South Pasadena Real Estate Market
Homes For Sale and Recent Update
This is a look at South Pasadena homes for sale, in escrow along with closed sales for the month of October and for the first nine months of 2016. I am also including a comparison to the same periods for the previous two years.
Statistical information has been gathered from our local multiple listing service(mls) and may not include all transactions.
South Pasadena is a separate city in the San Gabriel Valley of Los Angeles County. It is not a part of Pasadena which is its larger and better known neighbor. South Pasadena has an estimated population of 25,000. With approximately 21,000 trees and over 100 acres of parks and playgrounds, you will find a small town appeal which is also fondly known by residents and fans alike as South Pas. There are character homes on tree-lined streets or more modern homes in the Altos de Monterey neighborhood. In South Pas you will find: highly regarded schools, a popular public library, unique shopping and dining plus so much more. The weekly Farmers Market near the Gold Line light rail station at Mission and Meridian is a popular gathering spot that underscores the community spirit of the city.
September Sales Results
Inventory of South Pasadena homes for sale has increased recently and there are currently 26 on the market for sale. They range from $699,000 to $3,500,000 with another ten in escrow. In October 2015, there were 21 available for sale when I completed this same report.
There were ten mls-reported closed transactions for September ranging from $655,000 to $1,950,000 with an average price of $1,259,200(median sales price $1,072,250) with over 60% selling above their last list price for an average 105.68%.
During September 2015, there were fourteen mls-closed sales ranging from $801,000 to $4,400,000 with an average sales price of $1,576,545(median sales price $1,320,00)
In September 2014, there were eleven closed transactions ranging from $640,000 to $1,975,000 with an average sales price of $1,071,545(median $989,000).
The First Nine Months of the Year
When we look at a longer time period, we should be able to see a more accurate snapshot of the market.
From January through September in 2016, there were 100 closed transactions reported ranging from $652,500 to $4,230,000 with an average price of $1,327,936(median $1,200,000). They have sold at 103.94% on average - over ⅔ sold at or above last list price. The average price per square foot stands at $624.17 for the period.
In the same January through September time period of 2015, there were 100 transactions. These sales ranged from $400,000(really should have been classified as land value) to $4,400,000 with an average sales price of $1,372,725(median $1,265,000). They sold at 104.13% of last list price and for $613.07 per square foot on average. Nearly 70% of those sales closed at or above the list price
During the same nine months in 2014, there were 92 closed transactions ranging from $496,854 to $3,745,000 with an average price of $1,150,773 (median $962,500). They sold at 104.42% of last list price and for $527.55 per square foot on average.
In Summary
For a prospective buyer or homeowner thinking of selling -- maybe even both -- a more detailed look at a particular property will be necessary in the still highly competitive South Pasadena real estate market. We will look at square footage of the home and the lot size(and the usability of that lot too) along with updates(or lack thereof), location within the community, emotional factors and others for a buyer to craft an offer or a seller to arrive at the most appropriate listing price. Let’s discuss what is important for you and talk about the strategies that can benefit you. I can be reached at 818.516.4393 cell.
Published: October 6, 2016
South Pasadena Real Estate Market
Homes For Sale and Recent Update
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