Market Update for Pasadena Condos and Townhouses as of 10/15/18.
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)
• 109 Condos & Townhouses available (18 new this week – 4 are in a development)
The 6 month numbers are as follows:
Average Sale Price: $730,018
Median Sale Price: $636,100
Average Days on Market: 40.18
Added Perspective: “They sky is falling, The sky is falling!!” is what is heard on "the street" in association with the real estate market, but like many hyped up situations, the data doesn’t actually reflect that at all, especially when it comes to Pasadena condos and townhouses. Since my last market report almost nothing has changed as it’s still a 2 months supply of units available (notice that it did not decrease either). This is consistent with my anecdotal experience that there are more condo buyers out there than condo sellers. The average unit price has increased by $30,000 since June but the median is practically unchanged, which might have to do with an increase in the high end sales prices paired with an increase in entry level volume. Additionally, 72% of all sales generated a sale price of at-or-above list, which is consistent with last month, however, only 1 of those sold in the last 30 days was over 10% above list, which, could possibly, in tandem with the “no-change” nature of some of the other data, indicate that things have stalled enough to eliminate an increase. We’ll just have to see whether this is a seasonal shift or a shift in the market, which likely would not manifest itself through data until January. So, clearly it can still be said that a well thought out strategic plan and approach is required in this market and, no, the “sky is falling” is not a reality.
Until next month, that’s the market update for Pasadena Condos and Townhouses as of 10/15/18!
FYI: If you would like to talk personally with me about the market or your specific situation, please call/text or email me anytime for further perspective or a consultation!