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South Pasadena Real Estate Market Report and Statistics

The inventory in South Pasadena is moving very quickly.  South Pasadena home and condo prices are on the rise.  Many “cash heavy” investors are out in the market competing with regular buyers.  Multiple offers are still prevalent on well priced homes.

Lowest priced home sale in South Pasadena in June was at 1404 Oneonta Knl and sold at $681,000.

Highest priced South Pasadena home in June was at 543 Columbia Street which sold at $2,177,185.

South Pasadena Housing Analysis for April 2009 through June 2009:

 

Single Family Residence Apr-09 May-09 Jun-09
New Listings 18 12 11
Total Listings 41 50 41
Sales Pending 9 20 19
Homes Sold  5 11 13
Listings Expired 5 2 0
Average Days on the Market  56 61 55
Average Price Per Sq. Ft. $496 $465 $504
Median Selling Price $953,000 $899,000 $1,205,000
Average Selling Price $843,380 $990,636 $1,197,370
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 35.5 19.7 13.7
Condos and Townhomes Apr-09 May-09 Jun-09
New Listings 1 4 7
Total Listings 12 13 12
Sales Pending 1 4 7
Homes Sold  1 2 4
Listings Expired 3 1 2
Average Days on the Market  67 29 34
Average Price Per Sq. Ft. $336 $318 $364
Median Selling Price $590,000 $451,500 $572,500
Average Selling Price $590,000 $451,500 $576,875
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 52.0 28.2 13.0

 

Data gathered from ITEC (Pasadena Foothill Association of Realtors)

South Pasadena Housing and Real Estate Market statistics for March 2009

Here’s an interesting chart from Altos Research, a real-time reporting service that I hire to provide information on real estate statistics in South Pasadena.   It offers a nice visual view for South Pasadena SFR – Single Family Homes/Residences – 2008 vs. 2009:

south-pasadena-home-price-comparison-2008-to-2009

Also, the March 2009 South Pasadena report has been published and can be found on my Pasadena Real Estate Marketing website.

South Pasadena Housing and Real Estate Market statistics for February 2009

South Pasadena home inventory is on the rise.  There were 12 new homes listed for sale compared to only a handful in both January 2009 and December 2008.  The rate of sales remains the same at 3 homes sold (actually just a bit less than the month before).  Sellers are pricing their homes at $499 per sq. ft. while the sales run closer to mid $400s.

 

There are two short sales and 1foreclosure (real estate owned homes) in South Pasadena right now.  Bank owned home is located at 1800 Meridian Avenue in South Pasadena and is described as a “contractor’s dream” by the listing agent.  It is priced at $474,900 and has 2 bedrooms plus 1 bath.

Read the full report with statistics for South Pasadena December 2008 to February 2009 housing here.

South Pasadena Housing and Real Estate Market statistics for January 2009

No surprises in January 2009 for South Pasadena’s real estate market.  For the most part, the activity picked up a bit and the inventory decreased for both condos and townhomes as well as South Pasadena single family homes.  Low interest rates helped South Pasadena home buyers afford to buy more home for their money.

Most single family South Pasadena homes closed 5 to 11% below asking price.  Home sellers are still over pricing their homes at $510 per square foot on average vs. the $430 that these homes are closing at.

Highest priced home is at 851 Lyndon in South Pasadena priced at $3,450,000 and has been on the market for over 4 months now.

Lowest priced South Pasadena home is at 1823 Gillette and is priced at $550,000.

For the chart with inventory, price per square foot, solds and actives, please see South Pasadena statistics for January 2009 real estate and housing.

South Pasadena Real Estate Market Report for December 2008

The numbers don’t lie and South Pasadena home sellers need to come face to face with the reality that they can not be asking 2007 home prices in December of 2008.  There were only 2 South Pasadena home sales last month and both sold at high $400 per square foot of living space.  A lot of the homes listed in South Pasadena for sale now are in the $500 to $600 per square foot range.  One home is even listed over $700 per sq. ft.

With real estate data so readily available on line to most consumers, expecting South Pasadena home buyers to pay such a premium for a home is pretty unrealistic.

In reviewing the last five years of South Pasadena real estate statistics, 2008 ended on a great note with an average price per sq. ft. for single family homes at $510.  Although the last several months of 2008, the prices have been slipping more in the high $400 range. See for yourself below.

READ MORE:  South Pasadena real estate statistics and analysis for 2003-2008

The inventory of homes is still in the 30 homes per month range, but given the slow down in sales, it will take over a year to sell these homes if the rate of sale remains this low.  December is usually a slower month in real estate overall, so I expect the absorption of homes to increase over the next few months.

