by Kathy Gibson | Mar 11, 2024 | Buying, Home and Garden, Market, Neighborhood, Selling
Pasadena, CA Mon Mar 11 2024 This week the median list price for a single family home in Pasadena, CA is $1,765,000 with the market action index hovering around 55. This is an increase over last month’s market action index of 51. Inventory has decreased to 59. 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 | Jan 29, 2024 | Buying, Home and Garden, Market, Neighborhood, Selling
In 2023, the housing market faced challenges due to low supply and high borrowing costs. However, with easing inflation and a soft economic outlook, interest rate cuts are expected in 2024, which could lead to a housing market recovery. As rates declined to a 7-month low, Americans are feeling more positive, and an increase in market activity is anticipated. Home prices are expected to continue rising due to tight supply, with a mid-single-digit year-over-year growth rate in the statewide median price projected for early 2024. Pasadena, CA Mon Jan 29 2024 This week the median list price for a single family home in Pasadena, CA is $1,699,000 with the market action index hovering around 51. This is less than last month’s market action index of 53. Inventory has increased to 75. 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...
by Kathy Gibson | Oct 9, 2023 | Market, Neighborhood
Pasadena, CA Mon Oct 09 2023 This week the median list price for a single family home in Pasadena, CA is $1,600,000 with the market action index (MAI) hovering around 53. This is less than last month’s market action index of 54. Inventory has increased to 93. The market has started cooling and prices have been flat for several weeks. Since 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...
by Kathy Gibson | Oct 2, 2023 | Uncategorized
Pasadena, CA Mon Oct 02 2023 This week the median list price for a single family home in Pasadena, CA is $1,600,000 with the market action index hovering around 53. This is less than last month’s market action index (MAI) of 55. Inventory has increased to 91. The market has started cooling and prices have been flat for several weeks. Since 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 prices....
by Kathy Gibson | May 15, 2023 | Buying, Market, Neighborhood, Open House, Selling
Recently the Fed enacted its 10th rate hike in its battle against inflation. They hinted that it may be the last but reiterated that much depends on incoming data as uncertainty on the health of the banking system and the overall economy amounts. Despite recent challenges, the labor market remains solid and added more jobs than expected. However, fewer job openings suggest that the 2-year labor shortage is beginning to normalize. Total construction spending increased, though single-family outlays continued to weigh on residential spending, which dipped for the tenth month in a row. Fortunately, California’s population decline slowed last year as births stabilized, deaths decreased, and foreign immigration rebounded. Pasadena, CA Mon May 15 2023 This week the median list price for a single family home in Pasadena, CA is $1,612,500 with the market action index hovering around 50. This is about the same as last month’s market action index of 50. Inventory has held steady at or around 82. The market continues to get hotter. More sales demand and fewer homes listed have contributed to a relatively long run of increasing prices. Current supply and demand levels show no sign of prices changing from their current trend. South Pasadena, CA Mon May 15 2023 This week the median list price for a single family home in South Pasadena, CA is $1,974,500 with the market action index hovering around 60. This is less than last month’s market action index of 62. Inventory has increased to 12. 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...