Here’s the market update for South Pasadena Homes for Sale for the week of 10/15/18:
It's a Seller’s Market, Here's why:
- 5 WEEKS supply of homes trending (6 months is a balanced market)
- 17 Homes available total
- # Condos Available: 3 (2 new this week)
- # Single Family Homes Available: 14 (5 new this week)
The 6 month numbers are as follows:
Average Sale Price: $1,348,597
Median Sale Price: $1,165,000
Average Days on Market: 30.08
Average Sale Price to List Price Ratio: 102.35
Added Perspective: The summer seems to have died quickly and here we are approaching Halloween (a VERY festive holiday in South Pasadena), which is commonly perceived to be the start of the slow season. The last few months have been anything but slow in South Pasadena, although there MAY be a very slight hint of some slowing since July. The supply of homes is very slightly up, but still firmly and aggressively in the seller’s market territory of 5 weeks supply, so barring any serious and dramatic event, it’s not likely to become a buyers market anytime soon, even with a seasonal slow. Deeper analysis shows that, of the homes sold over the last 6 months, a whopping 57 of the 80 sales were at or above list, with 16 of the 80 selling at over 10% above list price (not much change since mid-summer). The median price dropped a bit since July, however, the high volume in the low end, paired with a few tear-down sales, may be the reason behind this specific change. It’s also important to note that the average days on market actually dropped since July, but this could reflect the late season rush to close before schools start. Generally, the numbers don’t appear to be much different from summer and all the talk of a shifting market in other communities is just not materializing in South Pasadena. It will be very important to watch what happens as we roll into this fall/holiday season and see if any of the surrounding market-cooling impacts the clearly still very desirable South Pasadena real estate market.
That’s the market for South Pasadena Homes for Sale for the week of 1015/18
FYI: If you would like to talk personally with me about the market or your specific situation, please call/text or email me anytime for further perspective or a consultation!