Pasadena Market Update | Q2 2018

Q2 | 2018

Pasadena

Market Update

MILLIONAIRE’S ROW LUXURY TOWNHOME | PASADENA

Offered at $1,699,000 300southorangegrove.com

BREATHTAKING ARROYO VIEWS | PASADENA

Offered at $1,895,000 1915arroyo.com

a message from

Michael Williamson Pasadena Brokerage Manager

I take great pleasure in presenting the Greater Pasadena Market Update for the second quarter of 2018. As we move into the middle of 2018, the market in the San Gabriel Valley and Northeast LA continue with reduced sales and inventory, and prices remaining stable.

According to the Flex MLS, when comparing the second quarter of 2018 to the same time last year, average days on the market for the Greater Pasadena area declined to 37 days compared to 41 days the year prior. Also, the number of homes sold in the second quarter this year compared to those sold in the second quarter last year increased by 1% with 973 homes sold in Q2 2017, and 987 sold in Q2 2018. This impacts the lower price points and properties for first time buyers. We continue to see multiple buyers bidding due to the lack of availability, so being a strong pre-approved buyer has become even more critical.

There appears to also be a migration into the market from both the Westside of Los Angeles and the San Fernando Valley due to the unique properties and affordability factor, especially in the Pasadena area.

Since our brokerage opened in Pasadena in 2004, Sotheby’s International Realty has had a white gloved finger on the pulse of the real estate market. The Sotheby’s International Realty - Pasadena Brokerage is uniquely well-positioned to service the needs of discriminating buyers and sellers.

While Sotheby’s International Realty has offices around the world in 70 countries and territories, here in Pasadena we serve the entire community including Altadena, Arcadia, La Cañada Flintridge, San Marino, Sierra Madre and South Pasadena. Our mission is simple: to pair exceptional properties with exceptional clients while offering superior service.

I hope that you enjoy exploring our quarterly market update and I invite you to discover more information online at sothebyshomes.com. If Sotheby’s International Realty can be of service to you in the sale or purchase of property in California or anywhere else, please call me at 626.396.6801 so that I may personally introduce you to one of our local and global advisors.

sothebyshomes.com/pasadena

dre

email

phone

824452

michael.williamson@sothebyshomes.com

626.396.6801

All data within this document is pulled from Flex MLS and represents the sale of single family homes. DRE: 824452

Featured Properties We invite you to explore our exclusive offerings at S OT H E BYS H OM E S.C OM/PASADENA

CLASSIC SPANISH HACIENDA | PASADENA

Offered at $1,600,000 1549poppypeak.com

LA CAÑADA FLINTRIDGE

Offered at $3,595,000 4235mesavista.com PASADENA

Offered at $2,850,000 1145wellington.com SAN MARINO

Offered at $2,198,000 sothebyshomes.com/0278638 PASADENA

Offered at $1,350,000 2210woodlyn.com *in order from left to right, top to bottom

sothebyshomes.com/pasadena

5

/ Featured Properties / Pasadena Q2 Market Update

Market Snapshot All Pasadena | Q2 2018

$1,600,000

1080

$1,400,000

1060

$5M and Up

1040

$1,200,000

$3M -$5M

Below $1M

1020

$1,000,000

1000 $800,000 980 $600,000

960

$400,000

$1M-$3M

940

$200,000

920

$-

900

2014 2015 2016 2017 2018

Total Volume

by Price Point 26 % 58 % 7% 9%

Average Selling Price vs. Total Units Sold

Under $1 Million

Average Selling Price

$1 – 3 Million

Total Units Sold

$3 – 5 Million $5+ Million

All data within this document is pulled from the Pasadena MLS and encompasses Pasadena, San Marino, South Pasadena, Altadena, Arcadia, Sierra Madre, Glendale, San Gabriel and La Canada Flintridge.

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. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc. Equal housing opportunity.

