South Pasadena’s once hyperactive real estate market is experiencing the same anemic sales results as Pasadena and Altadena. The western edge of the San Gabriel Valley supports the latest trends in residential real estate with unit sales down 50%, and a median price decline of about 6%.
South Pasadena real estate sales results do indicate that homes are selling closer to their asking prices and are selling in less time, a couple of key indicators to the overall strength of the market.
South Pasadena Homes for Sale
chart from Altos Research LLC, Copyright 2007
In terms of houses for sale, South Pasadena currently has 64 homes that are either for sale or in the escrow process, close to 8 months of supply. Eight homes sold in the month of March ’08.
South Pasadena Foreclosures
chart from Foreclosureradar.com, copyright 2008
Currently 20 properties are in the foreclosure process, indicating that no matter how desirable the area or school system may be, loan defaults are widespread given these economic times. If you would like a list of South Pasadena properties in foreclosure, email me.
About Doug Willis
What You Have To Say