The sales of South Pasadena condos and townhomes was pretty consistent in December 2008 compared to previous months.  Since quite a few condos and tonwhomes went under contract and opened escrow in December, we expect to see a higher number of solds in January.  Something to be said for marketing your South Pasadena home in December and not waiting for after the holidays!

Read more: Complete South Pasadena real estate market statistics for December 2008

South Pasadena Real Estate Market Report for November 2008

The number of single family homes sold in South Pasadena in November almost doubled from the previous several months, while the inventory of available South Pasadena homes for sale remains the same. This drives the absorption rate down quite drastically from almost 30 weeks on the market to sell existing inventory of homes to approximately 19 weeks should the rate of sales remain the same.

Usually, December is a slow month for real estate buyers and sellers. Everyone is focused on shopping for the holidays and their upcoming vacations. Having said that, it’s important to note that the home buyers who are looking are very serious shoppers with very specific requirements.

Potential South Pasadena sellers also need to keep in mind that the banks are sitting on a lot of foreclosures through the end of the year because it makes their “accounting” books look better. As soon as the 1st of the year rolls around, I believe that we’ll see an increase in inventory at significantly lower prices since banks will be looking to unload their REOs (Real Estate Owned property). If you have a South Pasadena home that you are considering selling, do not wait too long because we do not know what the 1st quarter of 2009 will bring.

South Pasadena home buyers are already getting some pretty good deals with the price per square foot for sold homes hitting a low of $462 and condos and townhomes selling in the high $300 per square foot.

There is also quite a bit of discrepancy between the price per square foot of South Pasadena homes on the market – $518 – and the price per square foot of the homes sold – $463 – which would explain why the South Pasadena active home listings are staying on the market for an average of 137 days. That is over four months. South Pasadena need to track these statistics carefully to ensure that they are not chasing the market down.

Read also: Staying Sane in an Insane Buyer’s Market

One South Pasadena home situated in the Marengo Estates area located at 838 Milan, South Pasadena, sold with multiple offers $200,000 over asking at $1,150,000. This is a prime example of great pricing and marketing.

Lowest priced South Pasadena home on the market in November was at 1108 Foothill Street – a 2 bedroom and 1 bath cottage – listed at $439,000.

Highest priced South Pasadena home on the market in November was at 1133 Buena Vista Street – a 7,500 sq. ft. estate – listed at $3,600,000.

Altos Research, one of the premier real estate statistics tracking companies in the nation, has this to say about South Pasadena:

The Market Action Index for South Pasadena has been trending down lately, indicating demand falling along with supply. Conditions point to mildly negative trends for the South Pasadena real estate market.

Read More: South Pasadena City Guide – relocation guide for South Pasadena

Search all South Pasadena properties on the market below:

South Pasadena real estate and housing statistics for September through November 2008:

Single
Family Residence
Sep-08 Oct-08 Nov-08
New
Listings
10 13 9
Total
Listings
33 34 35
Sales
Pending
9 8 0
Homes Sold 5 5 9
Listings
Expired
3 5 6
Average Days
on the Market
68 96 77
Average
Price Per Sq. Ft.
$499 $493 $462
Average
Median Price
$930,000 $940,000 $1,000,000
Average
Selling Price
$1,145,178 $1,037,300 $998,833
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
28.6 29.5 16.9
       
Condos
and Townhomes
Sep-08 Oct-08 Nov-08
New
Listings
6 4 5
Total
Listings
18 13 15
Sales
Pending
5 2 1
Homes Sold 5 4 2
Listings
Expired
5 0 3
Average Days
on the Market
111 186 18
Average
Price Per Sq. Ft.
$397 $401 $369
Average
Median Price
$590,500 $733,500 $482,450
Average
Selling Price
$637,200 $647,200 $482,450
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
15.6 14.1 32.5

Real estate data based on information from ITEC (Pasadena Foothills Association MLS service)

CLICK HERE FOR A LIST OF ALL SOUTH PASADENA HOMES FOR SALE (Single Family Residences)

CLICK HERE FOR A LIST OF ALL SOUTH PASADENA CONDOS AND TOWNHOMES FOR SALE

South Pasadena real estate market activity with real time updated data can be found on Pasadena California Real Estate Blog’s How is the Real estate Market tab. These South Pasadena real estate housing reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

Posted by Irina Netchaev, Pasadena Real Estate Agent.

