This is a mid-year market update for real estate market activity report of the condos and townhomes in the Madison Heights neighborhood of Pasadena, California. I will share information regarding properties currently on the market and in escrow as well as sales results from January through June of 2016. There is also a comparison to closed transactions in the same six month period for the previous two years. Statistical information in this report has been gathered from our local multiple listing service(mls) and may not reflect all activity in the neighborhood.
For purposes of 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.
There are currently six properties in the condo and townhome segment of the real estate market available for sale. These Madison Heights condos and townhomes range in price from $538,000 to $1749,800 with an additional eight in escrow. In the first six months of 2016, there have been 24 closed sales according to our mls records. The transactions ranged from $380,000 to $848,000 with an average price of $589,158(median sales price $595,000). Two thirds of the units sold at or above their last list price and on average they sold at 101.34% of last list price. For the period, the average price per square foot was $465.76.
In the same time period in 2015, there were 31 closed sales reported. The price range was $378,000 to $780,000 with an average sales price of 577,133(median #$568,000). They sold at 100.54% and for an average $439.82 per square foot.
In the same January through June period in 2014, there were 26 mls-reported closed transactions ranging from $393,500 to $1,130,000 with an average price of $564,988(median $558,250). They sold at 100.11% of last list price and for $444.79 per square foot on average.
The mix of sales as well other deciding factors(location within the neighborhood, size, updates, age of the property) all come into play when looking at statistics. The
overall lack of inventory continues to be a challenge for buyers in this Pasadena neighborhood. Although the market still favors sellers, proper pricing and 
presentation are still critical. Sellers should be mindful that today’s buyers are remain knowledgeable about market trends.
If you would like more detailed information on condos and townhomes in the Pasadena Madison Heights neighborhood or anywhere in the city contact me at 818.516.4393 cell. Let’s discuss what is important to you.
Published: July 26, 2016
Pasadena Condos and Townhomes in Madison Heights Mid-Year 2016 Market Update
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