As 2009 wrapped up, it's interesting to see how Pasadena and surrounding cities real estate market performed.  So instead of writing our monthly report, I wanted to take a look at the last few years of home sales.

Last year was difficult for many families, short sales and foreclosures were showing up in both low end and high price spectrum of the real estate market.  However, 2009 presented many opportunities for both investors, first time home buyers, as well as long term renters waiting for prices to come down to a point of affordability.

The prices have not moved down as much as expected in Pasadena California and surrounding neighborhoods, but the interest rate remained historically low and coupled with tax incentives, home buyers were out in force.

Let's take a look at the home sales statistics below.

Pasadena Home Sales 2003 through 2009:

Throughout this year, I've been saying that Pasadena was very low on inventory.  The moment a home came up on the market, if it was priced correctly, it was gone immediately.  We were expecting to be hit with a wave of foreclosures, but that never realized.  We've seen some bank owned properties hit the real estate market, but moratorium after moratorium kept the majority of the foreclosures from hitting the streets. 

There's been a lot of talk of "shadow" foreclosure inventory.  The inventory of foreclosure homes that are still sitting on bank books.  2010 might be the year for the shadow inventory to be released especially in the higher priced end of the market.

As you can see, 2009 had a higher number of home units sold at 841 an increase of 28% over 2008, but still far short of the 1,300 to 1,400 units in 2003 and 2004.

Take a look at the average listing price per square foot vs average sold price per square foot.  This pretty much tells you the story of the Pasadena real estate market in 2009 - multiple offers!  Prices were bid up by the buyers and on average the price per sq. ft. was almost 22% higher than the original listed sq. ft. price - pretty darn amazing!

The actual average closing Pasadena home sales price was at $900,582, way higher than 2008's $851,702.  Don't let anyone tell you that there are no home buyers out there.  The home buyers are there and ready to buy.  The prices are right and the financial conditions - interest rates, government tax incentives are making this a perfect storm for many.

Pasadena California Single Family Homes Sales - 7 year analysis (2003 - 2009)

SFR	2003	2004	2005	2006	2007	2008	2009
# of Units Sold	1402	1390	1294	1069	811	657	841
Ave List Price/Sq.Ft.	$339	$402	$472	$502	$496	$440	$382
Ave Sold Price/Sq.Ft.	$336	$408	$479	$497	$489	$428	$433
Ave List Price	$620,750	$717,994	$835,039	$938,407	$977,794	$880,432	$739,797
Ave Sales Price	$616,489	$728,126	$847,985	$928,328	$959,394	$851,702	$900,582
% of Sold to List	99.3%	101.4%	101.6%	98.9%	98.1%	96.7%	121.7%
Ave # of Days on the Market	27	24	26	37	51	96	71

Read More:  See all Pasadena homes for sale

Pasadena Condo and Townhouse Sales - 7 year analysis (2003 - 2009)

A similar situation with condos and townhomes, the volume of home sales is down, but not as signifcantly as we see in Pasadena's single family homes.  Pasadena condo and townhome buyers are seeing prices at the 2004 level.  Think of rolling the home prices back 5 years - not bad!

It is taking longer to sell these condos and townhomes, but still less than 3 months.  Remember the post about whether or not we are in the buyer's vs seller's market?  We are still in a pretty strong seller's market - these properties are selling if priced correctly.

	2003	2004	2005	2006	2007	2008	2009
# of Units Sold	664	744	731	683	597	374	488
Ave List Price/Sq.Ft.	$268	$341	$410	$437	$442	$409	$359
Ave Sold Price/Sq.Ft.	$269	$346	$420	$431	$432	$388	$348
Ave List Price	$343,168	$425,945	$499,323	$526,625	$571,055	$529,495	$464,392
Ave Sales Price	$344,487	$430,696	$507,887	$519,946	$557,042	$504,093	$449,964
% of Sold to List	100.4%	101.1%	101.7%	98.7%	97.5%	95.2%	96.9%
Ave # of Days on the Market	24	23	31	50	66	95	85

Read More:  Pasadena's New Construction Condos for Sale

See all Pasadena Condos and Townhomes for sale

South Pasadena Real Estate Data 2003 through 2009:

South Pasadena home sales were on fire... great school district and a small town, family oriented atmosphere was driving real estate sales last year.  The volume went up drastically from 2008, but buyer were much more finicky. 

