South Pasadena Real Estate Market Update 7/9/18...

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Market Trends

Here’s the market update for South Pasadena Homes for Sale for the week ending 7/9/18:

It's a Seller’s Market, Here's why:

3 WEEKS supply of homes trending (6 months is a balanced market)
19 Homes available total

# Condos Available: 5 (0 new this week)
# Single Family Homes Available: 14 (3 new this week)

The 6 month numbers are as follows:
Average Sale Price: $1,394,691
Median Sale Price: $1,225,000
Average Days on Market: 34.47
Average Sale Price to List Price Ratio: 104.51

Of Special Note this week: Coming out of a record breaking HOT week, where temperatures reached a very rare 118 in town, South Pasadena continues its correspondingly HOT residential real estate market. Although statistically minutely down over the last month, the reality of having only 3 weeks of inventory available is, like the heat, rather extreme. It is typically the most active period of sales for South Pasadena but these numbers are fierce, and especially difficult for buyers.  Of the homes sold over the last 6 months, a whopping 64 of the 79 sales were at or above list, with 18 of the 79 selling at over 10% above list price. Of these 79 sales, about 26% were condos, so it’s clear that the demand for single family homes is strong despite the average sale price noted above, making the entry level market very tiny. Another element of this is the fact that just under 70% of the properties sold in less than a month. Is it needless to actually point out that it’s a fast market? Over the last month prices, both average and median, did not make much shift despite the rise in number of transactions, lack of inventory or pace of the market, so it will be interesting to see what happens as the traditional vacation period that we just entered finishes at the end of August. Stay tuned, stay cool and stay in touch here – until next month……  

That’s the market for South Pasadena Homes for Sale for the week ending 7/9/18

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!