January 2010 Pasadena housing stats

[PhyllisHarb]

Pasadena Housing Statistics – January 2010

Of the 44 January, Pasadena home sales, 5 (11%) were short sales, 11 (25%) were REO’s (real estate owned aka foreclosures), and 28 (64%) were traditional sales.

It is not surprising that the days on market (DOM) is longer for short sales which require lender’s approval of the final selling price and shorter for REO’s as the banks want to get the homes sold, closed and off the books.
Short sales are selling @ 102.68% of list price, REO’s 100.83% and traditional sales at 97%. But remember many of the short sales don't sell and will go to foreclosure.

Typically short sales and REO’s are hardship sales and there is more deferred maintenance, therefore it makes sense that average price per square foot of short sales and REO’s are both under $300, while traditional sales are on average selling for $408 per foot.

Just 31 Pasadena homes sold in January 2009 versus the 44 sold in 2010; compare Pasadena’s 2009 ytd housing stats