Comparison

by City Altadena Arcadia Glendale La CaĂąada Flintridge Pasadena San Gabriel San Marino Sierra Madre South Pasadena

$3,500,000

$3,000,000

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

$-

Altadena Arcadia Glendale La Canada Pasadena San Flintridge Gabriel

San Marino

Sierra Madre

South Pasadena

Average Selling Price

Altadena

Pasadena

Arcadia

San Gabriel

Glendale

San Marino

La CaĂąada Flintridge

Sierra Madre

7

South Pasadena

/ Market Snapshot / Pasadena Q2 Market Update

at a glance {Q2 | 2018}

altadena

+3

%

Change in Average Selling Price {2018 v 2017}

+17

%

Change in Units Sold {2018 v 2017}

118 Units Sold

1m

$

Average Selling Price

|

Average Selling Price Total Units Sold $1,200,000

140

$1,000,000

120 100

$800,000

80 $600,000 60 $400,000

40

$200,000

20

$-

0

2014

2015

2016

2017

2018

Average Selling Price

Total Units Sold

About

Altadena Sited between the Arroyo Seco and Eaton Canyon, Altadena is rich in architecture and cultural heritage with its community’s unique qualities. Significant home styles from modest Craftsman bungalow to Italianate mansion and Modernist gems are present. sothebyshomes.com/pasadena

Q2

Average Median Discount Total Average Days Selling Price Selling Price Ratio Units Sold on Market

{2018 v 2017}

Change

3%

0%

-

17%

-13%

2018

$979,064

$821,500

1%

118

32

2017

$946,300

$821,200

2%

101

37

2016

$814,457

$720,000

-5%

117

39

2015

$753,054

$652,250

1%

126

45

2014

$726,693

$639,500

2%

108

41

9

/ Altadena / Pasadena Q2 Market Update

|

Average Selling Price Total Units Sold $2,000,000

145

$1,800,000

140

$1,600,000

135

$1,400,000 $1,200,000

130

$1,000,000 125

$800,000 $600,000

120

$400,000

115

$200,000 $-

110

2014

2015

2016

2017

Average Selling Price

2018 Total Units Sold

About

Arcadia Home to the Los Angeles County Arboretum and Botanic Garden, this “green space� city is largely populated by California Live Oak trees. It is no accident that Arcadia is referred to as a jewel among southern California communities. sothebyshomes.com/pasadena

Q2

Average Median Discount Total Average Days Selling Price Selling Price Ratio Units Sold on Market

{2018 v 2017}

Change

24%

13%

-

-2%

19%

2018

$1,700,014

$1,295,000

-5%

120

48

2017

$1,366,214

$1,150,000

-5%

122

40

2016

$1,492,709

$1,130,000

-6%

127

43

2015

$1,734,216

$1,275,000

-7%

137

53

2014

$1,617,047

$1,300,000

-1%

139

30

Pasadena Q2 Market Update / Arcadia / 10

at a glance {Q2 | 2018}

arcadia

+24

%

Change in Average Selling Price {2018 v 2017}

-2

%

Change in Units Sold {2018 v 2017}

120 Units Sold

1.7m

$

Average Selling Price

at a glance {Q2 | 2018}

GLENDALE

+12

%

Change in Average Selling Price {2018 v 2017}

+17

%

Change in Units Sold {2018 v 2017}

270 Units Sold

1.1m

$

Average Selling Price

|

Average Selling Price Total Units Sold $1,200,000

280

$1,000,000

270 260

$800,000

250 $600,000 240 $400,000

230

$200,000

220

$-

210

2014

2015

2016

2017

Average Selling Price

2018 Total Units Sold

About

Glendale Glendale, filled with tree-lined streets, is located at the junction of the San Fernando and the San Gabriel Valleys. Popular with celebrities and the entertainment industry, Glendale is located minutes away from downtown Los Angeles and Pasadena. sothebyshomes.com/pasadena

Q2

Average Median Discount Total Average Days Selling Price Selling Price Ratio Units Sold on Market

{2018 v 2017}

Change

12%

11%

-

17%

-17%

2018

$1,081,483

$997,500

1%

270

35

2017

$966,446

$900,000

0%

230

42

2016

$899,938

$830,000

1%

243

43

2015

$863,822

$790,000

-1%

256

49

2014

$780,770

$740,000

-6%

260

47

13

/ La CaĂąada Flintridge / Pasadena Q2 Market Update

|

Average Selling Price Total Units Sold $2,500,000

100 90

$2,000,000

80 70

$1,500,000

60 50

$1,000,000

40 30

$500,000

20 10

$-

0

2014

2015

2016

2017

Average Selling Price

2018 Total Units Sold

About

La Cañada Flintridge La Cañada Flintridge is a small and affluent city in Los Angeles County nestled between the San Gabriel Mountains and Angeles National Forest on the north, and the San Rafael Hills on the south.

