Housing inventory is down and prices are up in Pasadena!
Hi, it’s Eva Lin, #1 Realtor for Pasadena homes sold in 2021 & 2022.
Today I’m sharing the latest sales data along with…
…my personal insights, having already helped several dozen local families this year.
The first thing to know is that our local real estate market has been very slow.
📉 Compared to the last couple of years, far fewer homes are going up for sale…
…and far fewer sales are happening.
For context, just 46 single family homes sold in Pasadena last month.
However, in August of last year, 69 houses sold.
That’s a 33% drop, year over year.
If we look at the number of houses going up for sale, last month brought 58 new listings.
But in August of 2022, there were 90 new listings.
😲 That’s a 35% drop!
And as far as overall housing inventory goes…
…we’re seeing a 34% decline compared to last year.
This is creating a tough environment for home buyers.
Today’s buyer is facing (1) low inventory AND (2) higher interest rates.
Even with interest rates around 7%, the competition remains stiff because…
…there just aren’t enough houses available to meet buyer demand.
♟️ That’s why it’s critical for home buyers to work with an agent who has a proven strategy.
Learn more about that here.
For home sellers, the low inventory environment is a blessing.
That’s because it’s causing home prices to hold strong when they’d otherwise be falling.
Last month in Pasadena, the median price for a single-family house was well over A$1.4M.
Twelve months ago, that number was down at $1.3M.
And 24 months ago, it was in the high $1.2M range.
For home sellers, it’s important to fully leverage the opportunities presented by this market…
😔…so you don’t sell your house for less than you could have.
Many of the home sellers I work with own beautiful homes that they’ve lived in for decades.
Achieving the best outcome in the sale often requires prep work and strategic touch ups ahead of time.
I know this can feel overwhelming, which is why my team and I orchestrate and oversee the whole process.
Once the house is looking its best, the next step is to create beautiful marketing pieces…
🥰…that speak to buyers on a deep emotional level.
Just last week, I helped my clients Suanne and Joe sell their childhood home.
Their property at 2973 Meyereloa Lane in Pasadena was a true Mid Century Modern masterpiece…
…but it needed some TLC before going up for sale.
So, my team got to work coordinating all the various projects!
✅ New paint
✅ New carpeting
✅ New landscaping
✅ Addressing electrical issues
✅ Deep cleaning
✅ Touch-ups where needed
✅ And more!
Once my team finished overseeing the work, I brought in a great home stager.
And then we put together a world-class marketing package…
…to make sure the house was presented in all its glory.
Sure enough, Suanne and Joe quickly received multiple offers.
And within a few weeks, the house sold for $2,675,000 ($175K over asking).
🥳 At $175K over asking, they couldn’t believe how strong the market response was.
To be sure, that result didn’t happen by accident!
It takes a very strategic approach for home sellers to enjoy…
…the best possible outcome in this market.
👍 Suanne & Joe’s home sale is a perfect example of this.
If there’s anything I can do to support you with your upcoming home sale or purchase…
…I invite you to reach out to me for a consultation.