By David Cross & Brian Day
Home prices have seen significant jumps in Pasadena over the past year, outpacing price increases at the county level in three of the city’s six postal codes, according to data released by CoreLogic.
Local real estate experts say it comes down to simple supply and demand, as the market is saturated with eight times more buyers than sellers.
The median price of a single-family home in Los Angeles County in August was $750,000, representing a 14.5 percent increase over the prior year, according to the CoreLogic report.
Three areas in Pasadena saw prices surge at an even higher rate, the data shows. Only one postal code — 91103, encompassing Northwest Pasadena, the Rose Bowl, and Brookside Golf Course — saw a decrease in the median home sale price at 7.7 percent, bringing the median home price to $708,000.
Postal code 91106, including the Oak Knoll neighborhood in the central portion of the city, saw the biggest price increase at 30.5 percent, ending with a median price of $1.59 million in August.
The 91101 postal code, centered around the Playhouse District, saw single-family home prices surge by 24.1 percent to a median of $726,000.
The 91104 postal code, encompassing the city’s northeast portion, had a median home price of $1.02 million, representing an increase of 14.8 percent, according to CoreLogic.
The median home price in the 91105 postal code at the southwest end of Pasadena reached $1.8 million after climbing by 12.5 percent, while the 91107 postal code, containing the East Pasadena and Kinneloa Mesa neighborhoods, saw a median price of $1.15 million following an 8.1 percent increase.
Bill Podley, a partner at the deasy penner podley real estate firm in Pasadena, said the increases were “a function of supply and demand.”
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