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South Pasadena Real Estate Market Report for February 2009

South Pasadena inventory and foreclosure update

South Pasadena home inventory is on the rise. There were 12 new homes listed for sale compared to only a handful in both January 2009 and December 2008. The rate of sales remains the same at 3 homes sold (actually just a bit less than the month before). Sellers are pricing their homes at $499 per sq. ft. while the sales run closer to mid $400s.

There are two short sales and 1foreclosure (real estate owned homes) in South Pasadena right now. Bank owned home is located at 1800 Meridian Avenue in South Pasadena and is described as a "contractor's dream" by the listing agent. It is priced at $474,900 and has 2 bedrooms plus 1 bath.

Here are the detailed statistics for December 2008 through February 2009:

Single Family Residence	Dec-08	Jan-09	Feb-09
New Listings	5	4	12
Total Listings	29	23	31
Sales Pending	5	4	8
Homes Sold	2	4	3
Listings Expired	4	5	2
Average Days on the Market	46	40	60
Average Price Per Sq. Ft.	$488	$430	$468
Average Median Price	$1,145,000	$720,000	$776,667
Average Selling Price	$1,145,000	$831,000	$725,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	62.8	24.9	44.8

Condos and Townhomes	Dec-08	Jan-09	Feb-09
New Listings	1	2	5
Total Listings	9	7	15
Sales Pending	8	5	4
Homes Sold	3	4	4
Listings Expired	4	2	1
Average Days on the Market	102	49	119
Average Price Per Sq. Ft.	$346	$332	$348
Average Median Price	$411,667	$487,500	$596,750
Average Selling Price	$350,000	$472,500	$627,500
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	13.0	7.6	16.3

Information gathered from ITEC (Pasadena Foothill Association Multiple Listing Service)

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.