We provide monthly reports on the Pasadena real estate market and the current trends in home prices. Since Pasadena encompases approximately 22.5 square miles, there are wide variances in terms of housing prices and the neighborhoods in which they are located. If it is true that all real estate is local, then we are going to break it down in its smallest form and find out what is happening in the many locales that comprise the City of Pasadena.

Madison Heights Home Sales

The mix of residential home sales are about 60% to 40% of condominium/townhome to single family units. Many of the condo/townhome units were constructed in the 80’s and there have also been some new housing units recently built along Marengo. Pricing adjustments are being made to these new units in an attempt to attract home buyers. Falling listing prices are also representative of more agressive pricing that is being made to most houses listed for sale in this slower market.

According to the web site about 1400 residents make up the area known as Madison Heights. These residents also can be very proud of their community as home prices have increased for the period of Janunary through August 2008, compared to the same period in 2007. The median price rose to $645,000 from $616,500 last year, however home sales did decline to 46 units from 52 units in 2007. Much of the single family inventory listed for sale in Madison Heights was constructed in the early 1900’s and also are designated by the City as having Landmark status.

The market for homes priced over one million dollars remains strong, whereas some weakness has been detected in Pasadena in this price segment overall. Thirteen sales have been recorded over $1MM this year, compared to eleven in 2007. Unlike other areas in Pasadena, foreclosure activity has been minimal here, which has helped to maintain property values. With the median price of a single family home in excess of $1MM, and its beautifully maintained streets, Madison Heights remains one of Pasadena’s highly demanded areas. If a single family home is outside of your budget, a condo/townhome can be found in the median price range of the high $400’s.

Tags: Homes in Madison Heights Pasadena California, Madison Heights homes for sale