I understand that real estate statistics are not the most exciting read for most.  However, I think this year in Pasadena’s real estate market was a game changer.  We can safely declare, that yes… Pasadena real estate home prices have hit bottom!  And… the home buyers are beginning to fight over homes yet again with the evidence being multiple offers on most properties listed for sale.

Read More:  Interested in seeing which homes are for sale in Pasadena?

So what was driving Pasadena home sales this year?

The obvious answer is low interest rates and lower home prices.

However, what I hear from my home buyers is that they’re looking for a lifestyle that Pasadena can offer them.  That lifestyle includes neighborhoods with some of the best public school districts in California, museums, restaurants, exclusive boutiques… well… I digress.  This is about home sale statistics.  So… here goes:

It’s always fun to start with luxury home sales and there were five estate sales in Pasadena over $5 million in 2012.

1. Highest Sold Property – $8,850,000 – 295 North San Rafael
2. Followed by CalTech and South Lake Adjacent – $6,000,0000 – 1556 Lombardy Road
3. 1200 Arroyo Blvd is in #3 at $5,850,000 – over 3 acres of land
4. South Oak Knoll neighborhood came in as #4 with 1270 Hillcrest closing escrow at $5,550,000
5. 488 S San Rafael is the last over $5 million dollar sale of the year sold at $5,330,000

2012 Pasadena Home Sales – Single Family

Of course, Pasadena has its share of affordable homes and on average, a home-buyer had to spend close to $700,000 to get an 1,800 sq. ft home with 3 bedrooms and 2 baths.  Here’s an overview with a comparison to the year before.

	2012	2011
# of Homes Sold Total	968	849
% of Distressed Sales	21.2%	22.7%
– – – # of Short Sales	121	101
– – – # of Foreclosure Sales	84	92
Average Sales Price	$690,591	$744,387
Average Price Per Sq. Ft.	$370	$374

Game changer this year?  Lack of inventory towards the end of the year in particular.  Look at the below chart:

• Number of Single Family Homes for Sale has been decreasing each month, especially evident towards the end of the year.
• Number of Single Family Homes that close escrow and sell have been increasing – clear sign of demand.

We are quickly moving into a sellers’ market in Pasadena.

2012 Pasadena Home Sales – Condos and Townhouses

	2012	2011
# of Homes Sold Total	507	456
% of Distressed Sales	24.2%	27.2%
– – – # of Short Sales	82	67
– – – # of Foreclosure Sales	41	57
Average Sales Price	$449,197	$433,037
Average Price Per Sq. Ft.	$334	$326

• Almost 1 in 4 Pasadena condo sales were distressed properties.
• Prices are moving up and inventories are moving down.
• Condos and townhouses are selling pretty close to asking, on average at 99% of list price.
• Pasadena is not known for much new construction and only 12 newly built units were sold in 2012.

 

Highest Priced Condo Sales in 2012

1. 354 East Colorado Blvd #204 sold for $2,500,000 – cash sale – The Montana.
2. 354 East Colorado Blvd #202 sold for $2,100,000 – cash sale – The Montana.
3. 633 South Lake #7 sold for $1,395,000 – cash sale- Sabine on South Lake.
4. 155 Cordova #506 sold for $1,359,999 – cash sale- Bella Terra.
5. 155 Cordova #406 sold for $1,350,000 – cash sale – Bella Terra

Conclusion:

• We are in a home seller market in Pasadena.
• No need to wait for the Pasadena housing recovery.  It’s here right now!

I will be publishing a more detailed analysis by Pasadena neighborhood and also for surrounding communities, time permitting.  Let me know if you have any questions that you’d like me to address in the future posts.  You can email them to me here.

Pasadena home sales data courtesy of ITEC and Pasadena Foothill Association of Realtors and TrendGraphix.

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Thinking of selling your Pasadena area home? Interested in finding out the current market value of your single family home, condo or investment property? Then call Irina Netchaev at (626) 629-8439 to discuss what is happening in today’s Pasadena Real Estate Market.