Pasadena Report Covering 5/1/2009 - 6/1/2009 December 2008 Numbers are in ( )
Number of Active Listings - 472 (442) Average Listing Price - $469,899 ($452,734) Average Days on Market - 177 (171)
Number of Homes Under Contract - 112 (40) Avg. Asking Price - $343,324 ($345,0812) Average DOM - 117 (134)
Number Homes Settled - 37 (42) Avg. Settled Price - $284,786 ($317,797) Average DOM - 133 (148)
Are we at the bottom? No one can say for sure but the proof is in the pudding as far as business picking up. By looking at the number of under contract properties above the rebound certainly seems to be taking place, although many of those sales are from first time buyers purchasing foreclosure, short sale and bank properties and the best valued homes from normal sellers. The changes made to the $8000 tax credit program have also helped dramatically as first time buyers can now utilize those funds without the need to repay it. When you couple that to the low interest rates and the growing number of homes priced more affordably it's a win-win for the buyer.
We could still see some reduction in home prices, but recent national numbers and local numbers are showing sales being up for the first time in a long while. As homes start to reduce a tad more we may see the return to an almost "normal" market. The one thing that is definite is that buyers are out there looking and sellers have to be priced realistically to be seen or to have any chance at a sale. When bank sales and short sales were the anomaly, sellers could still think about holding on to a higher price, but now that these types of properties have become more the norm, sellers have to be in direct competition. For some buyers these properties represent great values, but be wary because they are "as-is" and can take more than 3 months to get to settlement.
If you're thinking of selling or buying in the Pasadena area, call or email me. As a resident of this area and with over 25 years of experience, I can help you weave your way through these changing real estate times.
ZIP Code: 21122 Location Characteristics: Pasadena comprises the northeast end of Anne Arundel County just east of Glen Burnie and north of Severna Park. It is one of the largest areas by zip code in all of Anne Arundel County. Home styles run the gamut from smaller garden style condominiums to large multi-million dollar waterfront estates. The majority of housing is townhome and single family dwellings located off either Mountain Road or Ft. Smallwood Road. Two large school systems cover Pasadena (Northeast High School district and Chesapeake High School District). There is something for everyone with boating, fishing, two large waterfront parks, sports teams and strong community spirit. Plenty of shopping is available and with the new Compass Pointe Golf Course, Pasadena is and has become the destination of choice for many Marylanders.
About Dominic Cantalupo:
Dominic Cantalupo has been one of the front runners in the Baltimore/Annapolis regional real estate scene since 1983. He is an Associate Broker and CRIS and also a former manager. His vast experience in Residential, Investment, Relocation and New Homes makes him a leading choice when buying or selling in this market. Success comes from a total commitment to the clients needs and Dominic has the tools and the know how to help you.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
