Pasadena real estate in May continued to move higher in almost every major category. Here’s our report:
Homes for Sale
The number of homes that closed escrow in May is the only number that was lower in May than in April. In April there were 134 sales, and last month there were 129, down 3.7%. Last May there were 158 sales.
The number of homes for sale increased by 3% from April and 23.3% from a year ago.
The number of months of inventory increased from 2.2 to 2.4 months. A year ago the inventory was super low, at 1.6 months, creating bidding wars and high speed price increases that continue to this day, albeit at a slower pace. This inventory number says that if nothing came to market, and the pace of sales continues at its current rate, the inventory will be gone in 2.4 months.
Homes going to escrow (Pending Sales)
Pending sales represent the number of properties that went into escrow in May. These properties are scheduled to close in 30 to 60 days and indicate future strength or weakness. We saw 14.4% more open escrows in May than April, but about 6% fewer than last May.
Incidentally, the time that the average home remains on the market in Pasadena is 50 days and sellers tend to get their asking price or even a bit more. We don’t see many significant discounts.
There are two price measures we watch – average price per square foot, and the median price of a sold home. (Well we watch the percent of selling price to asking price, too. We noted above that sellers continue to get their asking price or more.) The average price per square foot over the last four months has been fairly steady at around $475 per square foot. The May number is $474 per square foot, up from a year ago by 6%. This is the number you hear at cocktail parties… “My house was worth about $800,000 a year ago, and my Realtor said it’s probably worth $850,000 now!”
And the median price of a sold home in Pasadena last month was $655,000. That means that half sold for less, and half sold for more. A year ago this figure was $615,000, and last month it was $640,000.
Pasadena continues to look strong through the fall. We will report on the national data at the end of June.