Madison Heights Homes For Sale
and Mid-Year 2016 Market Report
This is a real estate market activity report for the Madison Heights neighborhood in Pasadena. I will share information regarding homes for sale along with those in escrow and sold in the first six months of 2016. Additionally, this report will show sales data for the same January through June time period for the previous two years. All statistical information in this report has been gathered from our local multiple listing service(mls) and may not include all transactions in the neighborhood.
According to the Madison Heights neighborhood website the boundaries are Lake, El Molino and Los Robles avenues to the east and south, Marengo Avenue to the west and California to the north The website states the neighborhood was largely developed in the early years of the 20th century.
There are many historic and architecturally significant properties located here. The pretty tree-lined streets often serve as a backdrop for filming and photography.
The neighborhood is convenient to shopping, dining, entertainment and cultural venues in Old Pasadena, Paseo Colorado, Playhouse District, Civic Center and South Lake Avenue. Notable Pasadena institutions of higher learning include: California Institute of Technology(Caltech), Art Center College of Design, Pasadena City College(PCC) and Fuller School of Theology. Transportation is easily accessible via multiple freeways and the Gold Line Fillmore station on the west and Lake Avenue on the east.
There are voluntary membership dues for the approximately 1200 households in the neighborhood. The nominal annual dues go towards the publication of newsletters, events and activities. One of the most successful and certainly fun event is the annual 4th of July Parade and Picnic.
There are currently three Madison Heights homes on the market for sale ranging from $1,699,000 to $2,700,000 with one additional home in escrow. In the first six months of 2016, there have been 17 mls-reported closed transactions. These sales ranged from $675,000 to $3,600,000 with an average closed price of $1,738,382(median sales price $1,380,000). More than 50% sold at or above their last list price. The averages are 102.30% of last list price and $638.56 per square foot.
In the same time period in 2015, there were 16 closed transactions ranging from $825,000 to $2,595,000 with an average sales price of $1,491,601(median price $1,355,000). They sold at 97.61% of last list price and for $598.84 per square foot.
- From January through July in 2014, there were ten mls-reported sales. They ranged from $562,250 to $5,700,000 with an average sales price of $2,027,953 (median $2,000,438). Homes sold at 101.48% of last list price. The average price per square foot was $650.59 per square foot.
This yet another Pasadena historic neighborhood that is not cookie cutter. The condition of homes along with the sizes of both the homes and lots vary greatly here. Style of home, location within the neighborhood and many other factors combine to create market value. A prospective buyer or homeowner thinking of selling will need a more in-depth analysis than available in this brief report in order to have enough information to make an informed decision regarding an offer price or a list price.
Thinking about Madison Heights or any Pasadena neighborhood? Contact me at 818.516.4393 cell. Let’s discuss what’s important to you.
Published: July 27, 2016
Madison Heights Homes For Sale
and Mid-Year 2016 Market Report
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