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South Pasadena Real Estate – 3rd Quarter up2date Report
The South Pasadena Real Estate market seems to be unfazed by what is happening on the national and local levels. There are a few of the tell tale signs that exhibit some of the trends we see in other areas. Trends such as a reduction in the umber of units sold and an increase in the number of days it is taking to sell a property. These two bellwethers are standard issue in most residential markets across the country. In most cases these two indices are tracking behind last year. These two indicators will usually point to a housing market that has lost value.
But what is uncommon in South Pasadena is the consistency of the median price and how there seems to be very little deviation. South Pasadena is the antithesis of the current real state market. If only we could apply that to the latest market report for Pasadena homes.
The highlights of the market recap included:
- All Residential – a median price decline of (2.6%) (single family, townhomes & condominiums)
- Single family prices were + 1%, and
- Townhomes & Condo’s median prices were off (6%), which is considered minor due to the softness this category is experiencing
Enclosed is the full report:
South Pasadena CA Real Estate Market Reports
CA South Pasadena Market Report for May – July
South Pasadena Homes 1st Quarter Market Report
South Pasadena Real Estate Free Market Reports
Tags: ca south pasadena, south pasadena ca real estate, South Pasadena homes for sale, South Pasadena real estate, south pasadena real estate market reports
October 19th, 2008 at 1:16 pm
[...] Willis presents South Pasadena Real Estate – 3rd Quarter up2date Report posted at [...]
October 21st, 2008 at 3:10 pm
In South Pasadena zipcode 91030, the AGI for tax year 2005 was $91K. Since the home prices still appear to be selling at 10X annual income (900K), it appears that this area has not significantly moved from its pricing since irresponsible lending took place.
I know your report does not claim to predict the future, and only reports on existing conditions, but I would bet that this the one place that would be most likely to go down with the upcoming loan resets, which are set to peak in 2009 and 2010.
The only other way that home prices would stay this high is if the incomes of people who live in this area were to rise 3X, so that the average yearly income was closer to $300K. You might be implying that could happen, and I suppose it is possible that South Pasadena is now attracting only attracting much richer folks.
October 23rd, 2008 at 12:53 pm
I agree with Tim, just because this area has not fallen, doesn’t mean it won’t. Just the opposite. I realize that real estate is local, but it just doesn’t seem likely that somehow South Pasadena will magically escape the carnage going on in the housing market. The problems we’ve had have all resulted from irresponsible loan products so people of all walks (sub-prime, alt-a, prime jumbo) could “afford” more home than their incomes could support. With traditional loan standards and fundamentals, average income as well as above average income buyers couldn’t afford to buy here. That just leaves the way above average income buyer. But honestly, not a huge percentage of people, even in LA, make over $250K. And how many of them can there be that want to live in average neighborhoods (no offense, South Pas). Not me.