Here’s the market update for South Pasadena Homes for Sale for the week ending 3/4/13:
It's a Seller’s Market, Here's why:
- 1 1/3 months supply of homes trending
- 19 Homes available total
# Condos Available: 4 (3 new this week)
# Single Family Homes Available: 15 (6 new this week!)
The 6 month numbers are as follows:
Average Sale Price: $855,990
Median Sale Price: $745,500
Average Days on Market: 62
Average Sale Price to List Price Ratio: 98.66
Of Special Note this week: Can you say CASH….can you say MULTIPLE OFFERS? Yes, in my experience with my buyer pool this week, we’ve seen it all, including some VERY aggressive offer techniques. This is developing into a tough market for buyers as properties come on the market one week and are usually gone the next. A look at the numbers confirms this with 9 new properties on the market and 5 going into escrow and 4 new closings. The inventory did jump a bit this week, but the pent up demand is quickly absorbing them. Appraisers will have a field day, however, with just less than half of the properties sold within the last 6 months selling at or above list price, it could help them, and support buyers. It is interesting to note that 3 of the current availabilities are “drive-by” only properties and have been on the market for many months. This skews the numbers slightly, but the intense activity will eventually wash that out. Next week – Charge!!
And that’s the market for South Pasadena Homes for Sale for the week ending 2/24/13
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