Do you remember the commercial? Where is the beef? Inventory in South Pasadena is sort of like that especially when it comes to South Pasadena condos and townhomes.
The pendulum is swinging very quickly to a buyer's market in South Pasadena and most of the neighborhoods in and around Pasadena. Every offer that I have written in the last several weeks encountered a multiple offer situation. And, when I say multiple offers, I mean multiple offers! Unfortunately, we're seeing buyers out in force and the minimum number of other home buyers that my clients had to compete against was four, maximum so far this month was 28! Although, I am happy to say that my buyers did beat out the other 27 and secured the home for themselves - yeah!
South Pasadena for the month of April did have 18 new homes listed, but the inventory is still holding at only 41 available housing units. Condos and townhomes in South Pasadena are only at 12 available - not much selection.
We are anxiously waiting for the foreclosure inventory which hopefully will be released by banks shortly. Keep checking back... real estate market is changing daily.
South Pasadena real estate statistics for January 2009 through April 2009:
|Single Family Residence||Jan-09||Feb-09||Mar-09||Apr-09|
|Average Days on the Market||40||60||101||56|
|Average Price Per Sq. Ft.||$430||$468||$493||$496|
|Average Median Price||$720,000||$776,667||$850,000||$953,000|
|Average Selling Price||$831,000||$725,000||$987,000||$843,380|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||24.9||44.8||24.1||35.5|
|Condos and Townhomes||Jan-09||Feb-09||Mar-09||Apr-09|
|Average Days on the Market||49||119||111||67|
|Average Price Per Sq. Ft.||$332||$348||$284||$336|
|Average Median Price||$487,500||$596,750||$170,000||$590,000|
|Average Selling Price||$472,500||$627,500||$170,000||$590,000|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||7.6||16.3||73.7||52.0|
READ MORE: South Pasadena Five Year Real Estate Review
To search for homes in South Pasadena, take a look at the listings below:
If you are thinking of buying a South Pasadena home, South Pasadena condo or townhouse, please give us a call for a comprehensive and free consultation. We can be reached at 626-629-8439.