Slide 1: up2date realestate.com
up2date Real Estate Market Report for South Pasadena
-January - September Home Sales -Single Family -Townhomes & Condominiums
Slide 2: up2date realestate.com
Residential Homes (condos, townhomes & single family)
Median Price 2008 2007 $797,500 $819,000 Days on Market 71 43 Median Prices have held up very well compared to other areas in Southern California
% Change
(2.6 %)
65%
Slide 3: up2date realestate.com
Single Family Homes
Median Price 2008 2007 $930,000 $920,000 Sales of Single Family Homes are indicating a 1% increase over the same period last year
% Change
1%
Slide 4: up2date realestate.com
Number of Single Family Homes Sold 2008 2007 % Change 61 units 97 units (37) % Unit sales have slowed as they have in every market
Average Days on Market
current days on market / cumulative days on market
2008 2007 % Change
66 / 77 39 / 65 69% / 18%
Homes are selling about 2.5% less than their asking prices, compared to almost full asking price last year
Slide 5: up2date realestate.com
Current Inventory of Single Family Homes Number Active 35 Median Price $888,000 Days on Mkt 66
Contingent
9
$1,029,000
73
Pending
8 The value of pending sales are very close to the current median prices
$918,900
65
Slide 6: up2date realestate.com
Townhomes & Condominiums Median Price 2008 2007 % Change $533,000 $567,500 (6 %)
Condo / Townhomes have held their value better than other markets
Slide 7: up2date realestate.com
Number of Units Sold 2008 2007 % Change 21 units 44 units (52%) Condo & Townhome sales have lagged Single Family in all markets
Average Days on Market
current days on market / cumulative days on market
2008 2007 % Change
91 / 95 51 / 79 78% / 20%
Slide 8: up2date realestate.com
Current Inventory Of Townhomes & Condominiums Number Active 18 Median Price $478,750 Days/Mkt 79 / 94
Contingent
4
$649,450
75 / 120
Pending
2 The Median Price for “Contingent” properties may indicate that prices will begin to solidify
n /a
Slide 9: up2date realestate.com
Summary & Outlook for the South Pasadena Real Estate Market -The South Pasadena market has shown less pricing volatility due to a small number of homes in foreclosure and high demand for homes over $1MM -Current “pending” and “contingent” home sales are trending higher than 9 month averages as sales of homes in the back half of ’08 are expected to be higher than the first half -Current inventory levels indicate about a 10 month supply of Single Family homes, however expect inventory levels to drop as the number of homes in escrow are three times higher than houses sold in Sept -I don’t think we will see future price erosion in the Town/Condo market due to much less available inventory (4 month supply)
