How does our Greater Los Angeles real estate market look as we cross the midpoint of 2021? First off, you should know that there is no bubble in our future. That said, let’s get to the latest year-over-year stats.
In Pasadena, the average list price has risen 11.5% from $944,000 to $1,050,000. The average sale price has risen 16.8% from $1,069,000 to $1,250,000. The average days on market, or how long it takes to sell a home, has dropped from 54 to 39 days.
In Altadena, the average list price has risen 4% from $600,000 to $631,000. The average sale price has risen 21% from $1,068,000 to $1,300,000. That 25% jump means a lot of buyers who started in Pasadena have been moving to the Altadena area. The average days on market has dropped from 39 to 20 days. All in all, Altadena is one of the hottest markets in the LA area.
“If you’re a seller, sit back and enjoy the ride because you’ll get multiple offers as long as you price your home correctly.”
In San Marino, the average list price has risen 9% from $1,700,000 to $2,000,000. The average sale price has risen 28.65% from $2,700,000 to $3,500,000. The average days on market only dropped from 66 to 65 days; the reason for such a small change is that San Marino is more of a niche market and there aren’t as many buyers.
If you’re a buyer, what can you expect moving forward? It will probably take a lot longer to find a home. You’ll have to tour more properties, and the home-buying process, in general, will take longer than the standard 90 days. You’ll also have to make more concessions, such as putting more money down, paying over asking price, and/or waiving contingencies. We’re seeing a ton of buyers waive their appraisal loan and physical inspection, so be prepared to do that. If you’re a seller, sit back and enjoy the ride because you’ll get multiple offers as long as you price your home correctly.
If you have questions about our market or are thinking of buying or selling soon, don’t hesitate to reach out to us. We’d love to hear from you.