South Pasadena Home Sales Report Jan - September
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South Pasadena Home Sales Report Jan - September

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The housing market in South Pasadena is proving to be very resilient. We looked at the first three quarters of the year and compared 2008 to 2007

The housing market in South Pasadena is proving to be very resilient. We looked at the first three quarters of the year and compared 2008 to 2007

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    South Pasadena Home Sales Report Jan - September South Pasadena Home Sales Report Jan - September Presentation Transcript

    • up 2 date realestate.com up 2 date Real Estate Market Report for South Pasadena
      • January - September Home Sales
      • Single Family
      • Townhomes & Condominiums
    • up 2 date realestate.com Residential Homes ( condos, townhomes & single family) Median Price Days on Market 2008 $797,500 71 2007 $819,000 43 % Change (2.6 %) 65% Median Prices have held up very well compared to other areas in Southern California
    • up 2 date realestate.com Single Family Homes Median Price 2008 $930,000 2007 $920,000 % Change 1% Sales of Single Family Homes are indicating a 1% increase over the same period last year
    • up 2 date realestate.com Number of Single Family Homes Sold 2008 61 units 2007 97 units % Change (37) % Average Days on Market current days on market / cumulative days on market 2008 66 / 77 2007 39 / 65 % Change 69% / 18% Unit sales have slowed as they have in every market Homes are selling about 2.5% less than their asking prices, compared to almost full asking price last year
    • up 2 date realestate.com Current Inventory of Single Family Homes Number Median Price Days on Mkt Active 35 $888,000 66 Contingent 9 $1,029,000 73 Pending 8 $918,900 65 The value of pending sales are very close to the current median prices
    • up 2 date
      • Townhomes & Condominiums
      • Median Price
      • 2008 $533,000
      • 2007 $567,500
      • % Change (6 %)
      realestate.com Condo / Townhomes have held their value better than other markets
    • up 2 date realestate.com Number of Units Sold 2008 21 units 2007 44 units % Change (52%) Average Days on Market current days on market / cumulative days on market 2008 91 / 95 2007 51 / 79 % Change 78% / 20% Condo & Townhome sales have lagged Single Family in all markets
    • up 2 date realestate.com Current Inventory Of Townhomes & Condominiums Number Median Price Days/Mkt Active 18 $478,750 79 / 94 Contingent 4 $649,450 75 / 120 Pending 2 n /a The Median Price for “Contingent” properties may indicate that prices will begin to solidify
    • up 2 date realestate.com Summary & Outlook for the South Pasadena Real Estate Market -The South Pasadena market has shown less pricing volatility due to a small number of homes in foreclosure and high demand for homes over $1MM -Current “pending” and “contingent” home sales are trending higher than 9 month averages as sales of homes in the back half of ’08 are expected to be higher than the first half -Current inventory levels indicate about a 10 month supply of Single Family homes, however expect inventory levels to drop as the number of homes in escrow are three times higher than houses sold in Sept -I don’t think we will see future price erosion in the Town/Condo market due to much less available inventory (4 month supply) .