South Pasadena, CA --- Condos-Townhomes-Lofts Market Update

South Pasadena, CA --- Condos -Townhomes - Lofts Market Update

This report covers the condominium, townhome and lofts market segment for the city of South Pasadena for the month and year-to-date time period for September 2012.  It includes a comparison to the same time period in 2011.

South Pasadena is a separate city within the San Gabriel Valley of Los Angeles County.  It is not a part of the city of its much larger neighbor - Pasadena.   It has its own city government, well-regarded school district, highly acclaimed parks and recreation program an library.

Tree-lined streets with character homes and a small town atmosphere often make South Pasadena a natural to stand in for Anywhere USA for movies, television and print/online advertising.    An easier commute to Downtown Los Angeles and both the San Gabriel/San Fernando Valleys further enhances the appeal of the city.  With its weekly Farmers Market, unique shops/dining and many community events, it’s no wonder South Pasadena is a popular place to live.

While the city is best known for its single family homes, there are housing alternatives in the city in the form of condos, townhomes and lofts.

South Pasadena Condo-Townhome-Loft Market Recap for September 2012:

Sales                              4

Price Range of Sold Properties          $312,500 to $555,000

Average Sales Price          $437,500

Median Sales Price            $441,750

Average Sold Price/Square Foot          $330.38

Currently on the Market                    10

Price Range of Current Listings             $310,000 to $825,000

Properties in Escrow                              11

Condo-Townhome-Loft Market Recap for September 2011:

Sales                                                                2

Price Range of Sold Properties              $310,000 & $540,000

Average Sold Price/Square Foot               $358.11

Condo-Townhome-Loft Market Recap January - September 2012

Sales                           42

Price Range of Sold Properties                   $110,000 to $965,000

Average Sales Price                             $499,521

 Median Sales Price                                $518,250

 Average Sold Price/Square Foot         $354.02

Condo-Townhome-Loft Market Recap January - September 2011

Sales                                                56

Price Range of Sold Properties                                       $275,000 to $653,000

Average Sales Price                                                          $423,225

Median Sales Price                                                            $378,500

Average Sold Price/Square Foot                                         $393.83

All information is from our local multiple listing service


This report may raise a couple of questions:  

Why are the number of sales lower in 2012 year-to-date versus 2011?

In 2011, there were two newly constructed loft/condo developments in the city --
Station Lofts and Mission Commons.   These two developments accounted for 19 sales in the January - September 2011 time period.  Not all sales are reflected in the multiple listing service for new construction.

Why is the average sold price/square foot lower in 2012 versus 2011?

This relates to the above answer as well - the properties at Station Lofts were primarily less than 700 square feet of living space which had an impact on the overall number.

If you have other questions, need additional information or are just curious regarding this market segment or any real estate question in South Pasadena or any city within the San Gabriel Valley please contact me on my cell/text at 818.516.4393 or michaeljacobs@coldwellbanker.com

Have a great day!