The city is home to Descanso Gardens and NASA’s Jet Propulsion Laboratory. sothebyshomes.com/pasadena

Q2

Average Median Discount Total Average Days Selling Price Selling Price Ratio Units Sold on Market

{2018 v 2017}

Change

8%

5%

-

10%

0%

2018

$2,319,001

$1,950,000

-2%

77

47

2017

$2,154,776

$1,857,500

-3%

70

47

2016

$1,786,325

$1,630,000

0%

73

43

2015

$1,823,639

$1,575,000

0%

89

34

2014

$1,462,530

$1,299,000

0%

67

47

Pasadena Q2 Market Update / Arcadia / 14

at a glance {Q2 | 2018}

la caĂąada flintridge

+8

%

Change in Average Selling Price {2018 v 2017}

+10

%

Change in Units Sold {2018 v 2017}

77 Units Sold

2.3m

$

Average Selling Price

at a glance {Q2 | 2018}

PASADENA

+6

%

Change in Average Selling Price {2018 v 2017}

-10

%

Change in Units Sold {2018 v 2017}

245 Units Sold

1.3m

$

Average Selling Price

|

Average Selling Price Total Units Sold $1,400,000

350

$1,200,000

300

$1,000,000

250

$800,000

200

$600,000

150

$400,000

100

$200,000

50

$-

0

2014

2015

2016

2017

Average Selling Price

2018 Total Units Sold

About

Pasadena Pasadena is a world-class model of a successful urban community, and its distinctive quality of life is exemplified by its unparalleled beauty, culture and diversity. It is home to many scientific and cultural institutions. sothebyshomes.com/pasadena

Q2

Average Median Discount Total Average Days Selling Price Selling Price Ratio Units Sold on Market

{2018 v 2017}

Change

6%

9%

-

-10%

-16%

2018

$1,296,997

$1,030,000

1%

245

35

2017

$1,226,879

$948,750

-1%

272

42

2016

$1,112,449

$879,500

-3%

246

45

2015

$1,046,389

$802,500

-3%

286

44

2014

$1,054,164

$803,000

-3%

234

42

17

/ La CaĂąada Flintridge / Pasadena Q2 Market Update

|

Average Selling Price Total Units Sold $900,000

74 72

$850,000

70 68

$800,000

66 $750,000

64 62

$700,000

60 $650,000

58

2014

2015

2016

2017

Average Selling Price

2018 Total Units Sold

About

San Gabriel The city of San Gabriel, named after the Mission San Gabriel Arcรกngel in 1852, boasts a powerful and far-reaching history in California. It is known today as a center for culture and art. sothebyshomes.com/pasadena

Q2

Average Median Discount Total Average Days Selling Price Selling Price Ratio Units Sold on Market

{2018 v 2017}

Change

9%

1%

-

-14%

-14%

2018

$869,582

$755,000

0%

63

29

2017

$797,135

$750,000

1%

73

34

2016

$746,524

$685,000

-1%

70

53

2015

$765,448

$728,000

-2%

63

32

2014

$742,218

$680,000

2%

64

41

Pasadena Q2 Market Update / Pasadena / 18

at a glance {Q2 | 2018}

SAN GABRIEL

+9

%

Change in Average Selling Price {2018 v 2017}

-14

%

Change in Units Sold {2018 v 2017}

63 Units Sold

900k

$

Average Selling Price

at a glance {Q2 | 2018}

san marino

+22

%

Change in Average Selling Price {2018 v 2017}

-23

%

Change in Units Sold {2018 v 2017}

24 Units Sold

2.9m

$

Average Selling Price

|

Average Selling Price Total Units Sold $3,500,000

50 45

$3,000,000

40

$2,500,000

35 30

$2,000,000

25 $1,500,000

20 15

$1,000,000

10

$500,000

5

$-

0

2014

2015

2016

2017

Average Selling Price

2018 Total Units Sold

About

San Marino San Marino has designed its community to be uniquely residential, with expansive properties, surrounded by beautiful gardens with wide streets, and well maintained parkways. This best exemplifies the charm and character that make the City an enjoyable place to live and work. sothebyshomes.com/pasadena

