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South Pasadena Real Estate Market and Housing Report – September 2008

South Pasadena Real Estate Market and Housing Report – September 2008

The inventory of South Pasadena homes for sale has increased in Septtember mostly because of homes falling out of escrow last month.  The number of newly listed homes has remained consistently at around 10 a month.  Even though the average # of days of sold South Pasadena homes is running a bit over 2 months, the homes that are currently available for sale have been on the market for over 3 months, an average of 107 days.

Most South Pasadena homes sold last month were closed at 8% below asking price.  Only one home sold over asking price at 822 Arroyo Drive.  It was originally priced at $699,000 and closed escrow at $715,000.

It will take over 28 weeks to sell the South Pasadena home inventory given no additional listings and the same rate of sale as in September.

The lowest priced home in South Pasadena is at 1800 Meridian Avenue – $474,900. 

The highest priced home in South Pasadena is at 851 Lyndon Street – $3,450,000.

Condos and townhouse sales in South Pasadena have remained pretty flat with no major changes from last month.

The lowest priced condo for sale in South Pasadena is at 116 marmion Way #10 – $339,000

The highest priced townhome for sale in South Pasadena is at 1907 Leman Street – $829,000

South Pasadena Real Estate Market Statistics for June through September 2008:

Single Family Residence Jun-08 Jul-08 Aug-08 Sep-08
New Listings 10 11 8 10
Total Listings 38 24 26 33
Sales Pending 9 14 1 9
Homes Sold  14 8 11 5
Listings Expired 6 4 3 3
Average Days on the Market  93 39 119 68
Average Price Per Sq. Ft. $532 $607 $483 $499
Average Selling Price $1,579,714 $1,525,000 $795,273 $1,145,178
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 11.8 13.0 10.2 28.6
         
Condos and Townhomes Jun-08 Jul-08 Aug-08 Sep-08
New Listings 8 10 3 6
Total Listings 19 21 15 18
Sales Pending 2 5 1 5
Homes Sold  2 1 3 5
Listings Expired 1 9 4 5
Average Days on the Market  95 147 77 111
Average Price Per Sq. Ft. $402 $331 $352 $397
Average Selling Price $635,944 $418,000 $561,000 $637,200
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 41.2 91.0 21.7 15.6

 

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 October 6th, 2008
Posted by: Irina Netchaev

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