A Look At South Pasadena Homes For Sale and Market Update
This is a real estate market activity report for the city of South Pasadena. In this report I will share closed transactions for the month of August as well as the first
eight months of 2016 with a comparison to those same periods for the previous two years. I will also include a recap of properties on the market for sale and in escrow. All statistical information has been gathered from our local multiple listing service(mls) and may not include all transactions in the city.
South Pasadena(zip code 91030) is a located within the San Gabriel Valley of Los Angeles County. There is a small town charm where you can find tree-lined streets with character homes as well as more modern homes with incredible views in the hills. The city which is an independent city - not a part of Pasadena - is used extensively in films, television, commercials, video and print media as it can often fit the role as Anywhere USA.
The school district is well-regarded and the library plus its parks and recreation programs are quite popular. Many small independently owned businesses and restaurants along with local events further enhance the neighborhood feel of the community.
Known to many locals and fans alike as South Pas, the city is quite convenient to the Arroyo Seco Parkway(110) as well as other freeways and a Gold Line light rail station at Mission and Meridian which is also the home to the weekly Farmers Market.
South Pasadena Home Sales in August
And What’s On The Market For Sale Now
There were 19 mls-reported closed transactions in August, 2016. The sales ranged from $718,000 to $2,190,000 with an average closed price of $1,239,426(median sales price $1,185,000). The sales price to last list price was 104.14% and the price per square foot for the month was $605.01 on average.
There are 18 homes on the market for sale ranging from $899,999 to $3,200,0000 with an additional 17 properties in escrow. family homes) on the market for sale ranging from $320,000 to $495,000 with an additional 16 properties in escrow. A year ago when compiling information for this report, there were 23 homes available for sale.
In August 2015, there were also 19 sales reported ranging from $635,000 to $2,225,000with an average sales price of $1,370,224(median $1,260,000). They sold at 109.42% of last list price and for $645.33 per square foot on average.
Two years ago in August, there were eight closed sales ranging from $720,000 to $1,585,000.
South Pasadena Home Sales From January Through August
In the first eight months of 2016, there have been 90 sales according to our local mls statistics. These closed transactions range from $652,000 to $4,230,000 with an average sales price of $1,335,574 (median $1,200,000). So far in 2016, more than 68% of the home sales in South Pasadena have been at or above their last list price for an average of 104.10%. The average price per square foot for the year-to-date period stands at $618.72.
In the same January through August period in 2015, there were 89 mls-reported sales. These transactions ranged from $400,000 to $4,345,000 with an average sales price of $1,329,510(median price $1,225,000). They sold at 104.32% of last list price and for $607.80 per square foot on average.
During the same period in 2014, there were 81 homes sold in South Pasadena ranging from $496,854 to $3,745,000 with an average sales price of $1,161,533(median $1,075,000). The properties sold at 104.21% of last list price and for $631.00 per square foot on average.
In Summary
Available inventory of properties for sale remains a challenge but sellers need to remain mindful that proper pricing and presentation are critical to a successful transaction - especially when a listing is newly available to the marketplace. Today’s buyers are quite savvy as to value as they may have lost a property(or two or five) in a multiple offer situation. The numbers are important but delving beyond the statistics is advised when a prospective buyer is crafting an offer or a homeowner is selecting the appropriate list price.
There are nuances for selling and buying in any neighborhood that require greater discussion and analysis. Location within the city, as well as upgrades(or lack thereof) and emotional appeal are just some of factors that need discussion. If you would like to know more about South Pasadena Hills real estate, I can be reached at 818.516.4393 cell. Let’s talk about what is important to you.
Published: September 6, 2016
A Look At South Pasadena Homes For Sale and Market Update
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