South Pasadena Real Estate Market Update 3/27/17

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Market Trends

Here’s the market update for South Pasadena Homes for Sale for the week ending 3/27/17:

It's a Seller’s Market, Here's why:

1.7 months supply of homes trending (6 months is a balanced market)
20 Homes available total

# Condos Available: 7 (0 new this week)

# Single Family Homes Available: 14 (2 new this week)

The 6 month numbers are as follows:

Average Sale Price: $1,197,236

Median Sale Price: $1,054,000

Average Days on Market: 46

Average Sale Price to List Price Ratio: 101.49

Of Special Note this week: The spring market has started its race, evidenced by the strong open house attendance I personally saw at multiple open houses in town over the weekend, in addition to the broker caravan activity of the previous few weeks. Supply is low (as it appears to be in most markets nationally), and while this is anticipate to pick up as we head into the better-weather months, there seems to be a general discussion of owners staying in place.  Average sale price remains strong which makes it all appear to still be a very hot market, despite what 2 of the adjacent communities are seeing in their easing markets.  2 South Pasadena homes for sale went into escrow just this week, and one property actually had 17 offers! Whereas condos don’t seem to move any slower or at a lower list price to sale price ratio, homes are still where the buyers are challenged the most. Single family homes are moving very quickly with about 1/2 selling in less than a month and 3 of those sold over at or over 20% above list price. This is actually slower than in late 2015, but still strong compared to a “normal” market. 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 remain challenging for buyers with only the most aggressive succeeding, leaving those in the seller seat very happy with their outcome if the home is prepared and marketed properly. Spring and Summer Market here we come!   

And that’s the market for South Pasadena Homes for Sale for the week ending 3/27/17

If you would like to have a more in-depth discussion about the market in this or other areas, please reach out to me via phone, text or email anytime most days or evenings. Also, check out my weekly #caravanwithlee home visits weekly on Instagram @leebothast.