The Long & Foster Market Minute

Focus On: Pasadena and Gibson Island Housing Market March 2021

Zip Code(s): 21122 and 21056
Units Sold
94
Active Inventory
54
Median Sale Price
$384,950
Days On Market
26
Down -3%
Vs. Year Ago
Down -69%
Vs. Year Ago
Up 10%
Vs. Year Ago
Down -32%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 94 sold this month in Pasadena and Gibson Island Real Estate versus 74 last month, an increase of 27%. This month's total units sold was lower than at this time last year, a decrease of 3% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 118 units or 69%. The total number of active inventory this March was 54 compared to 172 in March 2020. This month's total of 54 is lower than the previous month's total supply of available inventory of 70, a decrease of 23%.

Median Sale Price
Last March, the median sale price for Pasadena and Gibson Island Homes was $350,000. This March, the median sale price was $384,950, an increase of 10% or $34,950 compared to last year. The current median sold price is 12% higher than in February.

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


New Listings
137
Current Contracts
135
Sold Vs. List Price
99.8%
Months of Supply
0.6
Up 30%
Vs. Year Ago
Up 57%
Vs. Year Ago
No Change
Vs. Year Ago
Down -68%
Vs. Year Ago

Months of Supply
In March, there was 0.6 months of supply available in Pasadena and Gibson Island, compared to 1.8 in March 2020. That is a decrease of 68% 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 137 homes newly listed for sale in Pasadena and Gibson Island compared to 105 in March 2020, an increase of 30%. There were 135 current contracts pending sale this March compared to 86 a year ago. The number of current contracts is 57% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Pasadena and Gibson Island was 99.8% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 26, lower than the average last year, which was 38, a decrease of 32%.

The Long & Foster Market Minute 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.
REALTOR, Equal Opportunity HousingInformation 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.