South Pasadena Real Estate Market Report - Housing Statistics

South Pasadena is known for its small town feel, fantastic public schools and quiet life.  As the name implies, it is geographically located just South of Pasadena.  However, South Pasadena is its own incorporated city.

The latest real estate market analysis and housing data is below:

December 2011

• There are 16 active single family homes for sale in South Pasadena California ranging between $419,000 to $4,850,000. 5 of these homes were listed in the month of December at an average list price of $879,633.
• There are 7 homes in escrow and over the past 30 days there have been 7 closed sales with an average closed price $1,055,000 spending an average of 66 days on the market.  
• 2011 South Pasadena housing market ended with 125 home sales with an average sold price of $974,978 spending an average of 86 days on the market.
  • Average price per square foot was $450
  • Average interior square footage – 2,222
• Highest Priced Sold Home for December 2011 – $1,700,00 - a successful short sale which we see so very few of.
• Lowest Priced Sold Home for December 2011 – $400,000 – a fixer, standard sale with conventional financing.

For comparison purposes, 2010 South Pasadena real estate market information is below:

• 2010 had 120 closed sales with an average sold price of $843,208 spending an average of 87 days on the market with an average price of square foot running at $460.
• Highest Sold– $2,100,000 – 43 days on the market
• Lowest Sold– $300,000 – 209 days on the market

Here’s a 10 year look at South Pasadena’s housing prices:

[caption id="attachment_3432" align="aligncenter" width="600" caption="South Pasadena Home Sales prices for 2001 - 2011"][/caption]

Search all South Pasadena properties on the market below:

Previous South Pasadena Market Reports

November 2011

• There are 19 active single family homes for sale in South Pasadena California ranging between $499,000 to $4,850,000. 8 of these homes were listed in the month of November at an average list price of $1,264,288.  However the average list price is still skewed a bit by the expensive $4.8 Million estate.
• There are only 4 homes in escrow and over the past 30 days there have been 7 closed sales with an average closed price $1,028,214 spending an average of 84 days on the market.  
• YTD there have been 118 closed sales with an average sold price of $970,231 spending an average of 84 days on the market.
  • Average price per square foot was $452
  • Average interior square footage – 2,199
• Highest Priced Sold Home for November 2011 – $2,200,00 and was on the market for only 30 days and was an all cash sale!
• Lowest Priced Sold Home for November 2011 – $530,000 – standard sale with conventional financing.

October 2011 - Low Inventory

• There are only 17 (compared to 28 last month) active single family homes for sale in South Pasadena California ranging between $499,000 to $4,850,000. 5 of these homes were listed in the month of October with an average list price of $1,077,000.  However the average list price is skewed a bit by the expensive $4.8 Million estate just like last month's.
• There are 7 pending/under contract sales and in the past 30 days there has been 10 closed sales with an average closed price $1,027,170 spending an average of 55 days on the market.  The average price of square foot of sold homes in October was $518.
• YTD there have been 111 closed sales with an average sold price of $966,574 spending an average of 86 days on the market.
  • Average price per square foot was $453
  • Average interior square footage – 2,187
• Highest Priced Sold Home for October 2011 – $1,755,00 and was on the market for only 23 days.  The buyer used conventional financing.
• Lowest Priced Sold Home for October 2011 – $425,000 – An all cash sale and an REO (bank owned home.)

September 2011 - South Pasadena real estate market is SIZZLING!

• There are 28 active single family homes for sale in South Pasadena California ranging between $450,000 to $4,850,000. 8 of these homes were listed in the month of August with an average list price of $1,309,300.  However the average list price is skewed a bit by the expensive $4.8Million estate that just came up for sale.  If we remove, that property, the average list price is more indicative of what we would normally see and would be $803,846.
• There are 12 pending/under contract sales and in the past 30 days there has been 18 closed sales (a huge increase from 7 sales in August 2011) with an average closed price $975,854 spending an average of 41 days on the market.  The sales to list ratio is 98.44% indicative of most properties selling close to or above asking price.  In fact, there were 7 homes that sold over asking, 2 at asking and the rest just slightly below asking price. The average price of square foot of sold homes in September was $442.
• YTD there have been 101 closed sales with an average sold price of $960,575 spending an average of 82 days on the market.
  • Average price per square foot was $447
  • Average interior square footage – 2,200
• Highest Priced Sold Home for September 2011 – $1,794,880 – A beautiful Queen Ann/Mission Revival style on 1/3 of an acre - sold at 99.77% of list price in only 8 days! See photo above.
• Lowest Priced Sold Home for September 2011 – $475,000 – An all cash sale.  A salt box style home built in 1924 on the border of Alhambra.  This South Pasadena home sold in only 17 days.  See photo above.