South Pasadena is known for older, character homes.  The homes that were staged and updated sold immediately with multiple offers.  Homes that had deferred maintenance or were not presented as well as they should took a bit of time to sell. 

Sold price per square foot dropped from the high of $513 in 2005 to $477 in 2009 - still a pretty high number considering that an average home sold cost almost a million dollars.

South Pasadena Home Sales - 7 year analysis (2003 - 2009)

SOUTH PASADENA	2003	2004	2005	2006	2007	2008	2009
SFR
# of Units Sold	255	180	179	185	145	79	117
Ave List Price/Sq.Ft.	$344	$401	$481	$510	$518	$524	$488
Ave Sold Price/Sq.Ft.	$344	$415	$488	$513	$517	$510	$477
Ave List Price	$656,128	$796,551	$937,169	$1,037,107	$1,023,445	$1,152,025	$1,027,664
Ave Sales Price	$646,771	$819,416	$957,034	$1,042,387	$1,017,776	$1,095,100	$993,201
% of Sold to List	98.6%	102.9%	102.1%	100.5%	99.4%	95.1%	96.6%
Ave # of Days on the Market	37	34	32	42	44	81	67

Read More:  See all South Pasadena homes for sale

South Pasadena Condo and Townhouse Sales - 7 year analysis (2003 - 2009)

There were really some amazing deals to be found in South Pasadena's condo and townhome market.  First of all, families were able to buy homes within one of the top school districts in the area for as little as $349 per sq. ft.  On average, a So Pas home buyer would need a bit over $500,000, but that's still half the price of a single family home.

One of my lucky home buyer clients, were able to buy a 3 bedroom townhome for only $420,000.  That would have been truly unheard of a few years ago.  The best advice for families that are waiting to get into the South Pasadena real estate market is to be prepared - work with a real estate agent that cares about your needs, get pre-approved and be available to view properties as they come up on the market.

SOUTH PASADENA	2003	2004	2005	2006	2007	2008	2009
# of Units Sold	54	71	76	65	55	30	42
Ave List Price/Sq.Ft.	$252	$314	$399	$426	$431	$399	$349
Ave Sold Price/Sq.Ft.	$252	$317	$404	$422	$429	$390	$342
Ave List Price	$338,313	$404,019	$477,004	$560,290	$607,253	$550,240	$517,996
Ave Sales Price	$337,435	$407,825	$483,327	$554,302	$602,763	$537,503	$506,375
% of Sold to List	99.7%	100.9%	101.3%	98.9%	99.3%	97.7%	97.8%
Ave # of Days on the Market	21	27	25	38	60	95	58

Read More:  See all South Pasadena condos and townhomes for sale

San Marino Home Sales Analysis for 2003 - 2009:

This has been a truly amazing year for San Marino real estate.  Prices held quite well and homes were selling higher than they did in 2007! 

San Marino is known for its huge lawns, amazing school district and a very close-knit community.  With Huntington Library, Lacy Park and luxury estates, it's truly an amazing place to live. 

A home buyer still needs a bit over $1.7 million to get an average priced home.  There are homes available in the low 1 million dollar range and sometimes one can find a home under a million, but for the most part these homes need quite a bit of attention.

San Marino was not immune to foreclosures.  We did see two foreclosure homes - both homes sold over a million still.  If you are interested in tracking potential foreclosures in San Marino, bookmark this San Marino foreclosure post.  It will update, real time as new foreclosures come up on the market.

It's also interesting to note that there are no condos or townhomes in San Marino.  However, there's a complex of townhomes on the border of Pasadena and San Marino that is assigned to San Marino schools.  There are also certain homes in San Gabriel and Pasadena that fall under the San Marino schools boundaries. 

