What’s Been Sold and What’s For Sale in Our Community October 22, 2024

Greater Pasadena Sales and Listings.

Stay updated with the latest trends and insights in the Greater Pasadena real estate market. Below is a comprehensive breakdown of each community, including active listings, pending transactions, and recent closed sales for Pasadena, Altadena, La Canada Flintridge, and South Pasadena. Whether you’re looking to buy a home, sell your property, or understand current market trends, this report has the key information you need.

Pasadena Real Estate Market

• New Listings: 28 new listings this week

• Price Range: $476,000 (condo) to $12,800,000 (luxury estate)

• Condos, single-family homes, and high-end estates continue to dominate the market. Mid-range buyers will find opportunities in condos under $1 million, while luxury seekers have their pick of exclusive properties over $2 million.

Pending Sales: 2 properties pending

• Average Listing Price: $1,350,000

The steady pace of pending sales indicates strong buyer interest in Pasadena’s diverse offerings, from centrally located condos near Old Town Pasadena to charming Craftsman-style homes in neighborhoods like Bungalow Heaven and Hastings Ranch.

Closed Sales (Past Week): 15 properties closed

• Average Sale Price: $950,000

Recent sales reflect Pasadena’s broad appeal, with homes closing at a wide range of prices. High-demand areas like South Lake Avenue and properties with proximity to the Rose Bowl continue to see competitive offers.

Detailed Insight: The Pasadena market remains dynamic, with a balanced mix of mid-range and luxury properties attracting a broad spectrum of buyers. With 28 new listings this week, there’s a notable influx of condos priced below $1 million, providing opportunities for first-time buyers. Meanwhile, high-end homes, such as those listed above $2 million, continue to draw interest from buyers seeking spacious, upscale living. The pending sales indicate steady buyer activity, with homes moving quickly, especially in desirable neighborhoods like Hastings Ranch and Bungalow Heaven.

Highest Priced New Listing Pasadena: 505 S Grand Avenue – 4 beds, 7 baths, 7,824 sq ft, listed at $12,800,000

[ngg src=”galleries” ids=”69″ display=”basic_slideshow” thumbnail_link_text=”505 S Grand Ave”] 

Median Priced New Listing: 931 E Walnut Street 206 – 2 beds, 3 baths, 1,680 sq ft, listed at $1,099,000

[ngg src=”galleries” ids=”60″ display=”basic_slideshow” thumbnail_link_text=”931 E Walnut Street”]

Altadena Real Estate Market

New Listings: 6 new listings this week

• Price Range: $1,299,000 to $2,350,000

Altadena offers spacious lots and historic homes that appeal to buyers looking for character and tranquility. Many properties feature larger yards and unique architectural styles, such as mid-century modern and Spanish Revival homes.

Pending Sales: 3 properties pending

• Price Range: $1,199,999 to $1,750,000

Buyers are drawn to Altadena’s serene setting and proximity to Eaton Canyon and the San Gabriel Mountains, making this community a favorite for those seeking space and nature.

Closed Sales (Past Week): 5 properties closed

• Average Sale Price: $1,250,000

The closed sales indicate that well-maintained homes in Altadena’s quiet, tree-lined streets remain highly sought after, often closing quickly even in a competitive market.

Detailed Insight: Altadena continues to appeal to those seeking character homes with larger lot sizes. The area’s six new listings this week include classic 1920s and 1930s homes, which often feature unique architectural details and expansive yards—key attractions for buyers wanting a bit more space. Despite higher mortgage rates, the pending sales suggest that demand remains strong for properties with historical charm. Closed sales show that buyers are willing to pay a premium for well-maintained homes in quiet, established neighborhoods.

Highest Priced New Listing: 1953 Grand Oaks Avenue – 4 beds, 3 baths, 2,797 sq ft, listed at $2,350,000

[ngg src=”galleries” ids=”61″ display=”basic_slideshow” thumbnail_link_text=”1953 Grand Oaks Ave”]

Median Priced New Listing: 3758 Alzada Road – 3 beds, 2 baths, 1,582 sq ft, listed at $1,849,000

[ngg src=”galleries” ids=”62″ exclusions=”1089,1094,1096,1097″ display=”basic_slideshow” thumbnail_link_text=”3758 Alzada Road”] 

La Canada Flintridge Real Estate Market

New Listings: 5 new listings this week

• Price Range: $1,825,000 to $6,290,000

La Canada Flintridge offers some of the most exclusive luxury homes in Greater Pasadena, with listings that feature expansive lots, private pools, and stunning mountain views. Properties here are often sought after for their proximity to top-rated La Canada Unified schools.

Pending Sales: 5 properties under contract

• Price Range: $1,750,000 to $3,100,000

Demand remains high for luxury homes in the $2 million to $3 million range, with buyers seeking updated amenities and spacious layouts.

Closed Sales (Past Week): 5 properties closed

• Average Sale Price: $2,500,000

The average closed sale price reflects La Canada Flintridge’s status as a premium market. Recent sales include beautifully updated homes with expansive outdoor spaces, perfect for families and those seeking privacy.

Detailed Insight: La Canada Flintridge’s market is defined by its appeal to luxury buyers and those seeking privacy and top-tier school districts. This week’s listings range from elegant mid-century homes to expansive estates priced over $5 million. The pending sales data highlights a particular demand for homes in the $2 million to $3 million range, where buyers are seeking modern amenities and generous lot sizes. The average closed sale price of $2.5 million reflects the area’s status as a high-end residential market, with properties often featuring extensive updates and premium finishes.

