Market Update: First Quarter of 2017 Area Market Report
The first quarter 2017 Market Report for Sotheby’s International Realty is in!
According to the Pasadena Foothills Association of Realtors ITEC Multiple Listing Service, in the first quarter of 2017, units sold increased in Altadena by 16% compared to the first quarter of 2016. San Marino saw the biggest drop in units sold with a decrease of 22%, followed by South Pasadena with sold units down 10%, while La Canada Flintridge and Pasadena saw small declines of 4% and 2% units sold compared to the prior year.
Four out of the five areas covered in this report had an increase in average sales price year over year. South Pasadena, Pasadena, and La Canada all enjoyed double digit gains in average sale price, 44%, 22%, and 25%, respectively. Average sales price in Altadena had a more modest increase of 4% and San Marino’s average sale price remained flat compared to prior year.
With tighter inventory and higher demand, the average days on market also fell year over year. In the first quarter of 2017, average days on market in Altadena fell to 51 days from 61 days in first quarter of 2016. Similarly, in La Canada, average days on market was 44 days in the first quarter of 2017 compared to 53 days in 2016 and 83 days in 2013. South Pasadena’s average days on market fell to 41 days and San Marino fell to 71 days. Pasadena’s average days on the market remained flat at 54 days year over year.
View the current market report here: Q1 2017 Market Report
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