Q2

Average Median Discount Total Average Days Selling Price Selling Price Ratio Units Sold on Market

{2018 v 2017}

Change

22%

0%

-

-23%

3%

2018

$2,929,116

$2,057,500

2%

24

44

2017

$2,406,628

$2,050,000

0%

31

43

2016

$3,244,044

$2,522,000

0%

46

55

2015

$2,740,444

$2,500,000

1%

36

42

2014

$2,174,730

$2,084,000

8%

36

24

21

/ San Marino / Pasadena Q2 Market Update

|

Average Selling Price Total Units Sold $1,400,000

45 40

$1,200,000

35

$1,000,000

30

$800,000

25

$600,000

20 15

$400,000

10

$200,000

5

$-

0

2014

2015

2016

2017

Average Selling Price

2018 Total Units Sold

About

Sierra Madre Called The Village of the Foothills, Sierra Madre is home to approximately 11,000 residents who enjoy the wonderful serene neighborhoods and delightful downtown shopping district. Located between Pasadena and Arcadia, this town is full of charm. sothebyshomes.com/pasadena

Q2

Average Median Discount Total Average Days Selling Price Selling Price Ratio Units Sold on Market

{2018 v 2017}

Change

12%

5%

-

16%

-40%

2018

$1,180,611

$1,097,500

0%

36

26

2017

$1,057,145

$1,050,000

-2%

31

44

2016

$904,296

$903,000

-2%

34

33

2015

$1,015,105

$938,000

-3%

39

45

2014

$875,404

$802,000

-4%

27

38

Pasadena Q2 Market Update / Sierra Madre / 22

at a glance {Q2 | 2018}

sierra madre

+12

%

Change in Average Selling Price {2018 v 2017}

+16

%

Change in Units Sold {2018 v 2017}

36 Units Sold

1.2m

$

Average Selling Price

at a glance {Q2 | 2018}

south pasadena

+19

%

Change in Average Selling Price {2018 v 2017}

-21

%

Change in Units Sold {2018 v 2017}

34 Units Sold

1.6m

$

Average Selling Price

|

Average Selling Price Total Units Sold $1,800,000

50

$1,600,000

45

$1,400,000

40 35

$1,200,000

30

$1,000,000

25

$800,000

20

$600,000

15

$400,000

10

$200,000

5

$-

0

2014

2015

2016

2017

Average Selling Price

2018 Total Units Sold

About

South Pasadena South Pasadena is known for its tree-lined streets, historic California Craftsman-style homes and unique small businesses. This small town atmosphere makes the city one of California’s most desirable locations and prides itself on its small town character. sothebyshomes.com/pasadena

Q2

Average Median Discount Total Average Days Selling Price Selling Price Ratio Units Sold on Market

{2018 v 2017}

Change

19%

2%

-

-21%

-3%

2018

$1,639,794

$1,342,500

2%

34

33

2017

$1,374,497

$1,310,000

3%

43

34

2016

$1,577,911

$1,400,000

3%

35

43

2015

$1,313,938

$1,290,000

2%

35

48

2014

$1,243,594

$1,181,750

4%

30

30

25

/ South Pasadena / Pasadena Q2 Market Update

Extraordinary Results We celebrate the notable success of our associates and clients

PASADENA

Picturesque Prospect Park Revival Last asking $2,599,000

PASADENA

Sleek Mid-Century Modern Last asking $1,625,000 GLENDALE

The Prock House Last asking $1,389,000 SIERRA MADRE

Contemporary Craftsman Last asking $1,180,000 ALTADENA

Character Spanish Last asking $1,100,000 *in order from left to right, top to bottom

sothebyshomes.com/pasadena 27

/ Significant Sales / Pasadena Q2 Market Update

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