501 Highland Drive : 6 beds, 8 baths, 7,698 sq ft, listed at $6,290,000

[ngg src=”galleries” ids=”63″ exclusions=”1098,1100,1101,1102,1103,1106,1107,1108″ display=”basic_slideshow” thumbnail_link_text=”501 Highland Dr”]

Median Priced New Listing: 4743 Vineta Avenue – 4 beds, 3 baths, 3,512 sq ft, listed at $2,995,000

[ngg src=”galleries” ids=”64″ exclusions=”1111,1113,1114,1115,1117,1118,1120″ display=”basic_slideshow” thumbnail_link_text=”4743 Vineta Ave”] 

South Pasadena Real Estate Market

New Listings: 4 new listings this week

• Price Range: $1,500,000 to $3,188,000

South Pasadena’s real estate market features a mix of classic Craftsman homes, modern townhouses, and single-family residences, all within a community known for its charming downtown area and walkability.

Pending Sales: 2 properties pending

• Average Listing Price: $1,249,500

Despite a smaller inventory, demand remains strong, especially for homes within walking distance of South Pasadena’s schools and shops.

Closed Sales (Past Week): 3 properties closed

• Average Sale Price: $1,800,000

The closed sales highlight the appeal of South Pasadena’s family-friendly neighborhoods and excellent school district, which continue to draw buyers willing to invest in the area.

Detailed Insight: South Pasadena continues to be a preferred choice for families, thanks to its highly rated school district and tight-knit community feel. This week’s four new listings are indicative of the area’s focus on well-preserved single-family homes, many with classic architectural styles like Craftsman and Spanish Revival. The average sale price of $1.8 million for closed properties this week underscores the demand for homes that offer both character and proximity to top schools. Despite fewer listings than other areas, the steady flow of pending sales shows that buyers are willing to act quickly when the right property comes to market.

Highest Priced New Listing: 1510 Chelten Way – 4 beds, 4 baths, 2,382 sq ft, listed at $3,188,000

[ngg src=”galleries” ids=”65″ display=”basic_slideshow” thumbnail_link_text=”1510 Chelten Way”]

510 Garfield Avenue B – 2 beds, 2 baths, 1,496 sq ft, listed at $1,180,000

[ngg src=”galleries” ids=”68″ display=”basic_slideshow” thumbnail_link_text=”510 Garfield Avenue B”] 

California and the Nation. Trends, Mortgage Rates and Buying Opportunities.

As California’s real estate market moves into the final quarter of 2024, both challenges and opportunities are shaping the outlook for homebuyers and sellers in the Greater Pasadena area, including Pasadena, Altadena, La Canada Flintridge, and South Pasadena.

The latest insights from the California Association of Realtors (CAR) reveal a mixed picture: home sales have slowed, but the number of homes under contract continues to show promise for the months ahead. While mortgage rates have recently risen, creating some uncertainty for buyers, the possibility of rates stabilizing in the near future keeps the door open for those ready to make a move.

California Real Estate Market Overview

Statewide Home Price Trends:
Home prices in California have been steadily increasing, though the pace has recently slowed. This easing in price growth could be welcome news for buyers, as the fall season typically brings more inventory to the market. For those looking in the Greater Pasadena area, this shift may create new opportunities to find homes at more accessible price points, especially as the market adjusts to seasonal changes.

Impact of Mortgage Rates:
One of the key factors influencing the Pasadena market right now is the shift in mortgage rates. After a period of relatively lower rates, the recent increase has caused some buyers to reconsider their timing.

Even so, the potential for rates to level off before the end of the year could create a window for those ready to take advantage of the current market conditions. This dynamic plays a significant role in shaping activity in communities like Altadena, South Pasadena, and La Canada Flintridge, where buyers are seeking stability in both pricing and financing options.

Opportunities for Homebuyers in Pasadena, Altadena, and Beyond

Buying Opportunities with Easing Prices:
For buyers who have been waiting for a better moment, the next few months may provide a chance to find the right home. As the market adapts to seasonal shifts and more homes become available, there are opportunities for those who remain engaged.

The Greater Pasadena area offers a diverse range of options, from classic homes in Altadena to modern, upscale properties in La Canada Flintridge, making it a good time to explore the market.

National Economic Trends and Their Influence on Real Estate

Consumer Spending and Market Resilience:
The broader U.S. economy has remained strong, with consumer activity showing steady growth. This resilience is important for the real estate market, as it reflects the willingness of buyers to proceed with major purchases like homes, even as they navigate challenges like changing mortgage rates.

In regions like Pasadena and its surrounding communities, this consumer confidence supports the overall stability of the housing market.

Adapting to Rate Fluctuations:
While recent changes in mortgage rates have introduced some unpredictability, the prospect of more stable rates in the near future offers hope for those considering a purchase.

This could be especially relevant for buyers in the Greater Pasadena area, who may see this period as a chance to enter the market before rates settle down. A more stable outlook could provide the right timing to act for those looking at investment properties or second homes.

Why Now Could Be the Right Time to Buy a Home:
With home prices adjusting and interest rates possibly stabilizing, the months ahead may be a pivotal time for buyers.

For more insights into the current market and to explore new listings in Pasadena, Altadena, South Pasadena, and La Canada Flintridge, visit our detailed reports every Tuesday and discover how these market dynamics could impact your next real estate move.

Stay up-to-date with the latest trends in the Pasadena real estate market and explore listings for homes in Pasadena, Altadena, South Pasadena, and La Canada Flintridge here at www.AroundTownPasadena.com. 

This week’s activity shows continued interest across all segments of the Greater Pasadena market, from first-time homebuyers to luxury seekers. Call Hem-young at 626-825-5599 for personalized advice or to schedule a property viewing or to discuss your current home.