South Pasadena Condo Loft Townhome
Mid Year 2017 Market Review
This is a look at the condo, loft and townhome segment of the South Pasadena real estate market.
In this report I will share information regarding closed sales for the first six months of 2017 along with a summary of units currently for sale and in escrow. In addition, I am including the results for the previous three years for the same time period.
Statistical information is from our local multiple listing service(mls) and may not include all transactions in the city.
While South Pasadena is primarily known for its single family homes, there are a limited number of condos, lofts and townhomes in this small city. The new construction project at 820 Mission Street is adding 38 interesting townhouse and condo units(some of which are not included in the mls). This interesting mixed-use development fits in nicely with the neighborhood in my opinion.
South Pasadena which is also known as South Pas by residents and fans alike has a small town ambiance. Well-respected schools, an acclaimed public library, well-liked parks and recreation programs are an important part of living in the city. Combined with many community events like the recent Fourth of July parade and the weekly Farmers Market near the Gold Line light rail station and you can see why the city has a lot of appeal.
From January through June this year, there have been 32 mls-reported closed sales ranging from $420,000 to $1,300,000 with an average sales price of $778,666(median sales price $824,000). Over 75% have sold at or above last list price for an 101.17% in the first half of 2017. The average price per square foot stands at $566.12 for the period.
There are currently just three units available for sale ranging from $429,900(a one bedroom unit in the Raymond Hill neighborhood) to $1,199,900(a two bedroom unit at 820 Mission). An additional eleven units are in escrow.
There were thirty reported closed transactions in the first six months of 2016. They ranged in sold prices from $385,000 to $905,000 with an average price of $662,530(median $627,000). All but three sold at or above last list price and on average they sold at 102.51% of last list price. The average price per square foot for the period was $473.92.
In the first half of 2015, there were 21 closed transactions reported. These transactions ranged from $370,000 to $902,000 with an average of $566,810(median $500,000). They sold at 101.02% of last list price and for $452.27 per square foot on average.
During the same time period in 2014, there were 22 reported sales ranging from $307,000 to $815,000 with an average of $550,181 (median $523,126). They sold at 101.64% of last list price and for $432.93 per square foot on average.
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The impact on the number of units sold and the higher prices at the newer construction 820 Mission(now selling the final units)development are reflected in the overall statistics in this segment of the South Pasadena real estate market. Inventory continues to be a challenge.
As with any market report, it is necessary to delve deeper beyond the big picture when a homeowner is thinking of selling and looking to hit that right list price. The same is true for those considering a purchase. Factors to review include: location within the city and within a complex, condition, upgrades(or lack thereof), emotional appeal and timing.
Whether you are considering selling, buying or just curious about South Pas real estate, let’s discuss your needs. There’s so much more than just a few hundred words worth of information. I can be reached at 818.516.4393 cell.
Published: July 10, 2017
South Pasadena Condo Loft Townhome
Mid Year 2017 Market Review
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