Market Update for Pasadena’s CalTech Area Homes for sale for week ending 7/2/18
CalTech Area Real Estate is a Seller's Market. Here's why:
• 2 Months supply of homes trending
• 5 Home available (0 new this week)
The 6 month numbers are as follows:
Average Sale Price: $1,226,230
Median Sale Price: $1,175,000
Average Days on Market: 41
Average Sale Price to List Price Ratio: 108.75%
Of Special Note this week: I was witness to a conversation by some Westside (West Los Angeles/Beverly Hills) agents the other day who noted that they are seeing as much as 7 months of inventory on the market in their area, which is similar to what we see here in San Marino. The slower market in some areas cannot be compared to the CalTech area, where, reflecting historical data, for example, it is really very strong with only 5 homes on the market with 2 months of supply!! Furthermore, only 3 out of 13 homes sold in the last 6 months have sold for less than full price, and 3 others were wildly over list (119.74%, 130.78% and 140.21%). With Days on Market at only 41, and slightly more than half have sold in 23 days or less, CalTech homes are clearly still very much in demand. With 5 more in escrow, the market is showing no signs of slowing here! As more areas begin to see a typical mid to late summer easing of pace, check back here in about a month or so for my next CalTech market report to see if things have changed.
And that’s the market for Pasadena’s CalTech Area Homes for Sale for the week ending 7/2/18!