The Pasadena real estate market is currently showing strong indicators of a seller’s market, with a low months supply of inventory at 1.77 for detached single family homes. This means that there are fewer homes available for sale compared to the demand from buyers, leading to increased competition and potentially higher selling prices.
The 12-month change in months of inventory at -11.94% further supports the idea of a seller’s market, as the supply of homes has decreased over the past year. This trend indicates that buyers may have fewer options to choose from and may need to act quickly when a desirable property becomes available.
The median days homes have been on the Pasadena real estate market is 17 (DOM). This is a relatively short time frame, suggesting that properties are selling quickly in this market. This could be attributed to high demand from buyers, as well as competitive pricing strategies from sellers.
The list to sold price percentage at 106.6% indicates that homes are typically selling for above their listing price. This may be due to multiple offers on properties, bidding wars, or strong negotiating skills from sellers.
Lastly, the median sold price of $1,557,500 reflects the current market conditions and the high demand for real estate in this area. Sellers may be able to capitalize on this trend by pricing their properties competitively and strategically.
Overall, these metrics paint a picture of a thriving real estate market with strong demand from buyers and limited inventory. Sellers may have the upper hand in negotiations, while buyers may need to act quickly and be prepared to make competitive offers in order to secure their desired property.
