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)
• 103 Condos & Townhouses available (12 new this week)
The 6 month numbers are as follows:
Average Sale Price: $772,229
Median Sale Price: $650,000
Average Days on Market: 39.01
Added Perspective: As we slide into the holiday season that is upon us, the Pasadena Condo market does not seem to be going anywhere dramatically either up or down. With an almost unchanged inventory number, it appears that there are still more buyers than sellers at this point and, for sellers, pricing is still vitally important. This importance of pricing is shown by the numbers of available units which have experienced a price reduction……over 25%!!! So, although there are more buyers than sellers, those wanting to sell must be realistic about their list price or those multiple buyers will reject the property and move on. The other element at play in the market is the impact of the significant quantity of ultra luxury new construction units that are becoming available, and selling! Of the units sold over the last 6 months, 46 were units sold over $1,000,000, most of which were in the new construction developments on the former Ambassador College campus and the Town & Country Day School campus. Does this skew the numbers? Perhaps, but we’ll have to wait for another 6 months or more to see how much these units impacted the market. One final key factor to note is that the average Days on Market for available properties is 62, while the units sold Days On Market is much lower at 39. Could this portend a slowing market? Let’s see where things sit a month from now, and in the meantime, Enjoy your Holidays!!
Until then, that’s the market update for Pasadena Condos and Townhouses for the week of 11/16/18!