Here’s the market update for South Pasadena Homes for Sale for the week ending 2/24/13:
It's a Seller’s Market, Here's why:
- 1 month supply of homes trending
- 16 Homes available total
# Condos Available: 2 (nothing new this week)
# Single Family Homes Available: 14 (4 new this week!)
The 6 month numbers are as follows:
Average Sale Price: $856,269
Median Sale Price: $745,500
Average Days on Market: 62
Average Sale Price to List Price Ratio: 98.96
Of Special Note this week: Activity has picked up, at least in the short run, with 4 new homes on the market and 4 new escrows opened. Nothing closed this week so there is really no movement in the 6 month numbers that an appraiser would use. 2 of the properties in the data this week are the result of a single individual making a lifestyle change while still staying in South Pasadena. There’s an old saying that once you move into South Pasadena, you never leave! This was illustrated by the low inventory of South Pasadena homes for sale all through the recession. It never really became a buyers market, although buyers were being stalwart in their purchase prices, the inventory never became high enough to shift the actual balance. Foreclosures were never a notable part of the market, and now, prices begin to creep up again, even this early in the cycle.
And that’s the market for South Pasadena Homes for Sale for the week ending 2/24/13
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