A Look At South Pasadena
Condos Lofts Townhomes For Sale
and Market Update
This is an update for the condo, loft and townhome segment of the South Pasadena real estate market. In this report I will share closed transactions for this segment 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 community.
South Pasadena zip code 91030 is a separate city 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. But there are some condos, lofts and townhomes in the city for those preferring a lower-maintenance lifestyle. In fact, there is a development on Mission Street where a new 38 unit development is under construction. Most of these units are not reflected in the mls. The flats, townhomes 
and condos are offered from around $800,000 to approximately $1,800,000. Initial
move-ins are anticipated to begin later this year.
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 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 Condos - Lofts - Townhomes Sales in August
And What’s On The Market For Sale Now
There were eight mls-reported closed transactions in August, 2016. The sales ranged from $399,888 to $783,000 with an average closed price of $590,611(median sales price $567,500). The sales price to last list price was 102.85% and the price per square foot for the month was $503.21 on average.
There are eight units on the market for sale ranging from $429,000 to $1,200,000 with an additional twelve properties in escrow.
In August 2015, there were six sales reported ranging from $535,000 to $780,000 with an average sales price of $617,167(median $589,000). They sold at 100.24% of last list price and for $471.23 per square foot on average.
Two years ago in August, there were three closed sales ranging from $486,000 to $525,000.
South Pasadena Condos Lofts Townhomes Sales From January Through August
In the first eight months of 2016, there have been 43 sales in the category according to our local mls statistics. These closed transactions range from $385,000 to $905,000 with an average sales price of $637,016(median $605,000). So far in 2016, more than 90% of the South Pasadena sales in this category have been at or above their last list price for an average of 102.55%. The average price per square foot for the year-to-date period stands at $477.06.
In the first eight months of 2015, there were 34 closed transactions reported. The sales ranged in sales price from $325,000 to $902,000 with an average of $563,588 (median $529,250). They sold at an average 100.43% of last list price and for $463.48 per square foot on average.
From January through August 2014, there were 30 sales ranging from $307,000 to $815,000 with an average price of $538.202(median $520,000). They sold at 101.23% of last list price and for $428.12 per square foot on average.
In Summary
Available inventory of properties for sale remains a challenge but this doesn’t mean sellers can be careless. Proper pricing and presentation remain 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 or within a complex, 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 7, 2016
A Look At South Pasadena
Condos Lofts Townhomes For Sale and Market Update
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