Despite a tight real estate market that has seen buyers frustrated by the declining number of available homes for the past six months, prices haven't yet adjusted to the scarcity, further limiting the incentive for homeowners to sell, according to area real estate agents.
Roughly 60% as many homes were listed for sale in Pasadena, La Cañada Flintridge and nearby cities in September 2012 as were on the market the previous September, but average sale prices across the board are lower than they were a year ago, according to figures compiled by Glendale-based Keller Williams agent Keith Sorem.
“The biggest problem is we just don't have enough houses to sell right now,” said Paula Walker, a Teles Properties agent in Pasadena. “There's not a lot of inventory, and there are a lot of people interested in owning [a house].”
Although Pasadena saw a 10% increase in homes for sale between August and September, La Cañada Flintridge, South Pasadena and San Marino all saw decreases of 10% or more during the same period.