Contributing to the division in South Pasadena is the widening gap between single family units and condo’s / townhomes. Sales of condos and townhomes are just slow. Just like we have seen in the Pasadena real estate market, there is declining demand. Maybe the limited numbers of home buyers in the market are opting instead to purchase single family homes. If you price it right, they will come! Is this heaven? No, it’s South Pasadena.

South Pasadena Single Family

If you are selling a home in South Pasadena above $850,000 the odds are in your favor that you will do well. Due to the limited number of home sales each month, I went back and looked at the last three months to get a better idea of the activity and hopefully avoid any monthly momentum swings. Although the unit volume declined 26% in the last three months, the median price is up about $350,000. Of the 30 homes that were sold, 19 of these were over $1MM. Of the 50 + homes that are for sale, homes priced over $1MM represent about 40% of those listings.

Source: i-Tech MLS

South Pasadena Condo’s and Townhomes

Gains in the single family market were offset by losses in condo’s and townhomes. Unit sales declined more than 50%, while the median price fell $182,000 or 30%. There are about 27 units currently on the market that are in the “active” or “pending” stages. Only 2 units sold in the month of July.

Source: i-Tech MLS

Summary

Before calling your friends in Riverside County and telling them that the price of your house increased by 40%, understand that this is just a snapshot of a particular point in time. It could easily be an anomaly due to the pricing mix assortment that happened in this period. We’ll take a look in another 3 months and see what has transpired.

Other topics of interest:

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Pasadena Median Home Price History

South Pasadena Real Estate Shows Pricing Momentum is a post from: Up2Date