Pasadena Market Update | Q1 2015

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 %

sothebyshomes.com/pasadena

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