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South Pasadena Real Estate Market Housing Report – August 2008

South Pasadena Real Estate Market Housing Report – August 2008

Single Family Home Sales in South Pasadena for the month of August 2008 sold at 96.34% of their original listing price.  Even though more South Pasadena homes sold in August vs. July, the average price point was significantly lower in August.  The average sales price of South Pasadena homes in August is also significantly lower than the average sales price for active listings – homes currently for sale in South Pasadena.  The average priced home for sale in South Pasadena for August was $1,067,621 vs. average sold price of $795,273.  Interestingly enough, the price per square foot for South Pasadena homes on the market in August is $499.30 tracking closer to the average sold price per square foot ($483) for the same time period.  Buyers are getting a lot more for their money!

Lowest priced home in South Pasadena for sale in August was $474,900

Highest priced South Pasadena home for sale in August was $2,298,000

Condos and townhomes in South Pasadena have seen a decrease in inventory to only 3 new condo listings and an overall 15 available South Pasadena condos and townhomes available for sale in August.

South Pasadena Real Estate Market Statistics for the last three months are below:

Single Family Residence Jun-08 Jul-08 Aug-08
New Listings 10 11 8
Total Listings 38 24 26
Sales Pending 9 14 1
Homes Sold  14 8 11
Listings Expired 6 4 3
Average Days on the Market  93 39 119
Average Price Per Sq. Ft. $532 $607 $483
Average Selling Price $1,579,714 $1,525,000 $795,273
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 41.2 7.4 14.1
       
Condos and Townhomes Jun-08 Jul-08 Aug-08
New Listings 8 10 3
Total Listings 19 21 15
Sales Pending 2 5 1
Homes Sold  2 1 3
Listings Expired 1 9 4
Average Days on the Market  95 147 77
Average Price Per Sq. Ft. $402 $331 $352
Average Selling Price $635,944 $418,000 $561,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 27.4 45.5 65.0

Real estate data based on information from ITEC (Pasadena Foothills Association MLS service)

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.

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Posted on September 21st, 2008
Posted by: Irina Netchaev

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