Resort-Style Living, Sierra Madre, CA | web: 0277612 | Mark Ogden
Pasadena Market Update Second Quarter 2015 PASADENA BROKERAGE 800 East Colorado Boulevard, Suite 150 Pasadena, CA 91101 t. 626.229.0909
sothebyshomes.com/pasadena
All data within this document is pulled from the Pasadena MLS.
A MESSAGE FROM OUR MANAGER: Jeff Maynard I am pleased to report that in the second quarter of 2015, four of the five areas in this market report enjoyed a steady increase in their average sales prices according to the Pasadena Foothills Association of Realtors ITEC Multiple Listing Service. The number of units sold in all five areas was up as well, which is a positive sign. A trend that appears to be slowly taking hold is that buyers are keen to establish a proper value and are willing to wait if they feel a property is overpriced. Those homes will sit with no or fewer offers. This can be a costly and painful process so make sure you have an agent who knows your market. Sotheby’s International Realty – Pasadena brokerage’s listings often get multiple offers as extensive research is conducted to formulate the suggested sales price for our sellers. We are local experts with International connections that help our clients receive exposure like no other company can deliver. Our office enjoyed incredible closed volume growth in the second quarter as compared with the same time last year and we would like to thank our many satisfied customers for placing their trust in us.
FEATURED LISTINGS
LA-CANADA FLINTRIDGE | $3,980,000 | web: 0277588
PASADENA | $2,998,000 | web: 0277562
PASADENA | $2,250,000 | web: 0277599
PASADENA | $1,612,500 | web: 0277583
Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and cooperate fully. Real estate agents affiliated with Sotheby’s International ALTADENA | LA CANADA | PASADENA | SAN MARINO | SOUTH PASADENA Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc.
FIVE YEARS OF AVERAGE SELLING PRICES | Q2 $3,0 00,000
$2,5 00,000
$2,0 00,000
$1,5 00,000
$1,0 00,000
$500,000
$2011
2012 Altadena
2013
La Canada
Pasadena
2014 San Marino
2015
South Pasadena
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2 450
$1,2 00,000
400
$1,0 00,000
350
$800,000
PASADENA
$600,000
Pasadena is a world-class model of a successful
$400,000
300 250 200 150
urban community, and its distinctive quality of life is exemplified by its unparalleled beauty, culture and diversity. It is home to many scientific and
100
$200,000
50
$-
cultural institutions.
0 2011
2012
2013
Average Selling Price
SINGLE FAMILY HOMES | Q2 UNITS SOLD
2011
2012
2013
2014
2015
Units Sold
2014
2015
231
388
298
230
280
AVERAGE SELLING PRICE
$828,564
$754,111
$884,121
$1,054,242
$1,049,033
AVERAGE LISTING PRICE
$1,143,795
$792,079
$875,475
$1,043,198
$1,055,887
72%
95%
101%
101%
99%
MEDIAN
$626,000
$562,500
$695,000
$803,000
$806,500
VOLUME
$191,398,255
$292,595,162
$263,468,051
$242,475,647
$293,729,275
AVE DOM
84
82
48
44
47
DISCOUNT %
sothebyshomes.com/pasadena
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2 $800,000
140
$700,000
120
$600,000
100
$500,000
ALTADENA
80
$400,000
Sited between the Arroyo Seco and Eaton Canyon,
$300,000
Altadena is rich in architecture and cultural
$200,000
heritage with its community’s unique qualities. Significant home styles from modest Craftsman bungalow to Italianate mansion and Modernist
60 40 20
$100,000 $-
0 2011
2012
2013
2014
2015
gems are present. Average Selling Price
SINGLE FAMILY HOMES | Q2
2011
UNITS SOLD
2012
2013
Units Sold
2014
2015
96
110
117
106
124
AVERAGE SELLING PRICE
$582,235
$554,350
$653,419
$726,640
