South Pasadena Condos Lofts Townhomes
For Sale and Current Market Trends
This is a look at real estate activity in South Pasadena, California for the month of September as well as the first nine months of 2016 for the condo, lofts and townhomes segment of the market. I will provide information regarding properties currently available for sale and in escrow as well as transactions that have closed. Additionally, I will share sales results for the same periods in the previous two years. Statistical information in this report has been gathered from our local multiple listing service(mls) and may not include all sales. While the information is deemed reliable, it has not been verified and is not guaranteed.
South Pasadena(zip code 91030) has 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. While the number is more limited, there are also condos, townhomes and loft units in the city as well for those who may be looking for a more maintenance-free lifestyle.
The city which is independent and 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. Also known as South Pas to locals and fans alike, South Pasadena Unified School District is well-regarded and the library is a popular destination for the community. Many small independently owned businesses and restaurants further enhance the neighborhood feel.
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.
September Results:
There are currently six properties in this category on the market for sale ranging from $425,000 to $1,200,000. There are an additional twelve properties in escrow. This is a bit misleading since there is a new 38 unit development under construction on Mission Street. 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. First move-ins are anticipated to begin later this year.
There were three mls-reported sales in 2016 ranging from $427,000 to $710,000.
September2015 was a pretty good month with seven closed transactions reported. These sales ranged from $405,000 to $785,000.
During September 2014, there were two sales. One was a condo which sold for $500,000(list price $469,000) and the other other a townhome selling at $715,000(list $699,000).
Recap from January Through September:
There were 45 mls-reported closed transactions in the nine month period this year. These sales ranged from $385,000 to $905,000 with an average sales price of $634,685(median sales price $605,000). They have sold at 102.37% of last list price with more than 86% selling at or above the last list price. The average price per square foot is $479.81 for the period.
There were 41 transactions January through September ranging from $325,000 to $902,000 with an average sales price of $566,610(median $523,500). They sold at 100.35% of last list price and for $460.36 per square foot on average.
During the same period in 2014, there were 32 sales ranging from $307,000 to $815,000 with an average price of $542,333(median $520,000). They sold at 101.44% of last list price and for $427.73 per square foot on average.
This report is merely a snapshot look at properties on the market or for sale(and sold) in a particular given time frame. Obviously looking at nine months versus one month is a better indication of the market and while we see some shifts ocurring, the market still favors sellers and buyers should expect that multiple offers may be a part of the buying today especially when properties first come on the market that are well-priced and well-presented. Further details are necessary in order for a potential seller to arrive at an appropriate listing price and for a prospective buyer 
to determine their offer strategy. There are many nuances of a market and factors
of individual sales that need to be analyzed than space available in this brief report can convey.
In this segment of the market not only does the location of a complex within the city make a difference but the location within that complex. Other factors that should be considered included updates(or lack thereof), emotional appeal and timing. It should be noted that inventory in this market segment of South Pasadena condos, lofts and townhomes remains low. While multiple offers and sales over list prices remain common, sellers should be mindful to be aware of proper pricing and presentation as today’s buyers remain quite savvy as to market conditions. Buyers, as always, need to be able to respond quickly to new listings as well as price reductions(yes, they still occur at times in an active market).
To know more about South Pasadena real estate I can be reached at 818.516.4393 cell. I look forward to discussing what is important to you.
Published: October 7, 2016
South Pasadena Condos Lofts Townhomes
For Sale and Current Market Trends
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