Tight market forces pushing real estate market in Pasadena region

Prices rise in Pasadena, but not in South Pasadena and San Marino.

  • The median price of a single-family home in Pasadena was $599,000 last month, an 11% climb from $538,000 in December 2011.
The median price of a single-family home in Pasadena was $599,000 last month,… (Raul Roa / Staff Photographer )
January 25, 2013|By Daniel Siegal, daniel.siegal@latimes.com

Home prices in Pasadena rose last month, reflecting an ongoing trend in which a dwindling number of homes on the market has sparked bidding wars that drive up prices, according to the latest real estate figures.

Despite the trend, median prices in surrounding communities did not fare so well.

The median price of a single-family home in Pasadena was $599,000 last month, an 11% climb from $538,000 in December 2011, according to statistics compiled by Realtor Keith Sorem with Keller Williams Realty in Glendale.

The median price of a condominium also increased slightly, from $400,000 in December 2011 to $404,000 last month.

Meanwhile, the number of single-family homes on the market continued to slide. There were 115 homes on the market last month, a 54% tumble from the 249 homes a year ago.

Condos saw a similar decline, from 174 in December 2011 to 99 last month — a 43% drop.

But in San Marino, the median price of a single-family home fell nearly 17%, from $1.81 million in December 2011 to $1.51 million last month.

Only eight homes were for sale in San Marino last month, a roughly 58% drop from the 19 on the market the year prior.

Median prices also slid in South Pasadena, with the median price for a single-family residence falling from $915,000 in December 2011 to $894,000 last month. The median price of a condo fell by 23%, from $530,000 to $405,000.

There were 15 homes for sale in South Pasadena last month, a 28% decrease from 21 a year ago. And only one condo was on the market last month, down from 11 in December 2011.

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Follow Daniel Siegal on Google+ and on Twitter: @Daniel_Siegal

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