Easley Canyon Estate, Glendora, CA | web: 0277421 | Patrick Downtain
Pasadena Market Update First 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 first quarter of 2015, all 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 three of the five areas was down, which is a cautionary note. There have been many recent news stories stating that the demand from Chinese buyers has slowed in and around our area. These news stories indicate it has more to do with the Chinese economy than anything here, but it is a concern. Having said that, the average days on market actually decreased in three of the five areas, and yes, we still see many multiple offers on really hot properties, but it is still as important as ever to price your home well. Overpriced homes are sitting on the market and require price reductions in order to come back down to a perceived value point for buyers. 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.
FEATURED LISTINGS
PASADENA | $1,788,000 | web: 0277519 Pasadena Brokerage | Kaki Allan | 626.396.3939
PASADENA | $1,098,800 | web: 0277537 Pasadena Brokerage | J.Reed 626.396.3925 | L. Jennings | 626.396.3985
PASADENA | $6,600,000 | web: 0277305 Pasadena Brokerage | Maureen Hollingsworth | 626.396.3904
SOUTH PASADENA | $2,988,000 | web: 0277487 Pasadena Brokerage | Gretchen B. Seager | 626.396.3973
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 | Q1 $3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
$500,000
$2011
2012 Altadena
2013
La Canada
Pasadena
2014 San Marino
2015
South Pasadena
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1
PASADENA Pasadena is a world-class model of a successful urban community, and its distinctive quality of life is exemplified by its unparalleled beauty, culture and diversity. It is home to many scientific and
$1,200,000
300
$1,000,000
250
$800,000
200
$600,000
150
$400,000
100
$200,000
50 0
$-
cultural institutions.
2011
2012
2013
Average Selling Price
SINGLE FAMILY HOMES | Q1 UNITS SOLD
2011
2012
2013
2014
2015
Units Sold
2014
2015
199
257
194
177
192
AVERAGE SELLING PRICE
$702,130
$627,711
$771,886
$878,291
$1,034,425
AVERAGE LISTING PRICE
$754,555
$668,244
$784,630
$895,465
$1,788,497
93%
94%
98%
98%
58%
MEDIAN
$565,000
$455,000
$612,500
$680,000
$762,500
AVE DOM
87
91
64
64
64
DISCOUNT %
sothebyshomes.com/pasadena
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1 $800,000
140
$700,000
120
$600,000
ALTADENA
$500,000
Sited between the Arroyo Seco and Eaton Canyon,
$300,000
Altadena is rich in architecture and cultural
$200,000
100 80
$400,000
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 | Q1
2011
UNITS SOLD
2012
2013
Units Sold
2014
2015
68
77
116
79
83
AVERAGE SELLING PRICE
$516,299
$476,092
$554,169
$641,100
$724,637
AVERAGE LISTING PRICE
$549,622
$507,383
$557,226
$652,471
$741,949
DISCOUNT %
94%
94%
99%
98%
98%
MEDIAN
$429,950
$428,000
$485,000
$539,000
$630,000
AVE DOM
75
73
59
53
65
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1 $3,500,000
30
$3,000,000
25
$2,500,000
SAN MARINO
20
$2,000,000 15 $1,500,000
San Marino has designed its community to be uniquely residential, with expansive properties, surrounded by beautiful gardens with wide
10
$1,000,000
5
$500,000
streets, and well maintained parkways. This best exemplifies the charm and character that make
0
$2011
2012
2013
2014
2015
the City an enjoyable place to live and work. Average Selling Price
SINGLE FAMILY HOMES | Q1 UNITS SOLD
2011
2012
2013
Units Sold
2014
2015
20
22
20
26
22
AVERAGE SELLING PRICE
$1,673,055
$1,926,136
$1,934,700
$2,429,876
$2,952,404
AVERAGE LISTING PRICE
$1,781,100
$1,982,045
$1,921,894
$2,294,265
$2,987,455
94%
97%
101%
106%
99%
MEDIAN
$1,575,000
$1,713,000
$1,464,000
$2,200,000
$2,237,500
AVE DOM
74
93
55
47
41
DISCOUNT %
ALTADENA | LA CANADA | PASADENA | SAN MARINO | SOUTH PASADENA
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1 $2,500,000
60 50
$2,000,000
40
LA CAÑADA FLINTRIDGE
$1,500,000
La Cañada Flintridge is a small and affluent city
$1,000,000
30 20
in Los Angeles County nestled between the San Gabriel Mountains and Angeles National Forest
$500,000
10
on the north, and the San Rafael Hills on the south. The city is home to Descanso Gardens
$-
0 2011
and NASA’s Jet Propulsion Laboratory.
2012
2013
Average Selling Price
SINGLE FAMILY HOMES | Q1
2011
UNITS SOLD
2012
2013
2014
2015
Units Sold
2014
2015
40
44
47
52
34
AVERAGE SELLING PRICE
$1,205,900
$1,155,007
$1,416,373
$1,679,190
$1,920,497
AVERAGE LISTING PRICE
$1,276,341
$1,251,044
$1,472,499
$1,741,417
$1,930,249
94%
92%
96%
96%
99%
MEDIAN
DISCOUNT %
$1,052,500
$911,000
$1,200,000
$1,415,000
$1,557,500
AVE DOM
86
87
91
72
57
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q1 $1,200,000
35
$1,000,000
30 25
$800,000
SOUTH PASADENA
20 $600,000 15
South Pasadena is known for its tree-lined streets, historic California Craftsman-style homes and unique small businesses. This
$400,000
10
$200,000
small town atmosphere makes the city one of California’s most desirable locations and
5
$-
0 2011
2012
2013
2014
2015
prides itself on its small town character. Average Selling Price
SINGLE FAMILY HOMES | Q1 UNITS SOLD
2011
2012
2013
Units Sold
2014
2015
22
31
21
30
22
AVERAGE SELLING PRICE
$995,858
$822,409
$899,714
$978,685
$1,132,095
AVERAGE LISTING PRICE
$1,028,027
$876,094
$920,981
$958,647
$1,117,909
97%
94%
98%
102%
101%
MEDIAN
$875,000
$715,000
$879,000
$912,500
$948,000
AVE DOM
50
83
56
49
42
DISCOUNT %
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ON THE MARKET
left to right from top to bottom:
METROPOLITAN MARKETS NEW YORK, NY | Web: 0019997 | $1,095,000 LOS ANGELES, CA | Web: 0027163 | $1,550,000 HOUSTON, TX | Web: 1240040 | $1,099,000 RESORT MARKETS TOPANGA, CA | Web: 1310038 | $1,395,000 PALM BEACH, FL | Web: 0076342 | $1,399,000 SANTA BARBARA, CA | Web: 0592885 | $1,499,000 FOREIGN MARKETS MUMBAI | Web: 7SWJ7M | $1,759,493 SOUTH AFRICA | Web: VXMN9L | $823,291 COSTA RICA | Web: MJJYKH | $1,650,000 sothebysrealty.com