South Pasadena CA Condos Townhomes Lofts
1st Qtr 2016 Market Report
This is a real estate market activity report for the condominium, townhome and loft segment of the South Pasadena real estate market. This report will cover the first quarter of 2016 with a comparison to the same time period in 2014 and 2015. While better known for its character homes on tree-lined streets, wonderful estate residences or view properties in the hills, there are other housing options available in the city which is also called by locals and admirers alike as South Pas. Statistical information for this report has been gathered from our local multiple listing service(mls) and may not include all sales in the marketplace.
There are currently just three properties listed in the mls as available for sale ranging from $625,000 to $948,000 with an additioinal nine in escrow. This is somewhat misleading as there is a new mixed-use development at 820 Mission Street that combines multi and single level condos, flats and townhomes along with commercial space. The 38 living units feature contemporary and Spanish Colonial-inspired architecture and range in price from just under $900,000 to around $1,750,000(subject to change and availability). Only one of these properties is currently showing in the multiple listing service.
In the first quarter of 2016, there were ten mls-reported sales in the category ranging from $450,888 to $905,000 with an average price of $638,089(median sales $572,500). They sold at 102.92% of last list price(80% at or above list price) and for an average price per square foot of $454.88.
For the first quarter of 2015, there were eleven sales. They ranged in closed prices from $370,000 to $845,000 with an average sales price of $584,636(median sales price $523,500). They sold at 100.03% of last list price and for $462.29 per square foot on average.
During the same January through March time period in 2014, there were ten closed transactions. Those sales ranged from $307,000 to $758,800 with an average sales price of $525,780(median $522,500). They sold at 100.44% of last list price and for $429.85 per square foot on average.
Inventory of properties for sale in this category have been an issue in recent years. In 2014 and 2015, there were just five for sale. The project on Mission Street, while higher in price than the typical South Pas condo, should be well-received in my opinion given its location, the lack of much new construction in the city as well as the units’ features.
If you are interested in South Pas real estate as a prospective buyer or homeowner thinking of selling, let’s discuss what is important to you. Keep in mind, a closer look at each property is important to determine an appropriate asking price for sellers or a purchase price that will win for buyers. When you are ready, I can be reached at 818.516.4393 cell.
Published: April 6, 2015
South Pasadena CA Condos Townhomes Lofts
1st Qtr 2016 Market Report
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