Today, we’re diving into the Altadena real estate market, focusing on the latest trends and statistics as of February 14, 2024. Altadena’s market has shown vibrant activity in recent weeks, and understanding these dynamics is key for buyers and sellers.
Median Listing Price: $1,164,500
The median listing price in Altadena was $1,164,500. This is the middle value in the range of house prices, meaning it’s smack in the center when all the houses on the market are lined up from the most expensive to the least. This figure is a crucial indicator as it reflects the current state of the market, showing us the typical price level at which houses are being listed.
Active Listings Price per Square Foot: $734
Another vital statistic is the price per square foot, which is presently $734 in Altadena. This measure helps compare values and trends across different areas and is especially useful when evaluating properties of varying sizes. It offers a more granular view of the market’s pricing structure.
24 Active Listings
Keeping an eye on the number of active listings is essential. This fluctuates daily but gives a snapshot of the market’s pace and the competition level among buyers. A higher number of listings could indicate a more buyer-friendly market, while fewer listings might point to a seller’s market.
Median Sold Price: $1,240,000
The median sold price last month was $1,240,000. This represents the middle ground of all the sale prices and is a reliable indicator of what buyers are willing to pay for properties in the current market. This figure can differ from the median listing price, reflecting the actual closing prices of homes.
13 days Average Time on Market
This metric gives an insight into the market’s velocity. Knowing how long homes typically stay on the market before being sold can guide your strategy in making offers or setting prices.
25 Closed Sales over the past 30 days
Monthly Information: Median Prices vs. Averages
In monthly market overviews like this, we use median prices rather than averages. The median is less affected by outliers (extremely high or low prices) and more accurately represents the market’s middle ground. This contrasts with average pricing, which is more appropriate when pricing a specific property, as it accounts for the cumulative effect of all comparable sales.
How Can This Market Work for You?
Understanding these statistics is a stepping stone to making informed real estate decisions. Whether you’re a first-time buyer, an experienced investor, or planning to sell, this information is invaluable.
But data is just the beginning. You’ll need expert guidance to navigate the Altadena real estate market successfully. As a Broker Associate with JohnHart Real Estate, I, Robbyn Battles, am here to help you interpret these numbers and offer tailored advice based on your unique situation.
For a detailed discussion on how to make the most of these market conditions, please contact me at 818.388.1631 or via email at Robbyn@TheHouseAgent.com.
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