Pasadena CA - South Orange Grove Condo and Townhome Market Update

Pasadena CA - South Orange Grove Condo and Townhome Market Update

This market update is for the South Orange Grove Boulevard corridor condominium and townhome in Pasadena for the month and year-to-date period ending July 31, 2012.   This update covers the area that is also known as Millionaires Row for Orange Grove and the adjacent streets.  Known as the premier location for upscale condos and townhomes in Pasadena and the San Gabriel Valley, residents enjoy easy access to multiple freeways as well as a multitude of shopping, dining, entertainment and cultural venues.   Additionally, South Orange Grove Boulevard is the start of the annual New Year’s party event known as the Rose Parade which winds its way down Colorado Boulevard and is seen on television throughout the world and by hundreds of thousands on the streets of Pasadena.  

Currently there are twelve properties on the market for sale in the condo and townhome category along the South Orange Grove corridor.   They range in price from $610,000 to $1,099,000.  Seven properties are in escrow.   There is also one property - a rare bank owned condo that does not show in our local multiple listing that was due to be auctioned last month.   

There were three sales in July 2012 according to our local multiple listing service records.   One was a Cravens Court townhouse style condo that sold for $580,000.   There was an also an approximately 2610 square feet multi-level condo at Arroyo del Vista that sold for $830,000.  The third sale was a two bedroom, den condo at 251 South Orange Grove that sold before actually coming on the market for full exposure.  It closed for $1,050,000.   In July 2011, there were five sales ranging in price from $510,000 to $691,400 with an average sales price of $624,080(median sales price $645,000).

For the seven months ending July 2012, there have been 35 sales along South Orange Grove corridor versus 25 in the same period of 2011.  Sales during 2012 ranged from $353,000 to $1,200,000 with an average sales price of $654,590(median sales price $610,000).   In 2011 the sales ranged from $369,000 to $1,200,000 with an average of $641,996(median $625,000).

Inventory of homes on the market for sale and available remains low and homeowners who may be thinking of selling may have a unique opportunity to take advantage of high buyer demand in the area.   If you are considering selling or buying in the South Orange Grove corridor or anywhere in the Pasadena or San Gabriel Valley, I welcome your call.  I can be reached at 818.516.4393 cell or by email at michaeljacobs@coldwellbanker.com.