What’s Been Sold & What’s For Sale in Pasadena. November 20, 2024.
The November 2024 real estate market in Greater Pasadena remained active and competitive, offering opportunities for both buyers and sellers. Across Pasadena, South Pasadena, Altadena, and La Cañada Flintridge, we saw 31 new listings, 15 properties in escrow, 19 pending sales, and 36 closed transactions.
Read on to explore detailed market trends, community-level activity, and insights from the latest California Association of Realtors (CAR) report.
Real Estate Activity by Community:
Community |
New Listings |
In Escrow |
Pending |
Closed |
Pasadena |
15 |
5 |
7 |
18 |
South Pasadena |
5 |
4 |
2 |
3 |
Altadena |
7 |
3 |
6 |
10 |
La Cañada Flintridge |
4 |
3 |
4 |
5 |
Total |
31 |
15 |
19 |
36 |
Insights from the California Housing Market:
Mortgage Rates & Buyer Activity:
– Current Rate: As of November 2024, California’s average 30-year fixed mortgage rate is 6.41%. This is a slight decline from earlier in the year, as inflation stabilizes and the Federal Reserve signals potential rate cuts in 2025.
– Impacts: Buyers who lock in rates now are better positioned before anticipated reductions in home inventory next year.
Consumer Spending & Economic Stability:
– Retail sales increased by 0.4% in October, reflecting strong consumer confidence heading into the holidays. Electronics and auto sales led the charge, while spending on furniture and apparel dipped slightly.
– For real estate, this economic resilience translates to a steady demand for homes across all price points, particularly in competitive markets like Greater Pasadena.
Foreclosure Trends:
– Foreclosures increased by 4% month-over-month in October but remained 11% below the same period last year.
– California ranks fourth nationally in foreclosure rates but remains well below historic peaks. This stability reflects sustained home equity and balanced market activity.
Market Opportunities:
– For Buyers: The slight uptick in inventory offers a broader selection of homes, but competition remains strongest for well-priced properties.
– For Sellers: With demand holding steady, sellers with move-in-ready homes are attracting offers quickly, particularly in areas like Pasadena and Altadena.
Explore all the data, insights and real estate blogs at AroundTownPasadena.com.
Let’s Talk About Your Next Move! Ready to buy or sell? Let’s connect today! Call or text me at 626-825-5599.
Your Partner in Real Estate, Hem-young deFazio
The deFazio Experience at Compass
