What’s Been Sold & What’s For Sale in Our Community. 12.11.24
Discover the latest trends shaping the Greater Pasadena housing market and the broader economic outlook. Understanding these shifts is key to making informed decisions, whether you’re a buyer, seller, or investor.
Greater Pasadena Market Overview
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Active Listings: 67
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Pending Sales: 36
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Closed Sales: 45
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Average Sold Price: $1,553,581
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Median Sold Price: $1,288,000
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Average Days on Market: 33
The market remains competitive, with over 59% of homes selling within 30 days.
Community-Specific Trends
Pasadena:
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Active Listings: 45 | Pending Sales: 18 | Closed Sales: 22
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Average Sold Price: $1,473,000 | Median Sold Price: $1,220,000
South Pasadena:
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Active Listings: 9 | Pending Sales: 7 | Closed Sales: 4
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Average Sold Price: $1,980,000 | Median Sold Price: $1,900,000
Altadena:
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Active Listings: 7 | Pending Sales: 5 | Closed Sales: 6
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Average Sold Price: $1,085,000 | Median Sold Price: $950,000
La Cañada Flintridge:
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Active Listings: 6 | Pending Sales: 3 | Closed Sales: 3
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Average Sold Price: $3,200,000 | Median Sold Price: $2,998,000
Economic and Housing Insights.
The latest CAR report provides additional context for the housing market
Loan Limit Increases:
The 2025 conforming loan limits rise to $806,500 (baseline) and $1,209,750 (high-cost areas). This is great news for buyers, as conforming loans typically offer lower interest rates, making homes in Pasadena and surrounding areas more accessible
Residential Construction Growth:
Residential spending rose 1.5% in October, driven by home improvements, while high interest rates constrained nonresidential outlays. Multifamily construction remained flat, but single-family projects contributed to overall growth.
Consumer Confidence Climbs, Yet Inflation Persists:
November saw a 16-month high in consumer sentiment, spurred by optimism in current economic conditions. However, concerns about inflation and rising costs continue to influence long-term outlooks, especially in the service sector.
Migration Trends:
Affordability and proximity to loved ones drive relocation decisions. The South and West continue to attract movers, with remote work enabling flexibility in choosing locations.
Preparing for 2025: What to Expect.
Spring Surge: The spring housing market is expected to bring heightened activity. Sellers should prepare early to take advantage of peak buyer interest.
Evolving Buyer Priorities: Features like energy-efficient homes, outdoor living spaces, and home offices are increasingly in demand.
Investment Opportunities: Elevated inventory levels present opportunities for investors seeking long-term returns, particularly in rental properties.
Take Action Today.
The Greater Pasadena market offers diverse opportunities tailored to buyers, sellers, and investors.
For insights into your specific neighborhood or detailed market guidance, call Hem-young deFazio at 626-825-5599.
Visit AroundTownPasadena.com for a comprehensive look at community-specific trends and the full market report.
