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Lee Bothast's Blog

By Lee Bothast | Agent in South Pasadena, CA

South Pasadena Real Estate Market Update for week ending 5/22/11

Here’s the market update for South Pasadena Real Estate for the week ending 5/22/11:

It's a Seller’s Market, Here's why:

  • 4 months supply of homes trending
  • 66 Homes available total

# Condos Available: 25 (5 new this month)

# Single Family Homes Available: 41 – 19 new over the last 3 weeks!

The 6 month numbers are as follows:

Average Sale Price: $755,216

Median Sale Price: $676,500

Average Days on Market: 68

Average Sale Price to List Price Ratio: 98.62

Of Special Note this week: Wow, I go away for about 2 weeks and the volume takes off!  However, the sales took off too! Thus, we have a continued stable market in relation to number of months of inventory available relative to sales. Ignore the paper’s folks, this is South Pasadena in the Spring….and look at that sale price to list price ratio at almost 100%.  Almost ½ of all sales over the last 6 months have been at or over list price!  There are also some fixers that have been selling like hotcakes, like the Oak St teardown that sold for 118% of the list price. South Pasadena continues to defy the national trend….who wants in on the action?!

And that’s the market for South Pasadena Real Estate for the week ending 5/22/11

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