If you have a property for sale and have been hopeful the market would begin to turnaround and show some signs of life, the March sales results will likely disappoint you. We have yet to see any sign that home buyers are returning to the market, choosing instead to wait and see if prices fall further.

Also in an earlier post this Pasadena Realtor emphasized that we would soon be able to chart the course of the Pasadena Real Estate market by focusing in on one key factor….inventory. That number, indicating the quantity of Pasadena Homes for sale has been rising for the last few days, just as I predicted it would based upon this time of year. However we are not seeing any evidence of a corresponding rise in home sales.

Single Family Unit Sales Decline 50%, Median Price Falls 12%

March becomes the third successive month in which unit sales have declined at least 50%, dashing any hopes that in 2008 we would begin to see a reversal of falling sales and prices. We are also beginning to see a greater disparity between median sales prices than we noticed previously.

And to add insult to injury, it is taking about 1 1/2 times as long to sell those 50% fewer units with the days on market increasing form 83 to 125 days.

Pasadena Condominiums & Townhomes Mirror Single Family

The data indicates that no particular segment is performing any better or is immune to the overall health of the economy or the market. Sales prices were recorded from the high $200’s to the high $800’s. Rare in the sense that prices have dipped below $300.0 and also failed to reach $900.0, or higher.

Last year we were seeing quite a bit of interest in some of the new projects going up around town. As a consequence, the median price increased for several months which was the antithesis of the overall market. Now we are beginning to see some of these buildings offer new incentives to buyers as the developers invent creative solutions to deal with inventory that is not moving.

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