How's the market in the Pasadena CalTech Real Estate area week ending 9/18/11?
CalTech Area Real Estate is a Seller's Market. Here's why:
• 1 1/2 months supply of homes trending
• 5 Homes available (nothing new this week)
The 6 month numbers are as follows:
Average Sale Price: $863,772 (down about 80K from just 2 months ago)
Median Sale Price: $774,000
Average Days on Market: 46
Average Sale Price to List Price Ratio: 98.79
Of Special Note this week: Summer comes to a close next week and it ended it’s run with quite a bit of activity, but not necessarily in a segment that a large part of the neighborhood would like to see, the lesser priced area. This activity caused some shift in numbers from late July, with the average sale price down about $80,000 and the median price down by about $200,000!! These are big numbers, however, there is an explanation: volume in one segment of the neighborhood that simply outnumbers that in another. The activity is still very strong and the demand is high as the number of days a home is on the market before selling has shortened by 20 days and the average sale price to list price for the same period is up by almost 3%! Also, a deeper look at the numbers show, now follow me here, the number of homes that sold at or over list is almost the same above and below the median price line! So, is it a good time to sell in the Cal Tech area? Absolutely, however, price is still vital to individual success! As we move into the heart of fall, let’s watch and see if this demand continues as, anecdotally, we already see the supply is drying up!
And that’s the market for CalTech Area Real Estate for the week ending 9/18/11
Lee Bothast, CN