$753,885
AVERAGE LISTING PRICE
$624,997
$573,864
$650,587
$713,402
$745,657
93%
97%
100%
102%
101%
MEDIAN
DISCOUNT %
$474,600
$429,250
$590,000
$639,500
$652,250
VOLUME
$55,894,600
$60,978,481
$76,450,004
$77,023,812
$93,481,781
AVE DOM
80
72
51
44
50
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2 $3,0 00,000
50 45
$2,5 00,000
40 35
$2,0 00,000
30
SAN MARINO
$1,5 00,000
San Marino has designed its community to be
$1,0 00,000
25 20
uniquely residential, with expansive properties,
15 10
$500,000
surrounded by beautiful gardens with wide streets, and well maintained parkways. This best exemplifies the charm and character that make
5 $-
0 2011
2012
2013
2014
2015
the City an enjoyable place to live and work. Average Selling Price
SINGLE FAMILY HOMES | Q2 UNITS SOLD
2011
2012
2013
Units Sold
2014
2015
35
36
44
35
36
AVERAGE SELLING PRICE
$1,768,314
$1,730,151
$2,355,744
$2,168,865
$2,740,444
AVERAGE LISTING PRICE
$1,929,566
$1,737,056
$2,260,450
$2,013,137
$2,718,719
92%
100%
104%
108%
101%
MEDIAN
$1,328,000
$1,552,500
$1,925,000
$2,050,000
$2,500,000
VOLUME
$61,891,000
$62,285,450
$103,652,750
$75,910,270
$98,656,000
AVE DOM
79
52
32
25
46
DISCOUNT %
ALTADENA | LA CANADA | PASADENA | SAN MARINO | SOUTH PASADENA
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2
LA CAÑADA FLINTRIDGE La Cañada Flintridge is a small and affluent city in Los Angeles County nestled between the San Gabriel Mountains and Angeles National Forest on the north, and the San Rafael Hills on the south. The city is home to Descanso Gardens
$2,0 00,000
100
$1,8 00,000
90
$1,6 00,000
80
$1,4 00,000
70
$1,2 00,000
60
$1,0 00,000
50
$800,000
40
$600,000
30
$400,000
20
$200,000
10
$-
0 2011
2012
2013
2014
2015
and NASA’s Jet Propulsion Laboratory. Average Selling Price
SINGLE FAMILY HOMES | Q2
2011
UNITS SOLD
2012
2013
Units Sold
2014
2015
66
80
72
67
87
AVERAGE SELLING PRICE
$1,438,812
$1,288,431
$1,482,980
$1,462,530
$1,855,751
AVERAGE LISTING PRICE
$1,543,979
$1,355,009
$1,505,624
$1,455,487
$1,832,106
93%
95%
98%
100%
101%
MEDIAN
DISCOUNT %
$1,179,500
$1,180,000
$1,302,500
$1,299,000
$1,589,000
VOLUME
$94,961,600
$103,074,500
$106,774,540
$97,989,516
$161,450,373
AVE DOM
70
62
40
44
35
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q2 $1,4 00,000
45 40
$1,2 00,000
35 $1,0 00,000
SOUTH PASADENA South Pasadena is known for its tree-lined
$800,000
25
$600,000
20
streets, historic California Craftsman-style
$400,000
homes and unique small businesses. This
$200,000
small town atmosphere makes the city one of California’s most desirable locations and
30
15 10 5
$-
0 2011
prides itself on its small town character.
SINGLE FAMILY HOMES | Q2 UNITS SOLD
2012
2013
Average Selling Price
2011
2012
2013
2014
2015
Units Sold
2014
2015
42
40
41
30
34
AVERAGE SELLING PRICE
$952,216
$856,064
$1,156,241
$1,243,594
$1,314,348
AVERAGE LISTING PRICE
$980,238
$912,422
$1,134,727
$1,190,800
$1,297,735
97%
94%
102%
104%
101%
MEDIAN
$890,500
$667,500
$975,000
$1,181,750
$1,283,788
VOLUME
$39,993,087
$34,242,550
$47,405,890
$37,307,825
$44,687,825
AVE DOM
59
83
45
37
51
DISCOUNT %
sothebyshomes.com/pasadena
ON THE MARKET
left to right from top to bottom:
METROPOLITAN MARKETS NEW YORK, NY | Web: 00110206 | $3,250,000 HOUSTON, TX | Web: 1232987 | $2,999,000 LOS ANGELES, CA | Web: 0286222 | $3,298,000 RESORT MARKETS MALIBU, CA | Web: 0172733 | $3,200,000 EAST HAMPTON, NY | Web: 0046177 | $2,995,000 SANTA BARBARA, CA | Web: 0113898 | $3,195,000 FOREIGN MARKETS GERMANY | Web: S76NQ3 | $3,590,261 ITALY | Web: MEQC8Z | $3,926,848 ISRAEL | Web: 3DWFN3 | $3,904,420 sothebysrealty.com