How Are Recent Sales Changing The Value Of Your South Pasadena Home?
A Market Report Of Homes For Sale And Sold in South Pasadena
This is a real estate market activity report for South Pasadena real estate for the month of August and the first eight months of 2017 with a comparison to the same periods for the previous two years. Statistical information in this report has been gathered from our local multiple listing service(mls) and may not include all transactions of homes in the city.
South Pasadena is a separate city(zip code 91030) within the San Gabriel Valley of Los Angeles County and not part of its larger neighbor - Pasadena. The city population of 25,619(2010 census) features highly ranked schools, a well-regarded library, outstanding parks and recreation programs plus unique dining and shopping options which all combine to enhance the neighborhood feel.
It’s easy to understand the appeal of the city which is known by residents and fans alike as “South Pas” as it has a small town feel yet is close enough to big city conveniences. In fact, the tree-lined streets with character homes often fill in as Anywhere, USA in films, television shows and advertising. The popular weekly Farmers' Market held each Thursday adjacent to the Gold Line light rail station at Mission and Meridian underscores its popularity.
South Pasadena Home Sales in August
And What’s On The Market For Sale Now
There were 19 mls-reported closed transactions in 2017. These sales ranged from $815,000 to $2,520,000 with an average closed price of $1,499,368(meidan sales price $1,492,500). They sold at 103.30% of last list price and for $669.29 per square foot on average.
Currently, 14 homes are on the market for sale ranging from $888,000 to $2,880,000 with an additional eleven properties in escrow. While researching information for this report, this level of inventory is lower than the two previous years August market reports
There were also 19 reported sales in August 2016. The sales ranged from $718,000 to $2,190,000 with an average closed price of $1,239,426(median $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.
And in August 2015, there were also 19 sales reported ranging from $635,000 to $2,225,000. These transactions had 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.
South Pasadena Home Sales From January Through August
From January through August 2017, there have been 91 sales reported in our mls statistics. These transactions ranged from $700,000 to $3,200,000 with an average price of $1,459,203 (median $1,398,000). Over 70% sold at or above last list price for an average 104.29% and for $675.47 per square foot.
During the first eight months of 2016, there were 90 mls-reported sales ranging from $652,000 to $4,230,000 with an average of $1,335,574 (median $1,200,000). Nearly 70% sold at or above the last list price for an average of 104.10%. The average price per square foot for the period stands was $618.72.
In the same period in 2015, there were 89 reported sales. These transactions ranged from $400,000 to $4,345,000 with an average of $1,329,510(median $1,225,000). They sold at 104.32% of last list price and for $607.80 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 for 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, condition, emotional appeal, timing and other factors necessary for a buyer to craft an offer or a seller to arrive at the most appropriate listing price. Remaining mindful of current market activity is of great importance.
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: September 8, 2017
How Are Recent Sales Changing The Value Of Your South Pasadena Home?
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