Market Update for the Northwest Pasadena area for week ending 2/24/17.
Northwest Pasadena is a Seller's Market. Here's why:
• 2.3 months supply of homes trending (6 Months is a balanced market)
• 28 Home available (4 new this week)
The 6 month numbers are as follows:
Average Sale Price: $661,976
Median Sale Price: $615,000
Average Days on Market: 51
Average Sale Price to List Price Ratio: 99.47%
Of Special Note this week: The Seller’s Market in Northwest Pasadena continues, however, not at the same rate as surrounding communities of La Canada and South Pasadena. About 40% of the homes sold in fewer than 30 days, and about 60% sold at or above list, which is a slower market than La Canada or South Pasadena, but those are also very different marketplaces. This shows that Northwest Pasadena, while still a seller’s market, is a good value and is a good way for buyers to get into a home very near these highly desirable communities at a lower price and with less competition from other buyers. There were only 4 new properties this week and nothing closed escrow, which points to the lack of inventory driving down completed sales numbers that are being seen nationally as well. It’s still a brisk market, but it does provide some opportunities in comparison to the 2 adjacent communities that are so very much in demand. If you are interested in finding out what your home might sell for, or would like to find what strategies work for buyers in a competitive market, please call me at 626-533-3929 for an appointment to review your situation.
And that’s the market update for Northwest Pasadena Real Estate for the week ending 2/24/17!