Pasadena had a booming month in April, proving yet again that Spring is the prime selling season. Prices are up huge in Pasadena, this goes for Single Family and Condos, when compared to the previous month, and the same month of the previous year. Prices in April were up more than 30% when compared to March.
Unfortunately, this price increase was coupled with a decrease in volume. When these happen in conjunction with one another, it can signify that low inventory levels are forcing buyers to compete for properties and drive prices up. Banks have pulled back on foreclosures, which has pulled a lot of inventory off the market. At the same time, the economy is picking up, and more buyers are entering the market. We are seeing this in several desirable markets. If this continues, the housing market may pick up in a hurry.
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