A Snapshot Look at the South Pasadena Real Estate Market Update

A Snapshot Look at the South Pasadena Real Estate Market Update

This is a real estate update of South Pasadena homes for sale, in escrow and closed transactions from September 1 through November 30, 2015. Statistical information in this report has been gathered from our local multiple listing service (mls) and may not include all transactions in the city.

South Pas, as it is also known, is an independent city and not part of its larger neighbor - Pasadena.  The population is 25,619 as of the 2010 census. You will find a setting that seems so much like small town America that it often is used in movies, television series and advertising.    As far as big city conveniences, it is easily accessible to multiple freeways. Highly ranked schools, a well-regarded library, outstanding parks and recreation programs plus unique dining and shopping options all combine to enhance the small town neighborhood feel.   The Farmers Market adjacent to the Gold Line light rail station at Mission and Meridian is a popular weekly late afternoon/ early evening event each Thursday.

There are character homes on tree-lined streets but you will also find homes with outstanding views in the Altos de Monterey neighborhood or the Old Altos area of the city.  Home sizes range from small bungalows to much larger estates and the condition of homes can vary substantially as well.

There are currently 13 South Pasadena homes on the market for sale as of this report with an additional 16 properties in escrow. Those on the market range in price from $499,000(a total fixer) to $3,988,888.  During the approximately 90 day time period from September 1, to November 30, 2015, there were 34 mls-closed sales ranging from $655,000 to $4,400,000 with an average sales price of $1,412,892(median sales price $1,323,000). They sold at 102.42% of last list price and for $603.82 per square foot on average.

As a comparison to the same September through November time period in 2014, there were also 34 closed transactions ranging from $640,000 to $3,000,000 with an average sales price of $1,169,809(median $1,082,750).   When I collected the information for a report on South Pas in 2014, there were 20 homes on the market for sale just slightly more than shown in this report.

While the number of multiple offers may not be a plentiful as in 2014 they still exist and buyers need to understand that South Pasadena remains a sellers’ market and is still quite competitive. Sellers should be mindful that preparation regarding price and presentation are as important as ever.

In any market, there are properties that fail to sell and for a number of reasons.   Buyers may want to review those and other homes that may not meet all their requirements.  Compromise for buyers need not be considered a “bad word”.   I know this is not easy but my suggestion to buyers is to be open minded in their homebuying strategy.   Obviously, a strong offer with proper documentation and often the shortening or elimination of certain contingencies are an important factor that can lead to a successful transaction.   

Let’s discuss what is important to you in purchasing South Pasadena real estate(or anywhere in the San Gabriel Valley) and how I can help you achieve it.  I can be reached at 818.516.4393 cell.    

Published:  December 4, 2015

A Snapshot Look at the South Pasadena Real Estate Market Update