PASADENA AND GIBSON ISLAND HOUSING MARKET DATA

There was an increase in total units sold in August, with 89 sold this month in Pasadena and Gibson Island Real Estate versus 81 last month, an increase of 10%. This month's total units sold was higher than at this time last year, an increase of 31% versus August 2023.

Versus last year, the total number of homes available this month is lower by 22 units or 20%. The total number of active inventory this August was 87 compared to 109 in August 2023. This month's total of 87 is lower than the previous month's total supply of available inventory of 107, a decrease of 19%.

Last August, the median sale price for Pasadena and Gibson Island Homes was $421,000. This August, the median sale price was $450,000, an increase of 7% or $29,000 compared to last year. The current median sold price is 6% higher than in July.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

In August, there was 1.0 months of supply available in Pasadena and Gibson Island, compared to 1.6 in August 2023. That is a decrease of 39% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

This month there were 90 homes newly listed for sale in Pasadena and Gibson Island compared to 73 in August 2023, an increase of 23%. There were 94 current contracts pending sale this August compared to 54 a year ago. The number of current contracts is 74% higher than last August.

In August, the average sale price in Pasadena and Gibson Island was 100.3% of the average list price, which is 0.8% lower than at this time last year.

This month, the average number of days on market was 19, higher than the average last year, which was 17, an increase of 12%.





FOCUS ON: PASADENA AND GIBSON ISLAND HOUSING MARKET			AUGUST 2024

Zip Code(s): 21122 and 21056
Units Sold 89	Active Inventory 87	Median Sale Price $450,000	Days On Market 19

Up 31% Vs. Year Ago	Down -20% Vs. Year Ago	Up 7% Vs. Year Ago	Up 12% Vs. Year Ago


		Units Sold There was an increase in total units sold in August, with 89 sold this month in Pasadena and Gibson Island Real Estate versus 81 last month, an increase of 10%. This month's total units sold was higher than at this time last year, an increase of 31% versus August 2023.
Active Inventory Versus last year, the total number of homes available this month is lower by 22 units or 20%. The total number of active inventory this August was 87 compared to 109 in August 2023. This month's total of 87 is lower than the previous month's total supply of available inventory of 107, a decrease of 19%.
		Median Sale Price Last August, the median sale price for Pasadena and Gibson Island Homes was $421,000. This August, the median sale price was $450,000, an increase of 7% or $29,000 compared to last year. The current median sold price is 6% higher than in July. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 90	Current Contracts 94	Sold Vs. List Price 100.3%	Months of Supply 1.0

Up 23% Vs. Year Ago	Up 74% Vs. Year Ago	Down -0.8% Vs. Year Ago	Down -39% Vs. Year Ago


		Months of Supply In August, there was 1.0 months of supply available in Pasadena and Gibson Island, compared to 1.6 in August 2023. That is a decrease of 39% versus a year ago. Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.
New Listings & Current Contracts This month there were 90 homes newly listed for sale in Pasadena and Gibson Island compared to 73 in August 2023, an increase of 23%. There were 94 current contracts pending sale this August compared to 54 a year ago. The number of current contracts is 74% higher than last August.
		Sale Price to List Price Ratio In August, the average sale price in Pasadena and Gibson Island was 100.3% of the average list price, which is 0.8% lower than at this time last year. Days on Market This month, the average number of days on market was 19, higher than the average last year, which was 17, an increase of 12%.


	Pasadena and Gibson Island are defined as properties listed in zip code/s 21122 and 21056.
	*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
	Information included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.