Pasadena CA Lower Hastings Ranch Homes
For Sale and 2014 Market Update
This is a recap of the Lower Hastings Ranch neighborhood homes for sale as well as a market update for 2014 with a comparison to 2013.
Statistical information contained in this report is from our local multiple listing service(mls) as of January 24, 2015 and may not include all transactions.
The Hastings Ranch neighborhood in East Pasadena consists of three separate neighborhoods: Lower Hastings Ranch, Upper Hastings Ranch and Hastings Heights.
This update covers market activity for single family homes in the Lower Hastings Ranch area which covers the area south of Sierra Madre Boulevard, west of Michillinda Avenue, north of the Hastings Ranch shopping areas and east of Sierra Madre Villa Avenue with the exception of the Estates Pasadena development.
Although there are condominiums, townhomes and apartments in the on Cliff Avenue, Hastings Ranch Road and Rosemead Boulevard, this report covers only homes.
Building in Lower Hastings Ranch began in the late 1940s with the majority of the homes constructed in the 1950s. Lower Hastings Ranch has typically larger and wider lots than those in Upper Hastings Ranch with custom or semi-custom homes sited impressively on tree-lined streets. The homes are generally single level. I would estimate that there are between 250 and 300 homes in the well-manicured neighborhood.
The East Pasadena area(zip code 91107) has multiple shopping areas with a wide variety of stores along with dining, entertainment, recreation and A Noise Within - a repertory theater highlighting classic plays.
The Gold Line light rail station at Sierra Madre Villa and the Foothill(210) Freeway are easily accessible.
Turnover of homes in this neighborhood like much of Pasadena is traditionally low and currently there is just one home on the market for sale. Listed for sale this week, it is a three bedroom home with approximately 2356 square foot home on an approximate ¼ acre lot priced at $1,100,000. As is common, offers will be reviewed on a particular date - in this case Tuesday, February 3. In 2014, there were eleven mls-reported closed transactions ranging from $730,000 to $1,400,000 with an average sales price of $1,044,200(median sales price $1,050,000). They sold at 101.63% of last list price and for $496.44 per square foot on average.
For full year 2013, there were 18 sales ranging from $515,000 to $1,300,000 with an average sales price of $900,146(median price $878,500). They sold at 100.02% of last list price and for $442.56 per square on average.
Obviously the continued lack of inventory of homes for sale had a dramatic impact on the number of sales in Lower Hastings Ranch.
I don’t know(nor can I predict) if this will change in 2015 but remember this is a relatively small neighborhood. Also, as far as pricing is concerned, there remains a significant percentage of long term homeowners and some of the homes I have seen over the years have been in original or near-original condition. This can have an impact on price and it is not uncommon to encounter homes in any condition selling at or above list price because of the desirability of the location.
The information in this report is limited due to space and if you would like more detailed information regarding Lower Hastings Ranch or any Pasadena neighborhood whether you are a prospective buyer or seller contact me at 818.516.4393 cell.
Pasadena CA Lower Hastings Ranch Homes
For Sale and 2014 Market Update
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