Pasadena home sales continued on the pace we have seen in the last few months with unit sales off 50% and a slight decrease in the median price of a single family home falling to $687,000. A decrease of 1.8% from last January’s median of $700,000. The market does not appear to be falling as much as it appears to be moving sideways, which is good news for Pasadena homeowners.

While it took 88 days to sell those houses, prices look fairly stable as indicated by the price to sales ratio. Homes sold for 99.8% of their asking price.

Townhomes and Condos

Sales of townhomes and condominiums were also off 50% from January 2007. The big difference here indicates Buyers in this market chose to go upscale, while the low end market continues to be besieged by the external factors affecting the housing market. Many banks and lenders are now requiring down payments of 10%. These guidelines are making it more difficult on people who may be attempting to qualify for their first home.

This market also indicateas that Sellers of high end units are becoming more aggressive in order to unload their properties. The list price to sold ratio was 94.71%, and much of it was targeted at transactions over $1 million. Three properties sold over the million dollar mark with some agressive price cuts, while January of 2007, there were no condo’s or townhomes sold over $1 million.

January and February have historically been very slow months in the real estate market. Even in the boom years. Hopefully we will get these new conforming loan rates approved and it will provide the housing market with a much needed boost.