South Pasadena Real Estate Market Update 6/4/18!

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Market Trends

Here’s the market update for South Pasadena Homes for Sale for the week ending 6/4/18:

It's a Seller’s Market, Here's why:

1.3 months supply of homes trending (6 months is a balanced market)
14 Homes available total

# Condos Available: 3 (2 new this week)

# Single Family Homes Available: 11 (1 new this week)

The 6 month numbers are as follows:
Average Sale Price: $1,402,651
Median Sale Price: $1,250,000
Average Days on Market: 35
Average Sale Price to List Price Ratio: 104.46

Of Special Note this week: Despite 2 neighboring communities having stagnant markets riddled with price reductions and relatively high inventory, South Pasadena continues to show robust price increases and activity that does not seem to wane. For a community with a US Census approximated 11,000 housing units total, to have only 14 available for purchase is rather extreme. There is no doubt that South Pasadena is truly a special place and over the past several years, the general public has discovered this and its reflected in the supply and demand. Of the homes sold over the last 6 months, 50 of the 65 sales sold at or above list, with 4 selling at or over 20% above list, 9 selling at over 10% above and one skyrocketing to 35% over list! That’s a total of 14 homes selling over 10% of list price, which clearly defines the demand for such a special place. Another element of this is the fact that just over 66% of the properties sold in less than 30 days, and this includes the typically “slow” Christmas and New Year holiday period. Clearly it would take a long time for the current amount of buyer demand to wash out of the market and as we slide into the end of the traditionally “hottest” time for the selling market, we’ll have to see how the late summer/early fall market handles those remaining buyers: will price appreciation slow or remain the same. Stay tuned & Enjoy the rest of your summer – until next month……  

That’s the market for South Pasadena Homes for Sale for the week ending 6/4/18

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!