Market Update for South Pasadena Homes for Sale, week ending 2/22/15

By
Real Estate Agent with Coldwell Banker Residential Brokerage CalBRE#01512696

Here’s the market update for South Pasadena Homes for Sale for the week ending 2/22/15:

It's a Seller’s Market, Here's why:

  • 1.5 months supply of homes trending
  • 22 Homes available total

# Condos Available: 6 (0 new this week)

# Single Family Homes Available: 16 (5 new this week)

The 6 month numbers are as follows:

Average Sale Price: $998,852

Median Sale Price: $876,250

Average Days on Market: 42

Average Sale Price to List Price Ratio: 102.48

Of Special Note this week: As we head into the peak selling season for South Pasadena, which is mostly driven by the school schedule, an increase in volume and prices is expected, however, the stable situation seen coming out of the holidays has held, and with the slow holiday market taking downward pressure on prices, those buyers that have waited should be no worse off than if they had purchased last fall.  The activity is still brisk as 2/3 of the homes sold were at or over list, albeit a bit less aggressive as shown by the list price to sale price ratio reflecting the holiday season slow period. About ½ of the homes sold in less than a month, which is a statistic that reinforces the market conditions as illustrated by other numbers in an analysis. There are 5 new properties available, 2 went into escrow and 2 closed, so this is a tip of the hat to the transition to a warmer market, in my opinion.  One interesting observation based on my long term experience here is that many more of the available inventory is vacant compared to a more typical South Pasadena market in which homes are still occupied. For what it’s potentially worth, perhaps this is reflective of that slower market that we’re emerging from in that these seller’s have moved on and are ready to sell!  With a 59 days on market average, it could be a decent time, comparatively speaking, to be a buyer in South Pasadena.

 

And that’s the market for South Pasadena Homes for Sale for the week ending 2/22/15

Posted by

Lee Bothast, CRS, CCS, CN

2nd Generation Pasadena Area Realtor

International President's Circle, 2017

Coldwell Banker Residential Brokerage

626.533.3929 cel

www.leebothast.com

CalBRE# 01512696

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