San Marino	2003	2004	2005	2006	2007	2008	2009
# of Units Sold	304	303	203	192	169	110	126
Ave List Price/Sq.Ft.	$399	$470	$529	$579	$617	$595	$597
Ave Sold Price/Sq.Ft.	$375	$454	$526	$569	$611	$582	$575
Ave List Price	$1,189,954	$1,363,619	$1,500,824	$1,588,317	$1,802,251	$1,684,134	$1,797,913
Ave Sales Price	$1,094,214	$1,291,828	$1,438,804	$1,519,560	$1,729,589	$1,562,207	$1,721,617
% of Sold to List	92.0%	94.7%	95.9%	95.7%	96.0%	92.8%	95.8%
Ave # of Days on the Market	42	41	41	48	57	54	56

Read More:  See all San Marino homes for sale

San Gabriel Real Estate Home Sales Statistics 2003 through 2009:

Well San Gabriel didn't fare as well as some of the other cities near Pasadena.  It's taking longer to sell a home as well as the price sold has rolled back to 2004 levels.  This is great for home buyers.  Inventory of homes has increased and there's quite a bit of choice.  Even though, we are seeing multiple offers on some of the homes, overall buyers are able to find a home to fit their needs and check book.  Homes are being priced fairly and are selling close to aslking price - just a percentage or so below.

San Gabriel Homes for Sales data for 2003 through 2009

SAN GABRIEL	2003	2004	2005	2006	2007	2008	2009
SFR
# of Units Sold	445	452	406	368	294	207	278
Ave List Price/Sq.Ft.	$267	$332	$398	$409	$412	$372	$356
Ave Sold Price/Sq.Ft.	$267	$331	$404	$413	$404	$361	$350
Ave List Price	$429,918	$530,420	$615,726	$672,220	$673,120	$600,296	$572,244
Ave Sales Price	$436,074	$528,448	$630,230	$675,388	$658,664	$584,949	$563,219
% of Sold to List	101.4%	99.6%	102.4%	100.5%	97.9%	97.4%	98.4%
Ave # of Days on the Market	9	8	11	16	23	24	57

Read More:  See all San Gabriel Homes for Sale

San Gabriel Condos and Townhomes for sale

Price per square foot has decreased to $271 for San Gabriel condos and townhomes, but the average sales price is actually a bit higher than in 2008.  Home buyers are getting more square footage for their money. 

The selection of condos and townhomes is quite nice.  Inventory has doubled from last year and is higher than the year prior.  Home buyers are nicely surprised with the choice of homes.  This can also be seen in a longer marketing period of 105 days compared to previous years of only a month or less on the market.

SAN GABRIEL	2003	2004	2005	2006	2007	2008	2009
# of Units Sold	91	77	104	80	54	37	74
Ave List Price/Sq.Ft.	$201	$258	$317	$333	$330	$325	$275
Ave Sold Price/Sq.Ft.	$199	$257	$315	$371	$320	$310	$271
Ave List Price	$275,367	$325,205	$458,785	$481,131	$502,924	$458,387	$447,410
Ave Sales Price	$272,193	$323,450	$456,743	$516,066	$488,083	$437,135	$441,052
% of Sold to List	98.8%	99.5%	99.6%	107.3%	97.0%	95.4%	98.6%
Ave # of Days on the Market	11	18	25	36	31	39	105

Read More:  Search San Gabriel Condos and Townomes

Monterey Hills Condo and Townhome Sales 2003 through 2009:

I was actually quite surprised to see the inventory increase towards the end of 2009.  Monterey Hills condo and townhome owners have been holding on to their homes and not putting them on the market.  However, we did see quite a bit of distressed sales in the area which helped increase the inventory.

The price per square foot fell under $300 to $277 and is rolling prices back to the 2003 level.  Folks working in downtown LA or have kids attending USC love Monterey Hills for its geographic convenience.  A lot of investors are itching to buy units because they are so easy to rent and are conveniently located minutes from South Pasadena and Pasadena. 

Overall, I think that we'll see more foreclosures and opportunities in 2010 in Monterey Hills.  There's definitely "shadow" inventory to be found next year. We will be watching closely.

Monterey Hills	2003	2004	2005	2006	2007	2008	2009
# of Units Sold	129	108	99	61	52	35	50
Ave List Price/Sq.Ft.	$228	$303	$355	$375	$369	$325	$281
Ave Sold Price/Sq.Ft.	$224	$302	$358	$372	$361	$307	$277
Ave List Price	$259,226	$325,912	$407,407	$420,655	$406,281	$362,246	$333,350
Ave Sales Price	$254,996	$325,115	$409,962	$414,330	$397,217	$354,097	$327,107
% of Sold to List	98.4%	99.8%	100.6%	98.5%	97.8%	97.8%	98.1%
Ave # of Days on the Market	35	34	40	74	84	87	66

Read More: See all Monterey Hills condos for Sale

 As always, we will be providing monthly home sales reports for Pasadena and surrounding cities.  In the meantime, please do not hesitate to call us should you have any questions about any of the real estate data above or need helping with buying or selling a home, condominium or townhome.