August 2011

• There are 30 active single family homes for sale in South Pasadena California ranging between $405,000 to $2,695,000. 14 of these homes were listed in the month of August with an average list price of $918,071.
• There are 17 pending/under contract sales and in the past 30 days there has been 7 closed sales with an average closed price $891,000 spending an average of 48 days on the market.  The average price of square foot of sold homes in August was $505.
• YTD there have been 83 closed sales with an average sold price of $957,261 spending an average of 75 days on the market
  • Average price per square foot was $448
  • Average interior square footage – 2,173
• Highest Priced Sold Home for August 2011 – $1,562,500 – 77 days on the market and sold at 94.75% of list price.
  
• Lowest Priced Sold Home for August 2011 – $560,000 – 14 days on the market.

July 2011

• There are 34 active single family homes for sale in South Pasadena California ranging between $405,000 to $4,850,000. 8 of these homes were listed in the month of June with an average list price of $1,026,225.
• There are 26 pending/under contract sales and in the past 30 days there has been 12 closed sales with an average closed price $942,808 spending an average of 122 days on the market.  The average price of square foot of sold homes in July was $380.
• YTD there have been 64 closed sales with an average sold price of $967,218 spending an average of 56 days on the market
  • Average price per square foot was $443
  • Average interior square footage – 2,205
• Highest Priced Sold Home for July 2011 – $1,640,000 – 67 days on the market - sold with conventional financing.
• Lowest Priced Sold Home for July 2011 – $445,000 – 29 days on the market - Trust sale - All Cash buyer.

June 2011

• There are 30 active single family homes for sale in South Pasadena California ranging between $484,900 to $4,850,000. 5 of these homes were listed in the month of June with an average list price of $1,502,580.
• There are 17 pending/under contract sales and in the past 30 days there has been 15 closed sales with an average closed price $899,967 spending an average of 65 days on the market.
• YTD there have been 64 closed sales with an average sold price of $967,218 spending an average of 56 days on the market
  • Average price per square foot was $455
  • Average interior square footage – 2,162
• Highest Priced Home for June 2011 – $1,545,000 – 123 days on the market.
• Lowest Priced Home for June 2011 – $599,000 – 39 days on the market.

December 2008:

The numbers don't lie and South Pasadena home sellers need to come face to face with the reality that they can not be asking 2007 home prices in December of 2008. There were only 2 South Pasadena home sales last month and both sold at high $400 per square foot of living space. A lot of the homes listed in South Pasadena for sale now are in the $500 to $600 per square foot range. One home is even listed over $700 per sq. ft.

With real estate data so readily available on line to most consumers, expecting South Pasadena home buyers to pay such a premium for a home is pretty unrealistic.

In reviewing the last five years of South Pasadena real estate statistics, 2008 ended on a great note with an average price per sq. ft. for single family homes at $510. Although the last several months of 2008, the prices have been slipping more in the high $400 range. See for yourself below.

READ MORE: South Pasadena real estate statistics and analysis for 2003-2008

The inventory of homes is still in the 30 homes per month range, but given the slow down in sales, it will take over a year to sell these homes if the rate of sale remains this low. December is usually a slower month in real estate overall, so I expect the absorption of homes to increase over the next few months.

The sales of South Pasadena condos and townhomes was pretty consistent in December 2008 compared to previous months. Since quite a few condos and tonwhomes went under contract and opened escrow in December, we expect to see a higher number of solds in January. Something to be said for marketing your South Pasadena home in December and not waiting for after the holidays!

South Pasadena Real Estate statistics for October through December 2008:

Real estate data based on information from ITEC (Pasadena Foothills Association MLS service)

Read More: November South Pasadena Real Estate Market Report

Information about South Pasadena California