Market Update for Pasadena Condos and Townhousesfor week ending 6/11/18.
The Pasadena Condo market is a Seller's Market. Here's why:
• 2.0 months supply of condos trending (6 Months is a balanced market)
• 95 Condos & Townhouses available (26 new this week)
The 6 month numbers are as follows:
Average Sale Price: $702,382
Median Sale Price: $632,000
Average Days on Market: 44.13
Of Note this week: With the median list price of a currently available single family home in Pasadena at about $1,450,000 and only 14 out of 176 of those homes listed at under $700,000, Condos and Townhouses are one of the ways to get a foot in the real estate door of Pasadena these days. While inventory is low for even condos and townhouses, it is possible to find something under $500,000 if Pasadena is truly your destination of choice. Sale prices recently ranged from $338,000 to the high of $2,450,000 for an ultra luxury unit. It is a brisk market though as about 72% of the recent sales were at or over list price, and 65% of them sold in less than 30 days! Some of those were indeed in the new construction at the site of the former Town & Country School, but that still only accounted for about 18 of the 283 sales over the last 6 months. At an average of about $536 per square foot, condo and townhouse buyers in Pasadena are indeed looking at quite a bargain compared to the $665 per square foot for a single family home (with some reaching as high as $1,000 per square foot or more!). When considering a condo or a townhouse in Pasadena, there are quite a few factors to consider due to the variety of styles and ages, so if this is something you are in the market for, consulting your Realtor would be highly recommended. If you are indeed looking in Pasadena and would like to find out what strategies have worked for my buyers in a competitive market, please call me at 626-533-3929 to schedule a time for a complimentary review of your situation. See me here in 30 days for another update on the Pasadena Condo and Townhouse market.
Until then, that’s the market update for Pasadena Condos and Townhouses for the week of 6/11/18!
*If your interested: Currently Available Condos and Townhouses in Pasadena