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)629-VIEW(8439)

http://www.pasadenacarealestatehomes.com/00A566

This year, many calls and emails from potential home buyers came in about short sales and foreclosure homes in South Pasadena; every one is looking for that "Real Estate DEAL"! As we begin to evaluate the year that is coming to a close and look ahead for the goals of 2010, for many home ownwership will be at the top of the list. Don't limit your possiblities to foreclosure homes and short sales!

There are South Pasadena homes and condos for sale now that could be purchased for pretty good prices. And... when you are not dealing with banks, but are negotiating directly with home sellers, you can ask for concessions.  For example, wouldn't it be nice to have the home seller buy down your interest rate to make your monthly payment lower?

A great place to start would be with homes, condominiums and townhouses that have been on the market for several months. Most home sellers at this point have either adjusted their home price or are open to negotiation. The houses below have been on the market for over 100 days (over 3 months!). There could be some pretty good deals hiding in there and incentives! With the first time home buyer tax credit still available through April of 2010, why not make your new home dreams a reality! We call them Dusty Deals™!

Here is our Dusty Deals™ list for South Pasadena, California - Find your South Pasadena home:

Read more »

http://www.pasadenacarealestatehomes.com/00A4FB

As many of my readers know, I have not been updating this blog on a regular schedule.  It's been an extremely busy summer for me.  My family and I just came back from a two week vacation in Maui.  I have helped 14 families buy or sell a home over the last few months and have 6 open escrows as I write this post. 

I can't tell you how busy and exciting this summer has been.  We have seen the best and the worst in the real estate industry.  Buying and selling homes in Pasadena has been evolving daily.  Let's see:

• Lenders were tight with their money.  Lender conditions were outrageous and ridiculous at times.  Many lenders are slowly, but surely are now moving back to a more balanced view and perspective on helping home buyers get home loans.  The pendulum is slowly shifting to a bit more of a realistic approach to lending. 
• Bank of America went beserk with their take over of Countrywide and screwed up a ton of escrows.  A few of my home buyers got caught in Bank of America's turmoil and no one in management seemed to care or be able to address any issues.  There is only one B of A loan officer that I trust and will not work with any other.  Email me for his name.
• FHA loans with minimal down payment are more and more prevalant and accepted.  I have helped several home buyers buy their Pasadena homes with only 3.5% or 5.1% down.
• Home sales were down and then exploded with multiple offers on any home decently priced.
• Bank foreclosures are here and more are expected.  The last few months have shown that timing is everything when it comes to bank owned or REO homes.
• Short sales are here, but need to go away...  Only 1 in 9 are successful!  Thank you, NOT, non-responsive loss mitigators.
• California came out with a New Construction Credit and ran out of funds almost immediately!
• First time home buyer credit is here for only a few more months.  Yes... all you first time home buyers listen up:  You have to find a home and buy it before November 1st, 2009 to qualify for your $8,000 tax credit.  And, yes... it's an actual credit against what you owe.  Pretty darn good!
• New government regulations came out for the Truth in Lending and HVCC (Home Valuation Code of Conduct)
• Home buyers now need to get pre-approved with at least 2 lenders.  Although, if you are working with me to find your next home, you are most likely approved with 2 direct lenders and a mortgage broker.  Minimum requirements if you are a serious buyer!

I can go on and on... but to not bore you and finish my real estate home sales reports, this month, I will combine the different city home sales reports in one.  Too much guilt on my end for not getting them out timely.  So... here goes...

Pasadena Home, Condo and Townhome Sales and Real Estate Reports:

Read more »

http://www.pasadenacarealestatehomes.com/009B70

 

Home sales in South Pasadena have been stable over the last few months with 13 single family homes sold in June and July and 11 in May.  New listings are in the dozen range each month this summer. 

