South Pasadena Market Update 11/2/2015

Market Trends

Here’s the market update for South Pasadena Homes for Sale for the week ending 11/2/15:

It's a Seller’s Market, Here's why:

1.4 months supply of homes trending (6 months is a balanced market)
25 Homes available total
# Condos Available: 7 (1 new this week)

# Single Family Homes Available: 18 (1 new this week)

The 6 month numbers are as follows:

Average Sale Price: $1,181,606

Median Sale Price: Not available ($540,000 for Condos; $1,297,000 for Single Family)

Average Days on Market: 41

Average Sale Price to List Price Ratio: 102.20 (99.88 for Condos; 104.53 for Houses)

Of Special Note this week: Halloween has come and gone and it was NOT scary for the South Pasadena homes for sale market! Supply is down, which is expected for the fall, but that is typically paired with a decline in number of buyers, which is NOT the case right now. Average sale price has actually gone up over the last 4 months, numerical inventory is the same and days on market has actually decreased, making it all appear to still be a very hot market, despite what the adjacent communities are seeing in their slow downs.  6 South Pasadena homes for sale went into escrow just this week, and one property actually had over 40 offers! Whereas condos were slower to move and at a lower list price to sale price ratio, 1/3 of them still sold in less than a month and, as noted above, they are mostly selling at about list price, with 16 of the 33 selling at or above list. Single family homes are flying off the market with about 2/3 selling in less than a month and 10 of those sold over at or over 20% above list price, including mine (www.741garfield.com). With the number of buyers being left in the wake of each and every multiple offer scenario, it could be anticipated that the market here will not have the usual holiday slow down, so a continued close monitoring each week will reveal whether or not there is buyer fatigue settling in anywhere. Holiday Season Here We Come!  

And that’s the market for South Pasadena Homes for Sale for the week ending 11/2/15