The month of December has historically been a slow month for the housing market. Holiday parties, shopping and decorating keep many people at home instead of previewing houses for sale or even listing their house during this time of year. For those of you who have decided to put conventional aside, you may find home sellers eager to make a deal as the showing activity on their home begins to decline.

If a new house is on your holiday wish list, don’t forget to factor into your equation the cost of money. With interest rates coming down in the last few weeks you may be able to qualify for a more expensive home or find out the one you are considering may have become cheaper. On a $500,000 loan amortized over 30 years, the difference in interest rate payments for the first five years is about $12,500 or $208 per month.

In the next few days, I will report on the November sales of Pasadena homes. While that report focuses more specifically on what has sold, the enclosed chart describes the current market with homes currently listed for sale. The data specifically examines the “single family” market, so condos and townhomes have been excluded. The chart is broken down by zip code and includes the overall numbers tied together to give you an idea of how Pasadena is performing as a city. The data looks at four key indicators of the market including

1. The Median List Price – the number which indicates one half of the homes are listed for less and the other half is listed for more.
2. The Average Price per Square Foot – takes the listing price and divides it by the square feet on the property. A smaller house will typically sell at a higher cost per square foot than a larger house.
3. The Average Days on Market – the meter is running indicating the time a house has been on the market
4. Total Inventory – the number of homes listed for sale at this time.

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The numbers are current as of 12/8/08 and are a courtesy of Altos Research LLC, Copyright 2008.

Tags: pasadena homes, Pasadena homes for sale, pasadena housing market, Pasadena real estate