South Pasadena CA | Homes for Sale and Market Update October 2014
This is a recap of South Pasadena homes for sale along with those in escrow, sales in September and for the first nine months of 2014.
Statistical information in this report is from our local multiple listing service(mls) as of October 3, 2014.
South Pasadena is a city of approximately 26,000 in the San Gabriel Valley within Los Angeles County. With its convenient location and small town atmosphere, South Pas as it is often called it, is a popular choice. While well-known for its character homes on tree-lined streets, there is quite a bit of architectural diversity for patient home buyers. I say patient because inventory levels have traditionally been low in South Pasadena. Today, it is common to find properties coming on the market for sale which receive a lot of attention and multiple offers with final sales prices substantially over list price.
There are currently 22 South Pas homes for sale priced from $550,000(a one bedroom with approximately 704 square feet on a lot size under 2000 sq ft) to $5,088,000(a circa 1934 home with over 5000 square feet). An additional 15 homes in escrow.
In September 2014, there were eleven mls-reported closed transactions ranging from $640,000 to $1,975,000 with an average sales price of $1,071,545(median sales price $989,000). Ten of those eleven sales sold at or above list price for an average sales to list ratio of 106.12%. In September 2013, there were ten mls-reported sales with an average sales price of $968,568(median $890,000).
For the first nine months of 2014, there have been 92 mls-reported sales transactions.
These range from $496,854 to $3,745,000 with an average sales price of $1,150,773(median $1,060,000). They have sold at an average 104.42% of last list price and for $625.29 per square foot on average.
During the same January through September time period in 2013, there were 106 sales ranging from $400,000 to $2,700,000 with an average $1,090,444 sales price(median $962,500). They sold at an average 102.33% of last list price and for $527.55 average per square foot.
Inventory has increased over last year at time of this report but it always takes closer examination to find that ideal listing price for sellers to attract the right offer or to analyze the data and other more subtle factors for a buyer to determine a purchase price that will ultimately bring an acceptance. Whether you are a prospective buyer or homeowner thinking of selling, I welcome the opportunity to discuss your South Pasadena real estate requirements. I can be reached at 818.516.4393 cell or michaeljacobs@coldwellbanker.com.
South Pasadena CA | Homes for Sale and Market Update October 2014
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