south pasadena home sales
DESCRIPTION
How is the real estate market performing the first half of the year? With inventory shortages being reported in many markets, is South Pasadena selling more or less homes than last year? Are prices up or down?TRANSCRIPT
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Doug Willis, Broker RE/MAX Property ConciergeSouth Pasadena, CAPhone 626-432-4615
South Pasadena Home Sales
Market Report – Residential Single Family …
June 2013
How Many Homes Sold ?
Prices - Up or Down?
What about Price per Square Foot?
Jan-June 2012 vs Jan-June 2013
+Number of Homes Sold – 6 mos
January – June 2012 53 units
January – June 2013 62 units
% Increase 17%
South Pasadena is a small market with only 120 Single Family Home sales recorded last year.
+Median price
2012 $ 870,000
2013 $ 932,500
% Increase 7%
Median prices provide a much more accurate indicator of value than average prices. The median price in 2012 for South Pas was $870,000. Home prices had peaked by June 2012.
+Average price
2012 $1,019,007
2013 $1,069,353
Increase 5%
Why Median vs Average? – if one home sold at a price of $7 million, it can have a dramatic affect when computing average. Since Median looks at the middle of the price range, that same property sale would have little or no impact.
+Average price per square foot
2012 $ 477.42
2013 $ 509.45
% Increase 6.7%
+Sale price vs asking price
2012 97.9%
2013 102.3%
In 2012, if you listed your home for $100,000, it would have sold for $97,900, in 2013 it would sell for $102,300, the result of higher demand.
+Average square feet
2012 2104
2013 2146
Average square feet provides a cross check against increasing prices. When prices are on the rise, it provides another measurement to confirm a dollar increase against an increase due to a larger home.
+$600,000 & below
2012 13 sold units
2013 7 sold units
Entry level homes are becoming a thing of the past as it becomes almost impossible to buy a home for less than $600,000. This year, only 7 homes have been available or have sold for less than $600,000.
+$1,000,000 & above
2012 12 homes
2013 28 homes
Increase 133%
Homes sold above $1,000,000 are commanding a bigger share of the market as prices increase.
+Need more info on South Pas? Call today!
Deena & Doug WillisBroker OwnersRE/MAX Property Concierge266 Monterey Rd., Ste BSouth Pasadena, CA 91030Ph 626-432-4615
BRE #’s 01334541 & 01354143
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