Pasadena California Real Estate Forecast 2020

The Pasadena California residential real estate landscape is a very good one at the moment. In fact, right now it is considered a balanced market between buyers and sellers
By: Loftway 
 
LOS ANGELES - March 10, 2020 - PRLog -- Per Christiano Sampaio, Broker/Owner of Loftway, "A Prominent Los Angeles Real Estate Firm". At this time, the median home value in Pasadena is $837,078. Over the course of the past year, prices have risen by 0.5 percent and economists and industry experts both predict that home values will increase by 3.8 percent over the 2020 year.

Presently, the median list price per square foot is $582 in the Pasadena area residential real estate market, which is higher than the Los Angeles-Long Beach-Anaheim Metro average of $444 per square foot.

Right now, the current list price is $899,000 for residential properties in the Pasadena community, while the median sales price is $825,200. This means that homes in the Pasadena residential real estate market are ultimately selling for approximately 92 percent of their listing price.

Meanwhile, the median rental rate is $2,850 in Pasadena, while the median rental amount is $3,200 in the Los Angeles-Long Beach-Anaheim Metro area at-large.

About 0.5 percent of Pasadena homeowners are delinquent in their mortgages, less than the national figure of 1.1 percent.

The number of underwater mortgages in Pasadena currently stands at 3.6 percent, while the national number is 4.1 percent.

All of this data points to a strong and healthy residential real estate market for the city of Pasadena over the next 12 months, perhaps a bit longer. This is very good news for sellers, as home values are expected to incrementally rise but not at too rapid a rate.

It is also fairly good news for buyers who are entering the real estate market in Pasadena, as home prices will not immediately skyrocket in the near future. Meanwhile, homeowners will continue to enjoy strong property appreciation that is not unrealistic, helping them to avoid underwater mortgage situations for those with good home loan terms.

Since there are statistically very few homeowners underwater or delinquent, the distressed property market should not have an adverse impact on non-distressed homes in the area. This will help properties to retain their value without any artificial pressure from distressed properties or investors looking for quick flip opportunities. Loftway is a full-service Real Estate brokerage dedicated to LOFTS and ARCHITECTURAL homes in the Los Angeles area.

When it's time to move forward with buying a loft, be sure to contact www.loftway.com, the premier Los Angeles Loft sales company.

Contact
Christiano Sampaio
***@hot-listings.com
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Tags:La Loft Sales
Industry:Real Estate
Location:Los Angeles - California - United States
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