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South Pasadena Real Estate Analysis – 2003-2008 housing review

South Pasadena Real Estate Analysis – 2003-2008 housing review

South Pasadena real estate has experienced an amazing five years of growth and 2008 has proven that values for South Pasadena homes are holding fairly steady while adjacent cities are seeing declines.

Single family homes in South Pasadena fared much better than condos and townhomes, but overall the real estate market held.

Read More:  South Pasadena Real Estate Market Report for December 2008

San Marino, adjacent to South Pasadena, another very affluent city has done extremely well in 2008 as well.  With San Marino property values declining just slightly from an already high numbers of previous years.

Read More:  San Marino Real Estate Analsyis – Five Years in Review

Here are the statistics for your review (analysis is below this chart):

 

SOUTH PASADENA 2003 2004 2005 2006 2007 2008
SFR
# of Units Sold 255 180 179 185 145 79
Ave List Price/Sq.Ft. $344 $401 $481 $510 $518 $524
Ave Sold Price/Sq.Ft. $344 $415 $488 $513 $517 $510
Ave List Price $656,128 $796,551 $937,169 $1,037,107 $1,023,445 $1,152,025
Ave Sales Price $646,771 $819,416 $957,034 $1,042,387 $1,017,776 $1,095,100
% of Sold to List 98.6% 102.9% 102.1% 100.5% 99.4% 95.1%
Ave # of Days on the Market 37 34 32 42 44 81
SOUTH PASADENA 2003 2004 2005 2006 2007 2008
Condo/Townhomes
# of Units Sold 54 71 76 65 55 30
Ave List Price/Sq.Ft. $252 $314 $399 $426 $431 $399
Ave Sold Price/Sq.Ft. $252 $317 $404 $422 $429 $390
Ave List Price $338,313 $404,019 $477,004 $560,290 $607,253 $550,240
Ave Sales Price $337,435 $407,825 $483,327 $554,302 $602,763 $537,503
% of Sold to List 99.7% 100.9% 101.3% 98.9% 99.3% 97.7%
Ave # of Days on the Market 21 27 25 38 60 95

 

Data gathered from ITEC (Pasadena Foothill Association Multiple Listing Service)
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Here’re my thoughts and observations on the data for South Pasadena’s last 5 years in real estate:

  • The volume of units for both Single Family Residences (SFR) and Condos and Townhomes was drastically lower in 2008 compared to previous years.  South Pasadena volume of sold homes dropped almost 50% from 2007.
  • Price per square foot of sold homes remained pretty much stable and ended the year at $510 per sq. ft. That is only 1.4% lower than the selling price per square foot in 2007.
  • Condo and townhomes didn’t do as well as single family homes and the price per square foot dropped 9.1%, but has been dropping each month in the 4th quarter of 2008.  December closed at $346 per sq. ft.
  • Last quarter of 2008 has been tough for both South Pasadena homes, condos and townhomes, with prices moving below the average sold prices for 2008.  Take a look at December 2008 South Pasadena Statistics.
  • It is taking longer to market and sell South Pasadena real estate.

How will South Pasadena real estate market do in 2009?

  • South Pasadena home prices will move down a bit more in 2009 especially for condos and townhomes.
  • Inventory of homes for sale will increase due to additional short sales and foreclosures on the market.
  • Homes will stay on the market longer due to lenders tightening of funds.
  • South Pasadena home buyers will need to come up with more cash: conforming rate limit dropped to $625,000 and 2nd Trust Deeds will be more difficult to get and will be a lot more expensive.
  • South Pasadena schools will continue to be the #1 driving force for home sales in South Pasadena.

Read more: South Pasadena City Guide

If you have questions about any of the data listed above or would like a private consultation to sell or purchase your South Pasadena home, please call Irina Netchaev at 626-627-7107.

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Posted on January 7th, 2009
Posted by: Irina Netchaev

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