South Pasadena Home Sales Report Jan - September

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up2date Real Estate Market Report for South Pasadena

-January - September January - September Home SalesHome Sales

-Single FamilySingle Family

-Townhomes & Townhomes & CondominiumsCondominiums


Residential Homes

(condos, townhomes & single family)

Median Price Days on Market

2008 $797,500 71

2007 $819,000 43

% Change (2.6 %) 65%

Median Prices have held up

very well compared to other areas in

Southern California


Single Family Homes

Median Price

2008 $930,000

2007 $920,000

% Change 1% Sales of Single Family Homes

are indicating a 1% increase

over the same period last year


Number of Single Family Homes Sold

2008 61 units

2007 97 units

% Change (37) %

Average Days on Marketcurrent days on market / cumulative days on market

2008 66 / 77

2007 39 / 65

% Change 69% / 18%

Unit sales have slowed as they have in every

market

Homes are selling about

2.5% less than their asking

prices, compared to almost full

asking price last year


Current Inventory of Single Family Homes

Number Median Price Days on Mkt

Active 35 $888,000 66

Contingent 9 $1,029,000 73

Pending 8 $918,900 65

The value of pending sales are very close

to the current median prices

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Townhomes & Condominiums

Median Price

2008 $533,000

2007 $567,500

% Change (6 %)

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Condo / Townhomes

have held their value better than other markets


Number of Units Sold

2008 21 units

2007 44 units

% Change (52%)

Average Days on Market

current days on market / cumulative days on market

2008 91 / 95

2007 51 / 79

% Change 78% / 20%

Condo & Townhome sales

have lagged Single Family in

all markets


Current Inventory Of Townhomes & Condominiums

Number Median PriceDays/Mkt

Active 18 $478,750 79 / 94

Contingent 4 $649,450 75 / 120

Pending 2 n /a The Median Price for “Contingent” properties may

indicate that prices will begin to

solidify


Summary & Outlook for the South Pasadena Real Estate Market

-The South Pasadena market has shown less pricing volatility due to a small number of homes in foreclosure and high demand for homes over $1MM

-Current “pending” and “contingent” home sales are trending higher than 9 month averages as sales of homes in the back half of ’08 are expected to be higher than the first half

-Current inventory levels indicate about a 10 month supply of Single Family homes, however expect inventory levels to drop as the number of homes in escrow are three times higher than houses sold in Sept

-I don’t think we will see future price erosion in the Town/Condo market due to much less available inventory (4 month supply)

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South Pasadena Home Sales Report Jan - September

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Transcript of South Pasadena Home Sales Report Jan - September