Pasadena Market Update | Q3 2014

The Bridge House, Pasadena, CA | web: 0277370 | Sharon Verani

Pasadena Market Update Third Quarter 2014 pasadena Brokerage 459 East Colorado Boulevard 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 third quarter of 2014, four of the five areas in this market update – Pasadena, San Marino, La Canada Flintridge and South Pasadena – enjoyed a steady increase in their average sales prices according to the Pasadena Foothills Association of Realtors ITEC Multiple Listing Service. Altadena had very slight decreases in their average sales price. The number of units sold in four of the five areas was down, however if the market had enjoyed more inventory of homes to sell, the unit numbers for the MLS could have been much better as demand is still good for well-priced homes. A cautionary note, the market is seeing overpriced listings starting to linger on the market; Average Days On Market had increased in all but one of the areas, not dramatically, but making clear that pricing a home well is a huge driver of a successful outcome. Having said that, there have been many multiple offers on well-priced homes and many that far exceed their original asking price, so if you are thinking of selling your home, market conditions are still very positive. We at Sotheby’s International Realty appreciate providing you with the utmost in real estate services.

featured listings

PASADENA | Web ID: 0277305 | $7,280,000 Pasadena Brokerage | Maureen Hollingsworth | 626.396.3904

PASADENA | Web ID: 0277337 | $3,495,000 Pasadena Brokerage | Seager & Seager | 626.396.3974

SOUTH PASADENA | Web ID: web: 0277341 | $2,800,000 Pasadena Brokerage | Mark Jerusalem | 310.600.7585

ALTADENA |Web ID: 0277355 | $1,395,000 Pasadena Brokerage | Teresa Fuller | 626.483.0710

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 | q3 $3,500,000

$3,000,000

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

$2010

2011 Altadena

2012

La Canada

Pasadena

2013 San Marino

2014

South Pasadena

AVerage Sale Price | Total SFH Sold | q3 $1,200,000

450 400

$1,000,000

Pasadena

350

$800,000

300 250

$600,000

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 cultural institutions.

200

$400,000

150 100

$200,000

50

$-

0 2010

2011

2012

Average Selling Price

single family homes | Q3 units sold

2010

2011

2012

2013

2014

Units Sold

2013

2014

199

232

419

278

271

Average selling Price

$818,632

$748,473

$670,380

$956,065

$1,055,728

average listing price

$874,681

$836,638

$702,627

$998,067

$1,074,436

94%

89%

95%

96%

98%

$599,900

$599,950

$532,000

$707,500

$775,000

72

76

76

47

61

discount median average days on market

sothebyshomes.com/pasadena

AVerage Sale Price | Total SFH Sold | q3

$800,000

160

$700,000

140

altadena

$600,000

120

$500,000

100

Sited between the Arroyo Seco and Eaton Canyon,

$400,000

80

Altadena is rich in architecture and cultural

$300,000

60

heritage with its community’s unique qualities.

$200,000

40

Significant home styles from modest Craftsman

$100,000

20

bungalow to Italianate mansion and Modernist

0

$2010

gems are present.

2011

2012

Average Selling Price

single family homes | Q3

2010

units sold

2011

2012

2013

2014

Units Sold

2013

2014

75

89

137

138

99

Average selling Price

$570,477

$496,442

$568,731

$683,594

$679,011

average listing price

$592,730

$527,526

$595,863

$673,400

$680,802

discount median

96%

94%

95%

102%

100%

$530,000

$425,500

$450,000

$627,500

$610,000

63

72

73

45

56

average days on market

AVerage Sale Price | Total SFH Sold | q3 $3,500,000

70

$3,000,000

60

$2,500,000

50

san marino

$2,000,000

40

San Marino has designed its community to be

$1,500,000

30

uniquely residential, with expansive properties,

$1,000,000

20

$500,000

10

surrounded by beautiful gardens with wide streets, and well maintained parkways. This best exemplifies the charm and character that make

0

$2010

the City an enjoyable place to live and work.

single family homes | Q3 units sold

2011

2012

Average Selling Price

2010

2011

2012

2013

2014

Units Sold

2013

2014

32

42

65

38

34

Average selling Price

$1,846,069

$1,604,330

$1,723,024

$2,416,187

$2,961,078

average listing price

$1,899,750

$1,663,852

$1,975,403

$2,342,595

$2,979,373

97%

96%

87%

103%

99%

$1,518,400

$1,329,444

$1,590,000

$1,994,000

$2,298,000

42

50

58

40

46

discount median average days on market

Altadena | La Canada | Pasadena | San Marino | South Pasadena

AVerage Sale Price | Total SFH Sold | q3 $1,800,000

100

$1,600,000

90

$1,400,000

80 70

$1,200,000

la cañada flintridge

60

$1,000,000

50

$800,000

40

La Cañada Flintridge is a small and affluent city

$600,000

in Los Angeles County nestled between the San

$400,000

Gabriel Mountains and Angeles National Forest

20

$200,000

10

on the north, and the San Rafael Hills on the

30

0

$2010

south. The city is home to Descanso Gardens and NASA’s Jet Propulsion Laboratory.

2011

2012

Average Selling Price

single family homes | Q3

2010

units sold

2011

2012

2013

2014

Units Sold

2013

2014

65

67

87

77

78

Average selling Price

$1,180,303

$1,181,949

$1,245,549

$1,450,682

$1,558,523

average listing price

$1,231,810

$1,252,129

$1,293,568

$1,464,003

$1,561,132

discount median

96%

94%

96%

99%

100%

$1,075,000

$1,080,000

$1,120,000

$1,300,000

$1,287,500

70

65

64

46

63

average days on market

AVerage Sale Price | Total SFH Sold | q3 $1,400,000

60

$1,200,000

50

$1,000,000

south pasadena

40

$800,000 30

South Pasadena is known for its tree-lined

$600,000

streets, historic California Craftsman-style

$400,000

homes and unique small businesses. This small town atmosphere makes the city one of California’s most desirable locations and

20 10

$200,000 $-

0 2010

prides itself on its small town character.

2011

2012

Average Selling Price

single family homes | Q3 units sold

2010

2011

2012

2013

2014

Units Sold

2013

2014

39

37

52

44

33

Average selling Price

$863,048

$949,083

$818,940

$1,101,290

$1,215,994

average listing price

$895,331

$989,085

$837,169

$1,099,095

$1,161,394

96%

96%

98%

100%

105%

$857,000

$850,000

$810,000

$987,800

$1,135,000

66

52

42

36

35

discount median average days on market

sothebyshomes.com/pasadena

On the market

left to right from top to bottom:

metropolitan markets New York, NY | Web: 0137363 | $1,395,000 San Francisco, CA | Web: 0086970 | $1,150,000 Houston, TX | Web: 1231623 | $1,135,000 resort markets Malibu, CA | Web: 0172715 | $1,395,000 Palm Beach, FL | Web: 0076041 | $1,300,000 Santa Barbara, CA | Web: 0592855 | $1,495,000 foreign markets Italy | Web: X9KSXW | $1,421,189 France | Web: VNKDFW | $1,614,987 British Virgin Islands | Web: GET2NC | $1,250,000 sothebysrealty.com