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South Pasadena Real Estate Market Housing Report for May 2008 – July 2008

South Pasadena Real Estate Market Housing Report for May 2008 – July 2008

There are no surprises in the real estate market statistics in South Pasadena. Over the last three months, South Pasadena real estate activity has been pretty stable with an increase in pending sales in July. We always see an upswing in summer sales due to moves in and out of the area with kids being out of school.

New listings remain pretty constant with approximately 10 new homes coming on the market each month. There were less listings that expired indicating more price reductions and accepted offers.

New listings for South Pasadena condos and townhomes doubled between May 08 and June 08, but closed sales are still pretty low leading to a 45.5 week absorption rate. An absorption rate is a good indication of activity and inventory. It simply means that it will take a bit over 45 weeks to sell all available South Pasadena condos if sales continue at the current levels. Of course, next month’s absorption rate will be much lower given that the number of South Pasadena condos/townhomes with accepted offers more than doubled to 5 in July again mainly due to summer activity.

South Pasadena market has a high number of real estate inventory compared to real estate sales making it a perfect opportunity for buyers.

Single Family Residence May-08 Jun-08 Jul-08
New Listings 11 10 11
Total Listings 34 38 24
Sales Pending 8 9 14
Homes Sold 4 14 8
Listings Expired 27 6 4
Average Days on the Market 85 93 39
Average Price Per Sq. Ft. $532 $607
Average Selling Price $883,750 $1,579,714 $1,525,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales) N/A 41.2 7.4
Condos and Townhomes May-08 Jun-08 Jul-08
New Listings 4 8 10
Total Listings 14 19 21
Sales Pending 3 2 5
Homes Sold 3 2 1
Listings Expired 14 1 9
Average Days on the Market 52 95 147
Average Price Per Sq. Ft. $402 $331
Average Selling Price $479,167 $635,944 $418,000
Absorption Rate (# of weeks to sell current inventory at present rate of sales) N/A 27.4 45.5

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

For weekly updates on South Pasadena real estate market activity, please feel free to request market analysis reports with detailed real estate statistics information for South Pasadena and surrounding cities . These reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

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Posted on August 8th, 2008
Posted by: Irina Netchaev

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