Home sales in South Pasadena have been stable over the last few months with 13 single family homes sold in June and July and 11 in May. New listings are in the dozen range each month this summer.
Two new condo complexes went up for sale in July, thus increasing the number of available condos by 200% since June. I have been able to preview the complex on El Centro in the Mission District of South Pasadena. It has a very urban feel and look with open spaces, cement floors and exposed venting. It very much reminds me of the Prado building in Pasadena only on a much smaller scale. Even though it's new construction, in my opinion it's priced a bit high, at $400 to $500 per square foot, for its location right next to the Gold Line and a very spartan feel.
The other complex is at 815 Fairview Avenue also priced in the low to mid $400 per sq. ft. and built in 2009. featuring 1 bedroom with 2 bathrooms.
Given that only 4 condos and townhomes out of 22 new listings are resales and priced affordably, the choice for South Pasadena condo buyers is very limited unless you are looking for new construction and are willing to pay a premium.
It's interesting to note that the real estate sales activity has increased dramatically from January to June. Take a look at the chart below:
South Pasadena Real Estate Statistics April 2009 through July 2009:
|Single Family Residence||Apr-09||May-09||Jun-09||Jul-09|
|Average Days on the Market||56||61||55||92|
|Average Price Per Sq. Ft.||$496||$465||$504||$465|
|Median Selling Price||$953,000||$899,000||$1,205,000||$768,000|
|Average Selling Price||$843,380||$990,636||$1,197,370||$905,477|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||35.5||19.7||13.7||13.0|
|Condos and Townhomes||Apr-09||May-09||Jun-09||Jul-09|
|Average Days on the Market||67||29||34||152|
|Average Price Per Sq. Ft.||$336||$318||$364||$326|
|Median Selling Price||$590,000||$451,500||$572,500||$397,500|
|Average Selling Price||$590,000||$451,500||$576,875||$370,333|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||52.0||28.2||13.0||49.1|
Real estate data for South Pasadena from Pasadena Foothill Association of Realtors Multiple Listing Service (ITEC)
READ MORE: South Pasadena Five Year Real Estate Review
See all South Pasadena property in the Multiple Listing Service (MLS) below:
Irina is a Top Realtor and the founder and President of Pasadena Views Real Estate Team™. She is available to assist you in all of your Real Estate transactions. Email or call her today at (626)629-8439.
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