South Pasadena Real Estate Market Report for October 2008

South Pasadena real estate is still very much in demand and the homes are holding value.  The family atmosphere, wonderful South Pasadena schools and the limited inventory make homes that are prepared for sale and priced well quite in demand.

Single Family Homes in South Pasadena are selling at 94.84% of asking price.  Although one home sold $51,000 over asking at 106% of asking.

Condos and townhomes in South Pasadena are selling close to 97% of asking price.

The lowest priced South Pasadena home in October is at 1108 Foothill Street and is listed for $439,000.  It is a small (listed as having 755 sq. ft.) 2 bedroom, 1 bath.

The highest priced South Pasadena home is at 1133 Buena Vista Street with 7 bedrooms adn 7 baths and over 7,500 sq. ft.  This South Pas estate is listed at $3,600,000.

Read More:  South Pasadena City Guide – relocation guide for South Pasadena

South Pasadena real estate and housing statistics for August through October 2008:

Single Family Residence Aug-08 Sep-08 Oct-08
New Listings 8 10 13
Total Listings 26 33 34
Sales Pending 1 9 8
Homes Sold 11 5 5
Listings Expired 3 3 5
Average Days on the Market 119 68 96
Average Price Per Sq. Ft. $483 $499 $493
Average Median Price $915,000 $930,000 $940,000
Average Selling Price $795,273 $1,145,178 $1,037,300
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 10.2 28.6 29.5
       
Condos and Townhomes Aug-08 Sep-08 Oct-08
New Listings 3 6 4
Total Listings 15 18 13
Sales Pending 1 5 2
Homes Sold 3 5 4
Listings Expired 4 5 0
Average Days on the Market 77 111 186
Average Price Per Sq. Ft. $352 $397 $401
Average Median Price $533,000 $590,500 $733,500
Average Selling Price $561,000 $637,200 $647,200
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 21.7 15.6 14.1

Real estate data based on information from ITEC (Pasadena Foothills Association MLS service)

South Pasadena Real Estate Market report for Septemeber 2008:

The inventory of South Pasadena homes for sale has increased in Septtember mostly because of homes falling out of escrow last month.  The number of newly listed homes has remained consistently at around 10 a month.  Even though the average # of days of sold South Pasadena homes is running a bit over 2 months, the homes that are currently available for sale have been on the market for over 3 months, an average of 107 days.

Most South Pasadena homes sold last month were closed at 8% below asking price.  Only one home sold over asking price at 822 Arroyo Drive.  It was originally priced at $699,000 and closed escrow at $715,000.

It will take over 28 weeks to sell the South Pasadena home inventory given no additional listings and the same rate of sale as in September.

The lowest priced home in South Pasadena is at 1800 Meridian Avenue – $474,900.

The highest priced home in South Pasadena is at 851 Lyndon Street – $3,450,000.

Condos and townhouse sales in South Pasadena have remained pretty flat with no major changes from last month.

The lowest priced condo for sale in South Pasadena is at 116 marmion Way #10 – $339,000

The highest priced townhome for sale in South Pasadena is at 1907 Leman Street – $829,000

South Pasadena Real Estate Market Statistics for June through September 2008:

Single Family Residence Jun-08 Jul-08 Aug-08 Sep-08
New Listings 10 11 8 10
Total Listings 38 24 26 33
Sales Pending 9 14 1 9
Homes Sold 14 8 11 5
Listings Expired 6 4 3 3
Average Days on the Market 93 39 119 68
Average Price Per Sq. Ft. $532 $607 $483 $499
Average Selling Price $1,579,714 $1,525,000 $795,273 $1,145,178
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 11.8 13.0 10.2 28.6
         
Condos and Townhomes Jun-08 Jul-08 Aug-08 Sep-08
New Listings 8 10 3 6
Total Listings 19 21 15 18
Sales Pending 2 5 1 5
Homes Sold 2 1 3 5
Listings Expired 1 9 4 5
Average Days on the Market 95 147 77 111
Average Price Per Sq. Ft. $402 $331 $352 $397
Average Selling Price $635,944 $418,000 $561,000 $637,200
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 41.2 91.0 21.7 15.6

Real estate data based on information from ITEC (Pasadena Foothills Association MLS service)

South Pasadena real estate market activity with real time updated data can be found on Pasadena California Real Estate Blog’s How is the Real estate Market tab.  These South Pasadena real estate housing reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

Posted by Irina Netchaev, Pasadena Real Estate Agent.