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