June 7, 2009

South Pasadena Real Estate Analysis and Inventory of Homes, Condos and Townhomes for Month Ending May 2009

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
New Listings 12 9 18 12
Total Listings 31 39 41 50
Sales Pending 8 8 9 20
Homes Sold 3 7 5 11
Listings Expired 2 5 5 2
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
New Listings 5 5 1 4
Total Listings 15 17 12 13
Sales Pending 4 1 1 4
Homes Sold 4 1 1 2
Listings Expired 1 1 3 1
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:

Please visit South Pasadena homes, condos and townhomes for sale for additional property details.

READ MORE:

South Pasadena City Guide

Altadena Foreclosures List

Burbank Foreclosure Home List

Pasadena Foreclosure Home List

South Pasadena Foreclosure Home List

 

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

Pasadena, California

(626)629-8439

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