Pasadena CA Condos and Townhomes in Madison Heights For Sale and
2015 Market Activity Report
This is a market activity report for condos and townhomes in the Madison Heights neighborhood of Pasadena, California. I will share sales results for 2015 along with a comparison to the same twelve month period in 2014 as well as including properties for sale and in escrow. Statistical information in this report has been gathered from our local multiple listing service(mls) and may not reflect all transactions in the neighborhood.
For this report, I am using the following general boundaries for Madison Heights neighborhood: California Boulevard to the north, Lake and Marengo avenues on the east and west to the city border with San Marino to the south. The neighborhood is primarily single family homes where building began in the early years of the 20th century.
Condo and townhome developments are generally located on the major streets in the area: South Lake Avenue, California Boulevard, Marengo Avenue and Glenarm Street as well as streets in the western part of the neighborhood. The complexes range from smaller(under ten units) to the 700 South Lake Avenue complex with 80 single level flats and two level townhouse style condos.
The location is convenient to shopping, dining, entertainment and cultural venues in Old Pasadena, Paseo Colorado, Playhouse District, Civic Center and South Lake Avenue. California Institute of Technology (Caltech), Pasadena City College(PCC) and Fuller School of Theology are nearby too. Transportation is easily accessible via multiple freeways and the Gold Line Fillmore station on the west and Lake Avenue on the east.
In 2015, there were 66 mls-reported closed sales ranging from $378,000 to $1,325,000 with an average sales price of $637,353(median sales price $592,500). They sold at 94.55% of last list price and for an average price per square foot of $452.49. Over 51% of all reported sales were at or above list price. It should be noted that in 2015 there was an auction close out of thirteen townhomes that were built in 2010 that sold in all cash transaction.
In 2014, there were 57 transactions. These closed sales ranged from $365,000 to $1,225,000 with an average sales price of $573,118(median $560,000). They sold at 99.69% of last list price and for $442.56 per square foot on average.
There are currently just three properties in this category(one condo, two townhomes) on the market for sale ranging from $469,000 to $575,000 with and an additional four in escrow.
The lack of inventory remains a challenge for buyers in this Pasadena neighborhood. Although the market still favors sellers, proper pricing and presentation still remain critical to a successful real estate transaction. A more thorough analysis is necessary in order for a buyer to arrive at the best possible offer or for a seller to establish the most appropriate list price. If you would like more detailed information on condos and townhomes in the Pasadena Madison Heights neighborhood contact me at 818.516.4393 cell. Let’s discuss what is important to you.
Published: February 11, 2016
Pasadena CA Condos and Townhomes in Madison Heights For Sale and
2015 Market Activity Report
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