December 11, 2020, 11:07 am
For the first time ever, the median price of homes sold in Pasadena has exceeded $1 million, according to 2020/2021 property tax data provided to the city by a consultant and published last week.
Sale prices have risen as the number of sales declined significantly due to COVID-19 stay-at-home orders.
The smaller inventory and lower interest rates from January through September drove the median sale price of a detached single-family residential home in Pasadena up to $1,050,000, a $93,000 (9.7 percent) increase in median sale price from 2019.
“It doesn’t surprise me, because supply continues to be limited relative to demand,” said Pasadena realtor Bill Podley of deasy penner podley. And that will continue “until more homeowners decide to sell or relocate,” Podley said.
“I’m really addressing this more from the more senior population because we’re all aware — and my understanding is this is true over much of the United States — that people just aren’t selling like they used to,” Podley said.
“It used to be people move about every seven years, and now it’s closer to every 20,” he said.
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