South Pasadena Housing Report Card
Home Sales (Single Family Homes) – 2003 through 2011
Average Home Pricing:
Let's take a look at South Pasadena's real estate market performance for the last 9 years. Looking at the average prices of homes sold, it's interesting to note that even though the prices fell down from the height of 2008, they have certainly recovered and ended 2011 almost 16% higher than 2010.
For those fortunate to have bought their home in 2003, the equity gain is quite significant - a whopping 51%!!!
The driving force behind South Pasadena's home prices is continuing demand for good schools and family oriented neighborhood that provides trendy restaurants, parks and easy access to Metro Rail's Gold Line.
READ MORE: South Pasadena City Guide
Supply and demand are definitely at play here. Take a look at the number of available homes in 2003 (255) compared to the average sales price ($646,771). In 2008, there were only 79 available homes for sale in South Pasadena demanding the highest average sales price close to $1.1 million. The last three years, we've seen a consistent number of property listings - around 10 a month.
We are not seeing many distressed properties like Real Estate Owned (REO) or short sales in South Pas. The shadow inventory doesn't really apply here as well, with only 31 distressed homes in the funnel based on the latest Foreclosure Radar reports unlike Pasadena's foreclosure statistics.
Well priced homes are still generating multiple offers at times given the lower inventory.
We are seeing a similar curve on the price per square foot as the sales price. It's interesting to note that almost every year the sold to list percentage is pretty close indicating that the homes are usually priced well and are in demand:
|List Price per Sq. Ft.||$489||$461||$455|
|Sold Price per Sq. Ft.||$478||$460||$450|
|Sold to List %||96.6%||99.5%||98.5%|
Price per sq. ft. is holding steady in mid $400s. Still a bargain compared to the neighboring and school dueling San Marino which averaged $571 in 2011!
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Interested in seeing what available for sale? Click on the form below to search for full access to the Multiple Listing Service.
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.
Interested in seeing what available for sale? Take a look at the home listings below. The information is updated real-time as new homes are entered into the Multiple listings service: