What’s Been Sold and What’s For Sale in our Community Amid Rising Rates.
Welcome to this week’s Greater Pasadena Market Report! As we move through the fourth quarter of 2024, California’s real estate market is experiencing fresh challenges and opportunities for buyers, sellers, and investors alike.
Home sales recently dipped as mortgage rates climbed back to 7%—the highest in three months—leading to a reduction in demand as applications for mortgages reached a low last seen in July. Despite these shifts, demand remains steady in high-interest areas, helping stabilize prices across Greater Pasadena communities.
Top Market Insights.
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For Buyers: Recent mortgage rate increases are shaping buying conditions. With 30-year fixed rates rising to 7%, buyers are now carefully watching for potential future dips. New home sales surged in September as rates briefly lowered, yet this may not be sustainable if rates remain high. Buyers may find a unique opportunity if inflation expectations continue to drop, possibly bringing mortgage rates back down by early 2025.
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For Sellers: Sellers in high-demand areas like South Pasadena and La Canada Flintridge are seeing properties move quickly, thanks to limited inventory and desirable amenities. As the pace of price growth moderates, sellers should consider listing soon to capitalize on active buyer interest, especially in these competitive neighborhoods.
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For Investors: The market continues to show mixed signals, creating value opportunities. Single-family housing demand remains stable, yet multifamily developments are experiencing a slowdown due to higher vacancy rates and limited financing. Investors may find potential in multifamily properties in high-demand locations or those with value-add options, as these segments remain appealing for steady returns despite broader economic shifts.
Broader Economic Factors.
Consumer spending data shows resilience, which is positive for real estate stability. Jobless claims fell unexpectedly, which points to a tighter labor market and potential economic growth that supports housing demand. Although single-family home rents rose slightly, they remain lower than last year, with coastal metro areas seeing the biggest increases. As mortgage rates fluctuate, easing inflation expectations offer hope that we could see a return to lower rates by early 2025, setting up timely opportunities for buyers, sellers, and investors.
What’s Been Sold and What’s For Sale in our Communities.
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Total New Listings: 24
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Average Listing Price: $1,580,924
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Price Range: $430,000 – $8,995,000
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Most Expensive Property: 114 Los Altos Drive, listed at $8,995,000
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Least Expensive Property: 300 N El Molino Avenue #312, listed at $430,000
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Total Closed Listings: 32
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In Escrow (Pending): 23
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Total Coming Soon: 5
Community Highlights.
Pasadena
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Number of New Listings: 10
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Median Price: $1,197,000
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Price Range: $430,000 – $3,995,000
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Inventory: Medium, with a steady flow of listings across price ranges.
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Most Expensive Listing: 1338 Glen Oaks Boulevard, listed at $3,995,000
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Least Expensive Listing: 300 N El Molino Avenue #312, listed at $430,000
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Total Closed Listings: 25
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In Escrow (Pending): 15
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Total Coming Soon: 2
South Pasadena
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Number of New Listings: 4
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Median Price: $1,625,000
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Price Range: $570,000 – $2,450,000
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Inventory: Limited, with high demand and lower availability.
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Most Expensive Listing: 631 Camino Cerrado, listed at $2,450,000
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Least Expensive Listing: 116 Marmion Way #14, listed at $570,000
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Total Closed Listings: 3
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In Escrow (Pending): 3
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Total Coming Soon: 2
Altadena
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Number of New Listings: 6
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Median Price: $1,095,000
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Price Range: $799,900 – $2,157,000
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Inventory: Balanced, with a varied selection of listings.
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Most Expensive Listing: 400 E Calaveras Street, listed at $2,157,000
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Least Expensive Listing: 2650 Catherine Road, listed at $799,900
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Total Closed Listings: 4
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In Escrow (Pending): 3
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Total Coming Soon: 1
La Canada Flintridge
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Number of New Listings: 4
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Median Price: $2,250,000
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Price Range: $1,449,000 – $6,200,000
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Inventory: High-end market with limited but significant luxury options.
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Most Expensive Listing: 901 Berkshire Avenue, listed at $6,200,000
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Least Expensive Listing: 4526 Leata Lane, listed at $1,449,000
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Total Closed Listings: 3
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In Escrow (Pending): 2
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Total Coming Soon: 0
Important Update on Report Timing.
To provide you with the most accurate information possible, our Weekly Market Report will now be published every Wednesday, in sync with the latest data releases from the California Association of Realtors (CAR). You can look forward to neighborhood highlights and real estate tips on this new schedule:
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Monday: Neighborhood View – A spotlight on a specific community in Greater Pasadena.
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Wednesday: Market Report – Up-to-date trends and data analysis.
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Friday: Real Estate Tips – Practical advice for navigating the market.