Here’s the market update for South Pasadena Homes for Sale for the week ending 3/29/15:
It's a Seller’s Market, Here's why:
- 1.75 months supply of homes trending (6 months is a balanced market)
- 26 Homes available total
# Condos Available: 7 (2 new this week)
# Single Family Homes Available: 19 (4 new this week)
The 6 month numbers are as follows:
Average Sale Price: $1,003,164
Median Sale Price: $869,000
Average Days on Market: 45
Average Sale Price to List Price Ratio: 101.60
Of Special Note this week: The spring market has officially begun and inventory is up, which is the time tested pattern to expect for South Pasadena Homes for Sale. However, the March trend seems to be hinting at a slower market, with all key indicators supporting this idea, even if just for March so far. The percentage number of homes sold at or above list is dropping to just above 50% and the percentage number of homes sold in less than a month has dropped below 50%. The average days on market is up to 45, up only one day since early March, however, the pending homes average days is 56 while the average for homes on the market is up to 50, so if these start closing, they will impact the sold averages to reflect a slight slowing of the market. It still remains solidly a seller’s market, and South Pasadena is, historically, rarely a buyer’s market, but a shift in the dynamic could impact sellers purchase prices. With the overall economy suggesting a slow, we’ll have to wait and see if that bears out in the South Pasadena real estate market as the spring/summer season moves into full swing!
And that’s the market for South Pasadena Homes for Sale for the week ending 3/29/15
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