2016, but a shortage of homes on the market and a crimp in housing affordability also will persist, according to the CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) “2016 California Housing Market Forecast,” released today. The C.A.R. forecast sees an increase in existing home sales of 6.3 percent next year to reach 433,000 units, up from the projected 2015 sales figure of 407,500 homes sold. Sales in 2015 also will be up 6.3 percent from the 383,300 existing, single-family homes sold in 2014. “Solid job growth and favorable interest rates will drive a strong demand for housing next year,” said C.A.R. President Chris Kutzkey. “However, in regions where inventory is tight, such as the San Francisco Bay Area, sales growth could be limited by stiff market competition and diminishing housing affordability. On the other hand, demand in less expensive areas such as Solano County, the Central Valley, and Riverside/San Bernardino areas will remain strong thanks to solid job growth in warehousing, transportation, logistics, and manufacturing in these areas.” C.A.R.’s forecast projects growth in the U.S. Gross Domestic Product of 2.7 percent in 2016, after a projected gain of 2.4 percent in 2015. With nonfarm job growth of 2.3 percent in California, the state’s unemployment rate should decrease to 5.5 percent in 2016 from 6.3 percent in 2015 and 7.5 percent in 2014. The average for 30-year, fixed mortgage interest rates will rise only slightly to 4.5...