Dec. 9, 2008

South Pasadena Real Estate Market Report - November 2008

The number of single family homes sold in South Pasadena in November almost doubled from the previous several months, while the inventory of available South Pasadena homes for sale remains the same. This drives the absorption rate down quite drastically from almost 30 weeks on the market to sell existing inventory of homes to approximately 19 weeks should the rate of sales remain the same.

Usually, December is a slow month for real estate buyers and sellers. Everyone is focused on shopping for the holidays and their upcoming vacations. Having said that, it's important to note that the home buyers who are looking are very serious shoppers with very specific requirements.

Potential South Pasadena sellers also need to keep in mind that the banks are sitting on a lot of foreclosures through the end of the year because it makes their "accounting" books look better. As soon as the 1st of the year rolls around, I believe that we'll see an increase in inventory at significantly lower prices since banks will be looking to unload their REOs (Real Estate Owned property). If you have a South Pasadena home that you are considering selling, do not wait too long because we do not know what the 1st quarter of 2009 will bring.

South Pasadena home buyers are already getting some pretty good deals with the price per square foot for sold homes hitting a low of $462 and condos and townhomes selling in the high $300 per square foot.

There is also quite a bit of discrepancy between the price per square foot of South Pasadena homes on the market - $518 - and the price per square foot of the homes sold - $463 - which would explain why the South Pasadena active home listings are staying on the market for an average of 137 days. That is over four months. South Pasadena need to track these statistics carefully to ensure that they are not chasing the market down.

Read also: Staying Sane in an Insane Buyer's Market

One South Pasadena home situated in the Marengo Estates area located at 838 Milan, South Pasadena, sold with multiple offers $200,000 over asking at $1,150,000. This is a prime example of great pricing and marketing.

Lowest priced South Pasadena home on the market in November was at 1108 Foothill Street - a 2 bedroom and 1 bath cottage - listed at $439,000.

Highest priced South Pasadena home on the market in November was at 1133 Buena Vista Street - a 7,500 sq. ft. estate - listed at $3,600,000.

Altos Research, one of the premier real estate statistics tracking companies in the nation, has this to say about South Pasadena:

The Market Action Index for South Pasadena has been trending down lately, indicating demand falling along with supply. Conditions point to mildly negative trends for the South Pasadena real estate market.

 

Read More: South Pasadena City Guide - relocation guide for South Pasadena

Search all South Pasadena properties on the market below:

South Pasadena real estate and housing statistics for September through November 2008:

Single
Family Residence
Sep-08 Oct-08 Nov-08
New
Listings
10 13 9
Total
Listings
33 34 35
Sales
Pending
9 8 0
Homes Sold 5 5 9
Listings
Expired
3 5 6
Average Days
on the Market
68 96 77
Average
Price Per Sq. Ft.
$499 $493 $462
Average
Median Price
$930,000 $940,000 $1,000,000
Average
Selling Price
$1,145,178 $1,037,300 $998,833
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
28.6 29.5 16.9
Condos
and Townhomes
Sep-08 Oct-08 Nov-08
New
Listings
6 4 5
Total
Listings
18 13 15
Sales
Pending
5 2 1
Homes Sold 5 4 2
Listings
Expired
5 0 3
Average Days
on the Market
111 186 18
Average
Price Per Sq. Ft.
$397 $401 $369
Average
Median Price
$590,500 $733,500 $482,450
Average
Selling Price
$637,200 $647,200 $482,450
Absorption
Rate (# of weeks to sell
current inventory at present rate of sales)
15.6 14.1 32.5

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


Additional Reading: San Marino California Real Estate Market Report for November 2008

CLICK HERE FOR A LIST OF ALL SOUTH PASADENA HOMES FOR SALE (Single Family Residences)

CLICK HERE FOR A LIST OF ALL SOUTH PASADENA CONDOS AND TOWNHOMES FOR SALE

Posted by Irina Netchaev, Pasadena Real Estate Agent.

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