Pasadena Real Estate Snapshot January 2007

We've been covering Southern California for a while now, but I don't comment on the markets down there nearly enough. So here's some info on the current Pasadena housing market. (Note the charts on our free housing market research page use 90-day rolling averages, so their trendlines will differ somewhat from this week's numbers I cite below.)

Median home price in Pasadena has held flat around $800,000 since last summer. While days on market is climbing like everywhere else in the country (almost 11 weeks!), there's still some amount of action, especially at the low end of the market.

Pasadena housing market snapshot January 16, 2006

Where are the trends pointing? Well available inventory is about to begin is seasonal climb. And while I find that days-on-market statistic a bit troublesome, this is always the time of year when the old stuff sits around.

Pasadena Homes for sale by price quartile January 16, 2007

The high-end of the Pasadena market, nice (though a bit aged) $2 million homes on big lots, are getting a bit stale at 12 weeks on the market. This condition is probably making some sellers nervous. If you're a buyer and not worried about a bubble burst in the next six months, you can probably find some people willing to deal!

The trends are amplified in the Central part of town where the 91106 zip code generally has the ritziest properties. Average time on market for the great spreads in the $5 million range is pushing half a year. If you need 8 beds and 8 baths just north of LA, have I got a deal for you!