Pasadena Real Estate Market & Area Information Stacy Pearson, September 7, 2023 The real estate market in South Pasadena, CA is undergoing a surge, marked by high demand and limited inventory. In July 2023, the median listing home price reached $1.7 million, showing a year-over-year increase of 6.6%. Homes were often sold for an average of 7.48% above asking price, indicating a seller’s market. With its renowned public schools and numerous amenities, South Pasadena attracts buyers seeking a desirable location. This article will delve into the current market trends, explore the impact of school ratings on property values, and provide insights on home sales and price increases in South Pasadena. Current Real Estate Market Trends The current real estate market in South Pasadena, CA is experiencing a seller’s market with more buyers than available homes, leading to an average of 54 days on the market for properties. This trend has been influenced by the impact of COVID-19 on real estate, as buyers are seeking larger spaces and more outdoor amenities. The limited inventory has caused prices to rise, with the median listing home price in July 2023 reaching $1.7 million. Year-over-year, there has been a 6.6% increase in prices. Additionally, the sale-to-list price ratio is at 107.48%, indicating that homes are selling for 7.48% above the asking price on average. These current market conditions suggest a competitive environment for buyers and a favorable position for sellers in South Pasadena, CA. South Pasadena’s Median Home Prices Median home prices in South Pasadena, CA are currently at $1.7M. The real estate market in South Pasadena has seen a significant increase in home prices, with a year-over-year price increase of 6.6%. This rise in prices indicates a strong demand for homes in the area. However, this surge in prices has also affected home affordability, making it challenging for some buyers to enter the market. Additionally, the rental market in South Pasadena is experiencing a similar trend, with rental prices ranging from $1.7K to $6.2K per month. These rental market trends reflect the high demand for housing in the area. As a result, prospective renters may also face affordability challenges. Overall, the current median home prices in South Pasadena highlight the competitive real estate market and the impact it has on home affordability and rental market trends. Buyer’s Market Vs Seller’s Market With more buyers than available homes, the current housing market in South Pasadena, CA is favoring sellers. This means that sellers have the upper hand in negotiations and can potentially sell their homes for higher prices. In a buyer’s market, on the other hand, there are more homes for sale than there are buyers, giving buyers more options and potentially leading to lower prices. The impact of school ratings is also an important factor in the housing market. South Pasadena, CA is known for its top-rated public schools, which can greatly influence buyer preferences and drive up demand for homes in the area. Buyers are willing to pay a premium for homes located in school districts with high ratings, making it even more advantageous for sellers in this seller’s market. Impact of School Ratings on Property Values Buyers in the current housing market of South Pasadena, CA are highly influenced by the quality of nearby schools, resulting in increased property values. The effect of school ratings on home prices is evident in this area, as buyers prioritize access to top-rated schools for their children. There is a strong correlation between school quality and property values, as families are willing to pay a premium for homes located within highly regarded school districts. This trend can be attributed to the desire for a quality education and the belief that living near good schools enhances a child’s overall development. As a result, homes in close proximity to these sought-after schools command higher prices and experience faster appreciation. The impact of school ratings on property values is a significant factor to consider when buying or selling a home in South Pasadena, CA. Factors Influencing South Pasadena’s Hot Market The high demand for homes in South Pasadena, CA can be attributed to a combination of factors such as limited inventory, desirable amenities, and strong community appeal. Limited inventory means there are fewer homes available for sale, creating a sense of urgency among buyers. Additionally, South Pasadena offers a range of amenities, including grocery stores, cafes, restaurants, parks, and gyms, making it an attractive place to live. The strong community appeal is also a driving factor, with residents valuing the sense of community and the quality of life in the area. Furthermore, the impact of location on property values cannot be ignored. South Pasadena’s proximity to popular neighborhoods and its reputation as a desirable place to live contribute to the high demand and subsequently, the hot real estate market in the area. Insights on Home Sales and Price Increases Limited inventory and desirable amenities have contributed to the high demand for homes in South Pasadena, resulting in an increase in home sales and prices in the area. The current housing inventory in South Pasadena is relatively low, meaning there are not enough homes available to meet the demand from potential buyers. This scarcity of homes has created a competitive market, with more buyers than available properties. As a result, home prices have been driven up, with the median listing home price in July 2023 reaching $1.7 million. Factors affecting home prices in South Pasadena include the limited supply of homes, the desirability of the area, and the presence of quality schools. Buyers are willing to pay a premium for a home in South Pasadena due to its attractive amenities and excellent school ratings. GreatSchools Ratings and Their Importance GreatSchools ratings play a significant role in determining the desirability of homes in the South Pasadena area. Homebuyers and families prioritize the quality of education their children will receive, making school ratings a crucial factor in their decision-making process. The importance of school ratings cannot be overstated, as they directly impact property values. Higher-rated schools tend to attract more buyers, leading to increased demand for homes in their district. This heightened demand often results in higher property values and a competitive housing market. Conversely, lower-rated schools may have a negative impact on property values, as potential buyers may be less inclined to purchase a home in an area with perceived educational shortcomings. Therefore, it is essential for homeowners and prospective buyers to consider GreatSchools ratings when assessing the desirability and value of properties in South Pasadena. Amenities and Convenience in South Pasadena Local residents in South Pasadena enjoy a wide range of amenities and conveniences, including numerous grocery stores, cafes, restaurants, parks, and gyms. These amenities provide convenient options for residents to meet their daily needs and enjoy recreational activities. Additionally, South Pasadena is set to offer even more amenities in the near future. Rental options are available for those who prefer to rent rather than buy a home in the area, with prices ranging from $1.7K to $6.2K per month. This provides flexibility for individuals and families who are looking for temporary housing or want to explore the area before committing to purchasing a property. With the upcoming amenities, South Pasadena continues to enhance the quality of life for its residents by providing a diverse range of options for entertainment, dining, and recreation. Exploring Neighborhoods in South Pasadena The diverse neighborhoods in South Pasadena offer varying listing prices and availability, providing potential homebuyers with a range of options to explore. Each neighborhood has its own unique characteristics and appeal. El Sereno, for example, is the most affordable city with a median listing home price of $776.5K. On the other hand, 90027 is the most expensive city, with a median listing home price of $2.7M. These price variations reflect the different amenities, schools, and overall desirability of each neighborhood. Additionally, South Pasadena’s rental market offers a variety of options, with prices ranging from $1.7K to $6.2K per month. This rental market analysis showcases the diversity within South Pasadena, catering to individuals with different budgets and preferences. Whether someone is looking to buy or rent, exploring the neighborhood diversity in South Pasadena can lead to finding the perfect place to call home. Blogging