National housing is down 14% . . . how does Pasadena fare? Here’s the data for zip code 91107:
Wow! There were 63% fewer closed real estate transactions in March of 2008, than March of 2007! Holy cow! That’s quite a lot, isn’t it?
But the interesting thing to note is that prices were UP, not DOWN!!!
Average home sales were up 9%, and the median home price was up 5%. OK, so you had to wait a little longer (63 average DOM), but prices are still going UP instead of DOWN. Just fewer people are risking it, I guess.
Priced well, homes are getting multiple offers and selling within a couple of months. Not bad. The government is currently offering some great incentives, so if you’re thinking of buying, don’t wait!
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