This Week in Pasadena Real Estate: What’s Been Sold and What’s For Sale in Your Community.

Below, we explore the latest in local market activity across Pasadena, Altadena, La Cañada Flintridge, and South Pasadena, plus insights from the CAR report to provide a broader economic perspective impacting local real estate.

Greater Pasadena Market Highlights

New Listings by Community

A total of 36 new properties came onto the market across our local communities, showcasing a broad range of options:

• Pasadena: 15 new listings, spanning from a 1-bedroom condo on Del Mar Blvd listed at $449,000 to a spacious 6-bedroom estate on Hill Avenue for $4 million. The Pasadena market continues to offer everything from accessible condos to luxury homes, attracting a diverse set of buyers.

• Altadena: 11 new listings this week, including homes on Summit Avenue ($999,000) and Loma Alta Drive ($1.63M). Altadena’s market, with its mix of classic character and serene living, remains popular with buyers seeking a suburban lifestyle close to Pasadena’s amenities.

• La Cañada Flintridge: 8 new listings include high-end properties such as a 4,727-square-foot estate on Robin Hill Road priced at $3.86M and a family-friendly home on Beresford Way listed at $2.89M. Known for its larger lots and desirable school district, La Cañada Flintridge remains in high demand among luxury buyers.

• South Pasadena: 3 new listings, from a cozy 2-bedroom on Hope Court for $1.25M to a more expansive 5-bedroom on Hanscom Drive priced at $2.89M. South Pasadena’s community-oriented feel and renowned school district continue to attract interest from family-oriented buyers.

Pending Sales

With 21 properties moving to pending status, the local market remains robust:

• Pasadena: 11 properties pending, including a $998,000 family home on Mentor Avenue and a spacious estate on Berkeley Avenue listed at $2.4M.

• Altadena: 5 homes under contract, such as a 4-bedroom on Lincoln Avenue for $1.2M and a property on Loma Vista Street for $1.1M, reflecting Altadena’s appeal to mid- to high-range buyers.

• La Cañada Flintridge: 3 pending properties include a 4-bedroom home on Vineta Avenue listed at $2.99M, consistent with the area’s high-value market.

• South Pasadena: 2 homes under contract, including a 2-bedroom bungalow on Hill Drive at $1.5M, highlighting the area’s enduring appeal for those seeking suburban tranquility.

Closed Sales

3 properties recently sold, indicating strong buying interest across price points:

• Altadena: A 2-bedroom on Morada Place sold for $760,000, reflecting steady demand for entry- to mid-level properties.

• South Pasadena: A luxury home on Ashbourne Drive closed at $5.5M, showing continued interest in high-end properties in the area.

Price Adjustments

Five properties have adjusted their prices, signaling market responsiveness to current economic conditions and buyer demand. These adjustments, seen across Altadena, Pasadena, and South Pasadena, provide additional options for buyers looking for a potential bargain or more favorable pricing.

CAR Report: Economic Indicators Shaping the Market

The California Association of Realtors (CAR) report sheds light on national economic trends that are impacting our local real estate market. Here are some key takeaways relevant to our area:

• Stabilized Mortgage Rates: After a recent surge, 30-year fixed mortgage rates have leveled off around 7%. Although high, the stabilization provides a degree of certainty that may encourage continued market engagement from buyers. This steady rate, combined with mortgage applications declining for the fifth consecutive period, indicates that while borrowing costs remain elevated, they are not fluctuating sharply.

• Mixed Jobs Report: October job creation slowed significantly, with only 12,000 new jobs added, much lower than the monthly average in previous months. However, these numbers were impacted by temporary disruptions, such as the Boeing and port strikes. Meanwhile, wage growth saw an increase, with hourly earnings rising 0.4% month-over-month and 4% year-over-year, which could help buyers offset some of the costs of higher interest rates.

• Solid GDP Growth: The third quarter of 2024 saw a GDP growth rate of 2.8%, driven by robust consumer spending and steady business investment. Although slightly down from the previous quarter’s 3% growth, these figures signal that the economy remains resilient. This economic stability contributes to sustained buyer interest in Pasadena and surrounding areas, as households feel confident in their purchasing power.

• Increased Consumer Confidence: October brought a boost to consumer confidence, which reached its highest level in nine months. This surge is partly due to the decreasing likelihood of a near-term recession, as the Expectation Index moved well above the threshold that signals recessionary concerns. Higher confidence can translate into more willingness among buyers to make significant purchases, including homes, even in a higher-rate environment.

• Equity Rich Homes: A recent report from ATTOM Data shows that nearly half of U.S. mortgaged homes are equity rich. California, with many of its ZIP codes among the nation’s highest in home equity, continues to be a strong market for homeowners looking to leverage their properties. In Pasadena and the surrounding areas, high homeowner equity means sellers are in strong positions, making it an advantageous time to list homes for sale.

Opportunities for Buyers and Sellers

In the Greater Pasadena area, a balanced mix of new listings and active demand creates opportunities for both buyers and sellers. For sellers, the high consumer confidence, stable mortgage rates, and steady demand across price segments mean now remains a favorable time to list properties. For buyers, although rates are elevated, market stability and price adjustments on select listings provide chances to secure properties in a competitive but accessible market.

Stay informed on Pasadena’s evolving real estate market with our detailed look at listings, pending sales, and economic trends. For personalized insights into your neighborhood, reach out to Hem-young deFazio at 626-825-5599. Dive into our website AroundTownPasadena.com!