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South Pasadena California Real Estate Market Update

South Pasadena California Real Estate Market Update

Every month, I provide a detailed review and analysis of South Pasadena housing market activity on our sister real estate site.   The entire report with statitistics for September through November 2008 for South Pasadena can be found at http://www.pasadenacarealestatehomes.com/south-pasadena-real-estate-market-report-november-2008.

Here’s the overview of the commentary on the state of South Pasadena Real Estate Market for November 2008

:

The number of single family homes sold in South Pasadena in November almost doubled from the previous several months, while the inventory of available South Pasadena homes for sale remains the same. This drives the absorption rate down quite drastically from almost 30 weeks on the market to sell existing inventory of homes to approximately 19 weeks should the rate of sales remain the same.

Usually, December is a slow month for real estate buyers and sellers. Everyone is focused on shopping for the holidays and their upcoming vacations. Having said that, it’s important to note that the home buyers who are looking are very serious shoppers with very specific requirements.

Potential South Pasadena sellers also need to keep in mind that the banks are sitting on a lot of foreclosures through the end of the year because it makes their “accounting” books look better. As soon as the 1st of the year rolls around, I believe that we’ll see an increase in inventory at significantly lower prices since banks will be looking to unload their REOs (Real Estate Owned property). If you have a South Pasadena home that you are considering selling, do not wait too long because we do not know what the 1st quarter of 2009 will bring.

South Pasadena home buyers are already getting some pretty good deals with the price per square foot for sold homes hitting a low of $462 and condos and townhomes selling in the high $300 per square foot.

There is also quite a bit of discrepancy between the price per square foot of South Pasadena homes on the market – $518 – and the price per square foot of the homes sold – $463 – which would explain why the South Pasadena active home listings are staying on the market for an average of 137 days. That is over four months. South Pasadena need to track these statistics carefully to ensure that they are not chasing the market down.

Read also: Staying Sane in an Insane Buyer’s Market

One South Pasadena home situated in the Marengo Estates area located at 838 Milan, South Pasadena, sold with multiple offers $200,000 over asking at $1,150,000. This is a prime example of great pricing and marketing.

Lowest priced South Pasadena home on the market in November was at 1108 Foothill Street – a 2 bedroom and 1 bath cottage – listed at $439,000.

Highest priced South Pasadena home on the market in November was at 1133 Buena Vista Street – a 7,500 sq. ft. estate – listed at $3,600,000.

Altos Research, one of the premier real estate statistics tracking companies in the nation, has this to say about South Pasadena:

The Market Action Index for South Pasadena has been trending down lately, indicating demand falling along with supply. Conditions point to mildly negative trends for the South Pasadena real estate market.

South Pasadena market action index

Read More: South Pasadena City Guide – relocation guide for South Pasadena

If you are interested in a list of foreclosures in South Pasadena and Surrounding cities, click on this San Gabriel Valley Foreclosure link.

Interested in more information about Pasadena and surrounding cities, check out our City Guides below:

Alhambra City Guide

Altadena City Guide

Arcadia City Guide

Eagle Rock City Guide

Monterey Hills City Guide

Pasadena City Guide

San Gabriel City Guide

San Marino City Guide

Sierra Madre City Guide

South Pasadena City Guide

And, if you are interested in fun activities to do in Pasadena, take a look at our 365 Things To Do in Pasadena® page.


Thinking of selling your Pasadena area home? Interested in finding out the current market value of your single family home, condo or investment property? Then call Irina Netchaev at (626) 629-8439 to discuss what is happening in today’s Pasadena Real Estate Market.

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Posted on December 13th, 2008
Posted by: Irina Netchaev

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