South Pasadena Real Estate Market Report - December 2008

South Pasadena real estate analysis for December of 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.

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:

Single Family Residence	Oct-08	Nov-08	Dec-08
New Listings	13	9	5
Total Listings	34	35	29
Sales Pending	8	0	5
Homes Sold	5	9	2
Listings Expired	5	6	4
Average Days on the Market	96	77	46
Average Price Per Sq. Ft.	$493	$462	$488
Average Median Price	$940,000	$1,000,000	$1,145,000
Average Selling Price	$1,037,300	$998,833	$1,145,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	29.5	16.9	62.8

Condos and Townhomes	Oct-08	Nov-08	Dec-08
New Listings	4	5	1
Total Listings	13	15	9
Sales Pending	2	1	8
Homes Sold	4	2	3
Listings Expired	0	3	4
Average Days on the Market	186	18	102
Average Price Per Sq. Ft.	$401	$369	$346
Average Median Price	$733,500	$482,450	$411,667
Average Selling Price	$647,200	$482,450	$350,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	14.1	32.5	13.0

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

Information about South Pasadena California

Search all South Pasadena properties on the market below:

South Pasadena real estate market activity with real time updated data can be found on Pasadena California Real Estate Blog's How is the Real estate Market tab. These South Pasadena real estate housing reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

Posted by Irina Netchaev, Pasadena Real Estate Agent.

http://www.pasadenacarealestatehomes.com/00930C

Posted on January 06, 2009 16:32:02

Posted in South Pasadena, Real Estate Market Reports

Posted by:

Irina Netchaev

Comment from: Mike @ de Cafe [Visitor]

· http://cafepasadena.wordpress.com

Irina: another informative article. You're not a R/E broker - you're a writer!

Sellers are still going through their grieving process: protest, resistance, denial, stress, transition, acceptance, etc. I should mention your site to my So Pasa friend next week.

Also, did u receive out recent e-invite to Pasadena area "internetters"? Ck your email if you want to join us next Sunday morning.

Permalink January 11, 2009 01:41:09

Comment from: Irina Netchaev [Member]

· http://www.pasadenacarealestatehomes.com

Mike, thanks for the kind words! You are so right about this statement: "Sellers are still going through their grieving process" It's going to take a bit of time to get to acceptance.

Sorry I had to miss the get together today. I'm sure that you had a lot of fun!

Permalink January 18, 2009 22:18:23

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