Spanish Colonial Compound, Pasadena, CA | web: 0277337 | Seager & Seager
Pasadena Market Update Fourth 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 fourth quarter of 2014, all of the five areas in this market update – Pasadena, San Marino, La Canada Flintridge, South Pasadena and Altadena – 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, 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 three of the five 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 | $3,498,000 | web: 0277404 Pasadena Brokerage | David & Tanya Grimes | 626.396.6838
ARCADIA | $1,798,000 | web: 0277451 Pasadena Brokerage | Alderson & Hayek 626.396.6805
LA CANADA | $1,250,000 | web: 0277446 Pasadena Brokerage | Mark Ogden | 626.396.3908
ARCADIA | $948,000 | web: 0277445 Pasadena Brokerage | Deborah Maxson | 626.396.3979
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 | Q4 $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 | Q4 $1,000,000
350
$900,000
300
$800,000
PASADENA
$700,000
250
$600,000
200
$500,000
Pasadena is a world-class model of a successful
$400,000
150
urban community, and its distinctive quality of life
$300,000
100
is exemplified by its unparalleled beauty, culture
$200,000
and diversity. It is home to many scientific and
$100,000
50 0
$-
cultural institutions.
2010
2011
2012
Average Selling Price
SINGLE FAMILY HOMES | Q4 UNITS SOLD
2010
2011
2012
2013
2014
Units Sold
2013
2014
196
188
298
251
192
AVERAGE SELLING PRICE
$709,395
$674,286
$739,716
$866,762
$929,491
AVERAGE LISTING PRICE
$784,839
$717,740
$800,970
$997,117
$947,865
90%
94%
92%
87%
98%
$561,944
$554,500
$563,750
$699,000
$746,000
96
79
71
52
48
DISCOUNT MEDIAN AVERAGE DAYS ON MARKET
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AVERAGE SALE PRICE | TOTAL SFH SOLD | Q4
120
$800,000 $700,000
100
$600,000
ALTADENA
80
$500,000
Sited between the Arroyo Seco and Eaton Canyon,
$400,000
Altadena is rich in architecture and cultural
$300,000
heritage with its community’s unique qualities.
$200,000
Significant home styles from modest Craftsman
$100,000
60 40 20
$-
bungalow to Italianate mansion and Modernist
0 2010
2011
gems are present.
2012
Average Selling Price
SINGLE FAMILY HOMES | Q4
2010
UNITS SOLD
2011
2012
2013
2014
Units Sold
2013
2014
88
76
107
104
94
AVERAGE SELLING PRICE
$542,329
$557,138
$601,930
$695,144
$722,003
AVERAGE LISTING PRICE
$570,514
$593,741
$623,979
$692,932
$743,282
DISCOUNT MEDIAN
95%
94%
96%
100%
97%
$495,000
$500,000
$510,000
$553,250
$622,500
80
75
60
44
55
AVERAGE DAYS ON MARKET
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q4 $2,500,000
45 40
$2,000,000
SAN MARINO
$1,500,000
San Marino has designed its community to be
$1,000,000
35 30 25 20 15
uniquely residential, with expansive properties, surrounded by beautiful gardens with wide
10
$500,000
5
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.
2011
2012
Average Selling Price
SINGLE FAMILY HOMES | Q4 UNITS SOLD
2010
2011
2012
2013
2014
Units Sold
2013
2014
18
31
33
39
24
AVERAGE SELLING PRICE
$2,213,226
$2,107,945
$1,838,424
$1,998,054
$2,183,286
AVERAGE LISTING PRICE
$2,324,833
$2,288,371
$1,835,327
$1,947,641
$2,172,500
95%
92%
100%
103%
100%
$1,699,440
$1,600,000
$1,550,000
$1,818,000
$2,035,000
56
88
51
42
36
DISCOUNT MEDIAN AVERAGE DAYS ON MARKET
ALTADENA | LA CANADA | PASADENA | SAN MARINO | SOUTH PASADENA
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q4 70
$2,500,000
60
$2,000,000
50
LA CAÑADA FLINTRIDGE
$1,500,000
40
La Cañada Flintridge is a small and affluent city
$1,000,000
30
in Los Angeles County nestled between the San Gabriel Mountains and Angeles National Forest
20 $500,000
10
on the north, and the San Rafael Hills on the south. The city is home to Descanso Gardens
0
$2010
and NASA’s Jet Propulsion Laboratory.
2011
2012
Average Selling Price
SINGLE FAMILY HOMES | Q4
2010
UNITS SOLD
2011
2012
2013
2014
Units Sold
2013
2014
54
33
62
54
56
AVERAGE SELLING PRICE
$1,277,369
$1,112,862
$1,504,019
$1,480,328
$1,949,111
AVERAGE LISTING PRICE
$1,408,619
$1,185,150
$1,636,173
$1,539,704
$2,042,625
DISCOUNT MEDIAN
91%
94%
92%
96%
95%
$1,100,000
$1,000,000
$1,170,000
$1,210,500
$1,487,500
102
83
75
59
67
AVERAGE DAYS ON MARKET
AVERAGE SALE PRICE | TOTAL SFH SOLD | Q4 45
$1,400,000
40
$1,200,000
35
$1,000,000
SOUTH PASADENA
30
$800,000
25
South Pasadena is known for its tree-lined
$600,000
20
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
15 10
$200,000
5
$-
0 2010
prides itself on its small town character.
2011
2012
Average Selling Price
SINGLE FAMILY HOMES | Q4 UNITS SOLD
2010
2011
2012
2013
2014
Units Sold
2013
2014
28
24
39
31
35
AVERAGE SELLING PRICE
$843,865
$1,035,592
$1,074,551
$1,143,273
$1,263,651
AVERAGE LISTING PRICE
$875,203
$1,082,450
$1,106,874
$1,144,671
$1,264,140
96%
96%
97%
100%
100%
$823,750
$896,250
$850,000
$915,000
$1,204,000
65
62
62
39
48
DISCOUNT MEDIAN AVERAGE DAYS ON MARKET
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ON THE MARKET
left to right from top to bottom:
METROPOLITAN MARKETS NEW YORK, NY | Web: 0019518 | $1,285,000 SAN FRANCISCO, CA | Web: 0087074 | $1,998,000 HOUSTON, TX | Web: 1231592 | $1,250,000 RESORT MARKETS MALIBU, CA | Web: 0172738 | $1,649,000 PALM BEACH, FL | Web: 0076476 | $1,495,000 SANTA BARBARA, CA | Web: 0592850 | $1,149,000 FOREIGN MARKETS VIETNAM | Web: SMT2WL | $1,500,000 SOUTH AFRICA | Web: E5JGKG | $1,382,266 COSTA RICA | Web: VKP28Q | $1,298,000 sothebysrealty.com