Pasadena Market Update | Q4 2014

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