Two new condo complexes went up for sale in July, thus increasing the number of available condos by 200% since June.  I have been able to preview the complex on El Centro in the Mission District of South Pasadena.  It has a very urban feel and look with open spaces, cement floors and exposed venting.  It very much reminds me of the Prado building in Pasadena only on a much smaller scale.  Even though it's new construction, in my opinion it's priced a bit high, at $400 to $500 per square foot, for its location right next to the Gold Line and a very spartan feel. 

The other complex is at 815 Fairview Avenue also priced in the low to mid $400 per sq. ft. and built in 2009.  featuring 1 bedroom with 2 bathrooms.

Given that only 4 condos and tonwhomes out of 22 new listings are resales and priced affordably, the choice for South Pasadena condo buyers is very limited unless you are looking for new construction and are willing to pay a premium.

It's interesting to note that the real estate sales activity has increased dramatically from January to June.  Take a look at the chart below:

 

South Pasadena Real Estate Statistics April 2009 through July 2009:

Single Family Residence	Apr-09	May-09	Jun-09	Jul-09
New Listings	18	12	11	14
Total Listings	41	50	41	39
Sales Pending	9	20	19	21
Homes Sold	5	11	13	13
Listings Expired	5	2	0	3
Average Days on the Market	56	61	55	92
Average Price Per Sq. Ft.	$496	$465	$504	$465
Median Selling Price	$953,000	$899,000	$1,205,000	$768,000
Average Selling Price	$843,380	$990,636	$1,197,370	$905,477
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	35.5	19.7	13.7	13.0
Condos and Townhomes	Apr-09	May-09	Jun-09	Jul-09
New Listings	1	4	7	22
Total Listings	12	13	12	34
Sales Pending	1	4	7	7
Homes Sold	1	2	4	3
Listings Expired	3	1	2	0
Average Days on the Market	67	29	34	152
Average Price Per Sq. Ft.	$336	$318	$364	$326
Median Selling Price	$590,000	$451,500	$572,500	$397,500
Average Selling Price	$590,000	$451,500	$576,875	$370,333
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	52.0	28.2	13.0	49.1

Real estate data for South Pasadena from Pasadena Foothill Association of Realtors Multiple Listing Service (ITEC)

READ MORE: South Pasadena Five Year Real Estate Review

 

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

Pasadena Real Estate 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 626-204-3340.

IRINA NETCHAEV & ASSOCIATES

Pasadena Real Estate Agents

445 South Fair Oaks Avenue

Pasadena, CA 91105

(626)204-3340

 

 

http://www.pasadenacarealestatehomes.com/009AB5

The inventory in South Pasadena is moving very quickly.  South Pasadena home and condo prices are on the rise.  Many "cash heavy" investors are out in the market competing with regular buyers.  Multiple offers are still prevalent on well priced homes.

Lowest priced home sale in South Pasadena in June was at 1404 Oneonta Knl and sold at $681,000.

Highest priced South Pasadena home in June was at 543 Columbia Street which sold at $2,177,185.

South Pasadena Housing Analysis for April 2009 through June 2009:

Single Family Residence	Apr-09	May-09	Jun-09
New Listings	18	12	11
Total Listings	41	50	41
Sales Pending	9	20	19
Homes Sold	5	11	13
Listings Expired	5	2	0
Average Days on the Market	56	61	55
Average Price Per Sq. Ft.	$496	$465	$504
Median Selling Price	$953,000	$899,000	$1,205,000
Average Selling Price	$843,380	$990,636	$1,197,370
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	35.5	19.7	13.7
Condos and Townhomes	Apr-09	May-09	Jun-09
New Listings	1	4	7
Total Listings	12	13	12
Sales Pending	1	4	7
Homes Sold	1	2	4
Listings Expired	3	1	2
Average Days on the Market	67	29	34
Average Price Per Sq. Ft.	$336	$318	$364
Median Selling Price	$590,000	$451,500	$572,500
Average Selling Price	$590,000	$451,500	$576,875
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	52.0	28.2	13.0

Data gathered from ITEC (Pasadena Foothill Association of Realtors)

Here's a nice visual of what's going on with South Pasadena prices from Altos Research:

Read more »

http://www.pasadenacarealestatehomes.com/009A08