South Pasadena home sales in 2008 averaged about 7 homes sold per month. There are even less sales this year so far. Granted, 2009 started out very slow and the real estate market just started picking up last year, but the inventory in South Pasadena is not very exciting. Not a lot of choices and South Pasadena home buyers looking to buy a home with South Pasadena schools are ending up paying more than they wanted.
March 2009 ended with the average price per square foot per single family South Pasadena home closing at $493 and it's creeping up to the 2008 levels of $510 per sq. ft.
READ MORE: South Pasadena Five Year Real Estate Review
Here are the detailed statistics for January 2009 through March 2009:
| Single Family Residence |
Jan-09 | Feb-09 | Mar-09 |
| New Listings |
4 | 12 | 9 |
| Total Listings |
23 | 31 | 39 |
| Sales Pending |
4 | 8 | 8 |
| Homes Sold | 4 | 3 | 7 |
| Listings Expired |
5 | 2 | 5 |
| Average Days on the Market |
40 | 60 | 101 |
| Average Price Per Sq. Ft. |
$430 | $468 | $493 |
| Average Median Price |
$720,000 | $776,667 | $850,000 |
| Average Selling Price |
$831,000 | $725,000 | $987,000 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) |
24.9 | 44.8 | 24.1 |
| Condos and Townhomes |
Jan-09 | Feb-09 | Mar-09 |
| New Listings |
2 | 5 | 5 |
| Total Listings |
7 | 15 | 17 |
| Sales Pending |
5 | 4 | 1 |
| Homes Sold | 4 | 4 | 1 |
| Listings Expired |
2 | 1 | 1 |
| Average Days on the Market |
49 | 119 | 111 |
| Average Price Per Sq. Ft. |
$332 | $348 | $284 |
| Average Median Price |
$487,500 | $596,750 | $170,000 |
| Average Selling Price |
$472,500 | $627,500 | $170,000 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) |
7.6 | 16.3 | 73.7 |
Information gathered from ITEC (Pasadena Foothill Association Multiple Listing Service)
Search all South Pasadena properties on the market below:
Read More: November 2008 South Pasadena Real Estate Market Report
Read More: South Pasadena Real Estate market report for December 2008
Read More: South Pasadena Real Estate Market Report for January 2009
Read More: South Pasadena Real Estate Market Report for Febrauary 2009
Interested in seeing if there are any South Pasadena foreclosures or bank owned properties available for sale?
SEARCH all South Pasadena Foreclosure and REO home listings right here!
Posted by Irina Netchaev, Pasadena Real Estate Agent.
