A few days ago, we looked at Pasadena's single family home sales performance. However, Pasadena California has a huge condominium and townhome market. The condos range from small studios starting below $200,000 to luxury penthouses in the million dollar range.
Currently, there are 182 condos available for sale with an additional 12 or so condos coming on the real estate market each week.
There are only 68 townhomes available for sale with an additional 4 to 5 townhouses going up for sale each week.
In August of 2010, about 4 condos and 2 townhouses sold each week.
Pasadena Condo and Townhouse Statistics for May 2010 through August 2010:
|Average Days on the Market||71||94||48||119|
|Average Price Per Sq. Ft.||$356||$354||$360||$351|
|Median Selling Price||$438,100||$434,500||$451,520||$426,500|
|Average Selling Price||$452,305||$482,110||$362,000||$460,130|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||20.3||18.1||26.4||21.9|
|Average Days on the Market||45||80||47||114|
|Average Price Per Sq. Ft.||$366||$394||$384||$361|
|Median Selling Price||$465,000||$536,000||$458,500||$440,000|
|Average Selling Price||$511,118||$599,933||$591,950||$491,727|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||18.9||13.6||29.9||26.8|
The highest priced condo sale in August 2010 closed escrow at $1,050,000 at 700 East Union #301. This condo also closed significantly higher when looking at price per square foot at $603.45. Compare that to the average price per square foot of closed sales at $351.48. This 1,740 sq. ft. condo is located in the Playhouse District in the Wallace Neff inspired Granada Court complex.
The highest price townhome sale in August 2010 closed at $999,000 and was located at 378 California Blvd. This townhouse sold a little under the average price per square foot of $360.60 and closed escrow at $321.02 per square foot.
Let's take a look at Pasadena Condos from a historical perspective.
Pasadena Condo Sales Price Historical View
Sold price of Pasadena condos has stayed pretty consistent and has dropped less than 1% from August 2009 to August 2010.
However the average time it takes to market the property and get it sold went up significantly by almost 50%. It now takes almost 4 months to sell a condo in Pasadena. Last year it took only 85 days on average to sell a condo.
Pasadena Townhome Sale Update
Average sold price of Pasadena Townhomes increased by 7.4% from August 2009 to August 2010!
The number of days it takes to sell a townhome in Pasadena has also increased from last year this time by 45.7%.
If you are interested in seeing all Pasadena condos and townhomes available for sale, click on the links below for the most up to date, real time information as it gets entered into the MLS service.
For additional information on the trends in the Pasadena real estate market, give Irina a call at 626-629-8439 or email at Irina(at)PasadenaViews(dot)com.