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South Pasadena Real Estate Report for January 2009

South Pasadena real estate market report for begining of 2009

No surprises in January 2009 for South Pasadena's real estate market. For the most part, the activity picked up a bit and the inventory decreased for both condos and townhomes as well as South Pasadena single family homes. Low interest rates helped South Pasadena home buyers afford to buy more home for their money.

Most single family South Pasadena homes closed 5 to 11% below asking price. Home sellers are still over pricing their homes at $510 per square foot on average vs. the $430 that these homes are closing at.

Highest priced home is at 851 Lyndon in South Pasadena priced at $3,450,000 and has been on the market for over 4 months now.

Lowest priced South Pasadena home is at 1823 Gillette and is priced at $550,000.

Learn more about South Pasadena by visiting our South Pasadena City Guide.

South Pasadena real estate market statistics and trends for November 2008 through January 2009:

Single Family Residence	Nov-08	Dec-08	Jan-09
New Listings	9	5	4
Total Listings	35	29	23
Sales Pending	0	5	4
Homes Sold	9	2	4
Listings Expired	6	4	5
Average Days on the Market	77	46	40
Average Price Per Sq. Ft.	$462	$488	$430
Average Median Price	$1,000,000	$1,145,000	$720,000
Average Selling Price	$998,833	$1,145,000	$831,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	16.9	62.8	24.9

Condos and Townhomes	Nov-08	Dec-08	Jan-09
New Listings	5	1	2
Total Listings	15	9	7
Sales Pending	1	8	5
Homes Sold	2	3	4
Listings Expired	3	4	2
Average Days on the Market	18	102	49
Average Price Per Sq. Ft.	$369	$346	$332
Average Median Price	$482,450	$411,667	$487,500
Average Selling Price	$482,450	$350,000	$472,500
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	32.5	13.0	7.6

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.

Posted by Irina Netchaev, Pasadena Real Estate Agent.

http://www.pasadenacarealestatehomes.com/0094C7