Pasadena Madison Heights Homes
For Sale and Third Quarter 2016 Market Report
This is a real estate market activity report for the Madison Heights neighborhood in Pasadena. In this report, I will share information regarding homes for sale along with those in escrow and sold in the first nine months of 2016.
Additionally, I will recap sales data for the same January through September 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. It is from sources deemed reliable but is not guaranteed.
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(please note: it is not an official homeowner association per se) 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 events is the annual 4th of July Parade and Picnic.
There are currently six Madison Heights homes on the market for sale ranging from $695,000(a small fixer) to $2,498,000(a newly reimagined circa 1910 Colonial Revival) with an additional five properties in escrow. In the first nine months of 2016, there have been 22 mls-reported closed transactions. These sales ranged from $674,000 to $3,600,000 with an average closed price of $1,624,609(median sales price $1,315,000). More than 50% sold at or above their last list price. The averages are 102.78% of last list price and $653.79 per square foot.
From January through September in 2015, there were 24 closed transactions reported ranging from $710,000 to $2,800,000 with an average sales price of $1,527,240(median $1,280,000). They sold at 97.93% of last list price and for $610.34 per square foot.
In the same nine month time period in 2014, there were fourteen sales. Those transactions ranged from $562,250 to $3,200,000 with an average sales price of $1,635,252(median $1,715,000). Homes sold at 101.42% of last list price. The average price per square foot was $601.52 per square foot.
This yet another Pasadena historic neighborhood that is not cookie cutter. The condition of homes(updates or the lack of) along with the sizes of both the homes and lots vary greatly here. Style of home, location within the neighborhood, emotional appeal and many other factors are a part of the selling equation. The mix in sales is a factor when looking at any report as intentionally brief as this. It is wise for a prospective buyer or homeowner thinking of selling to review a more in-depth analysis in order to have enough information to make a qualified decision prior to finalizing an offer strategy or determining the most appropriate 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: October 18, 2016
Pasadena Madison Heights Homes
For Sale and Third Quarter 2016 Market Report
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