The inventory of homes, condos and townhomes in South Pasadena is still very low and the demand is rising. Home buyers looking to get into a South Pasadena condo or townhome have very few choices and even the property located next to the Gold Line tracks went into escrow with mutliple offers. What does it mean to home buyers? If you see a home listing that you're interested in, call your real estate agent and set up an appointment to see it quickly.
South Pasadena home sellers just need to continue to price their homes correctly, prepare their property for the market by staging it and sit back to review the purchase offers as they start rolling in.
Banks are still holding on to their foreclosures and even though there is a potential of about a handful of foreclosures hitting the South Pasadena market over the next several months, the number of home buyers is still far outweighs the number of South Pas home sellers.
South Pasadena real estate statistics for February 2009 through May 2009:
|Single Family Residence||Feb-09||Mar-09||Apr-09||May-09|
|Average Days on the Market||60||101||56||61|
|Average Price Per Sq. Ft.||$468||$493||$496||$465|
|Median Selling Price||$776,667||$850,000||$953,000||$899,000|
|Average Selling Price||$725,000||$987,000||$843,380||$990,636|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||44.8||24.1||35.5||19.7|
|Condos and Townhomes||Feb-09||Mar-09||Apr-09||May-09|
|Average Days on the Market||119||111||67||29|
|Average Price Per Sq. Ft.||$348||$284||$336||$318|
|Median Selling Price||$596,750||$170,000||$590,000||$451,500|
|Average Selling Price||$627,500||$170,000||$590,000||$451,500|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||16.3||73.7||52.0||28.2|
Real estate statistics above from Pasadena Foothill Association of Realtors (ITEC)
See all South Pasadena property in the Multiple Listing Service (MLS) below:
If you are thinking of buying a South Pasadena home, South Pasadena condo or townhome, please give us a call for a comprehensive and free consultation. We can be reached at 626-629-8439.
IRINA NETCHAEV & ASSOCIATES
Pasadena Real Estate Agents