Pasadena Home Prices Up, Inventory Low

According to figures compiled by realtor Phylis Harb, the average selling price for a Pasadena home was $730,100 in October 2012 compared to $643,823 same time last year.  For the last several months Pasadena has seen a gradual rise in prices.  But buyers these days are faced with a shortage of inventory.  Keller Williams agent Keith Sorem pointed out that there were only 156 homes on the market in October vs. 296 in October of 2011.

Along with many homeowners here in Pasadena I've been receiving a lot of mailers lately from agents inquiring about listing my place.  And as a homeowner (or, in my case, condo-owner) I should feel fortunate that the tide is finally turning.  Sure, there are still some caveats, notably the still-high unemployment, the fragile state of the economy (domestic and world) and the fiscal cliff problem.  But taking a peek at both Realtytrac and Foreclosure Radar I'm amazed at the huge reduction in foreclosure activity in and around the Pasadena area.  There are still many homes mired in the foreclosure mess, but also looking at areas surrounding Pasadena, like Highland Park and Eagle Rock, our region is on the road to recovery.  Home ownership this time around is more organic as opposed to the rampant speculation and easy money of years earlier.  But one can only keep his/her fingers crossed that this trend can continue.