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Homes going fast in Pasadena

12 Oct 2012 8:41 AM
Homes going fast in Pasadena

Strengthening demand has contributed to a shrinking supply of for-sale homes in the Pasadena area, according to the Pasadena Sun. About half as many homes were on the market in Pasadena, La Canada and nearby cities in August 2012 as were on sale in August 2011.

Local real estate experts don't know exactly what is behind this dramatic reduction, although many believe that rising prices indicate an instance of demand outpacing supply. In Pasadena, the average sale price rose to $688,000 in August, which is higher than the previous fall, the source reports.

Increased sales for many luxury homes in the area may represent one reason for the increase, according to Southern California Public Radio. As the southern California market rids itself of average-price-reducing foreclosed properties, sales of higher-end homes have experienced an uptick. Growing demand at both ends of the market is convincing some more affluent buyers to move their searches into higher price ranges.

However, there might be an opportunity for luxury home buyers in the region. Only nine homes were sold in South Pasadena in August, according to the Sun, meaning that there may be some remaining properties available for people who want to move to the highly desirable area.