Pasadena real estate: Low inventory pushing up demand

The Pasadena real estate market is low on listings, particularly new ones, pushing up demand and making for better offers on the homes that are on the market. With these conditions, it’s a great time to sell your home. Recently, I put a home into escrow in 4 days after drawing more than 18 offers and more than $146,000 in asking price. Well-priced homes in move-in condition are getting strong loan and cash offers.

But it won’t last forever. Although inventory has been on a steady decline for several months, January has picked up slightly. If you wait too long, you could miss out on a great opportunity to list your house with less competition and higher demand. If you’re interested in listing, visit my “Sell My Home” page to kickstart the process.

Pasadena real estate market update

As of Jan. 27, there were 239 listings of residential property, 139 of those single-family homes. About 89 of those listings are new this month. While that’s an increase from the end of the year, a look at the months leading up to it show an overall decline in residential properties, and a decrease in new listings too.   

A look at residential property going through a standard sale listed on the Pasadena-Foothills multiple-listing service shows us the following:

The trend of declining inventory is fairly steady back to September, when there were 286 active residential listings and 206 new listings on the Pasadena real estate market.

December saw 206 residential properties – 117 single-family homes -- for sale. In November, we saw 260 properties on the Pasadena real estate market, 147 single-family homes. That’s a 20.8 percent drop in inventory of residential properties overall.

Over the same time period, the number of new listings was declining, as well. These are the properties that will immediately grab the most interest from buyers in the market. Once a property has lingered on the market, it garners less attention over time.