Market Update for Pasadena Condos and Townhouses for week ending 9/22/18.
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)
• 105 Condos & Townhouses available (9 new this week)
The 6 month numbers are as follows:
Average Sale Price: $715,856
Median Sale Price: $636,000
Average Days on Market: 40.90
Of Note this week: With a growing discussion of a shifting real estate market abounding within both social circles and the press, it might seem that the condo/townhouse market in Pasadena would be impacted as well. This is especially true if one is to believe the old adage that condos do not appreciate or are not “good buys”, however, a quick review of the Pasadena market numbers tell a different story. With only 2 months supply, there are still clearly more condo buyers out there than condo sellers, and price increases since June (seen here) of this year confirm this. With an average sale price increase of about $15,000 and an average days on market decrease of 4 days, it appears this so-called “Market Shift” being discussed has not impacted the Pasadena condo/townhouse market yet! In fact, 72% of all sales generated a sale price of at or above list, with 2 of those sales hitting the over 20% mark. Perhaps the entry level nature of this segment is to blame, but with the average single family home price in Pasadena at just over $1.3 million and the average dollar per square foot at $606, a condo in the $700k range for about $540 per square foot might be more obtainable, or desireable, for the Pasadena first time buyer. Clearly, a well thought out strategic plan and approach is still required in this market. 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. As a Certified Condominium Specialist, I can help with the understanding of the many facets of buying or selling a condominium or townhouse. 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 9/22/18!
*Click here to see Currently Available Condos and Townhouses in Pasadena