CITY OF SOUTH PASADENA, CALIFORNIA


CURRENT SOUTH PASADENA MARKET STATISTICS:

January 6, 2008

Annual Market Statistics:

Units Sold:

2007:     169
2006:     120
2005:     137

Average Sales Price:

2007:     $1,018,483
2006:     $1,066,408
2005:     $984,319

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Quarterly Market Statistics:

Units Sold:

1st Quarter 2007:     19
2nd Quarter 2007:     42
3rd Quarter 2007:     42
4th Quarter 2007:     22

Average Sales Price:

1st Quarter 2007:     $1,008,211
2nd Quarter 2007:     $1,010,929
3rd Quarter 2007:     $1,071,506
4th Quarter 2007:     $1,006,011

Absorption Rate:

1st Quarter 2007:     1.2 months
2nd Quarter 2007:     1.7 months
3rd Quarter 2007:     2.2 months
4th Quarter 2007:     1.8 months

The South Pasadena housing market was one of the strongest in the Pasadena area in 2007, along with San Marino.  The absorption rate was consistently low, and the average sales price remained stable.  The number of single family residences sold in South Pasadena went up in 2007, but the average sales price did not increase.

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About South Pasadena:

The population of South Pasadena is approximately 25,824.  The city officially incorporated in 1888.  It became the 6th municipality in Los Angeles and one of the first suburbs in LA.  It was once part of Pasadena.  South Pasadena consists of 3.44 square miles.  It is adjacent to the Arroyo Seco.  There are 10,980 housing units, of which 44% are owner occupied.

South Pasadena, often referred to as simply "South Pas", maintains a small-town quality.  It is best known for its abundant craftsman style architecture, good schools, friendly residents and short commute to downtown Los Angeles.  South Pas is an upscale area that is very family oriented.  Residents enjoy the summer series of "Concerts in the Park", the 4th of July Parade and Picnic and the local Farmer's Market.  

There are many shops and restaurants in South Pasadena.  Some local favorites are Shiro's Restaurant (known for Asian style fried catfish), Buster's Ice Cream Parlor, Fair Oaks Pharmacy (with an old fashioned soda bar) and Mama's Pizza. 

Check www.greatschools.net for test scores and detailed information concerning the individual schools in South Pas.  A new high school was built recently.  The South Pasadena Tigers' biggest rivalry is with the San Marino Titans.

The 710 extension/freeway has been planned to go through South Pasadena for many years, but has been opposed.  Please contact the city building department for detailed information concerning location and current status of any freeway plans.

South Pasadena property values remain high, despite the market downturn in many other areas of California.  For more specific information, please give me a call.

Jennifer Kelly
Sotheby's International Realty
626-396-3943 direct