The housing market in South Pasadena is proving to be very resilient. We looked at the first three quarters of the year and compared 2008 to 2007

2. up 2 date realestate.com Residential Homes ( condos, townhomes & single family) Median Price Days on Market 2008 $797,500 71 2007 $819,000 43 % Change (2.6 %) 65% Median Prices have held up very well compared to other areas in Southern California

3. up 2 date realestate.com Single Family Homes Median Price 2008 $930,000 2007 $920,000 % Change 1% Sales of Single Family Homes are indicating a 1% increase over the same period last year

4. up 2 date realestate.com Number of Single Family Homes Sold 2008 61 units 2007 97 units % Change (37) % Average Days on Market current days on market / cumulative days on market 2008 66 / 77 2007 39 / 65 % Change 69% / 18% Unit sales have slowed as they have in every market Homes are selling about 2.5% less than their asking prices, compared to almost full asking price last year

5. up 2 date realestate.com Current Inventory of Single Family Homes Number Median Price Days on Mkt Active 35 $888,000 66 Contingent 9 $1,029,000 73 Pending 8 $918,900 65 The value of pending sales are very close to the current median prices

7. up 2 date realestate.com Number of Units Sold 2008 21 units 2007 44 units % Change (52%) Average Days on Market current days on market / cumulative days on market 2008 91 / 95 2007 51 / 79 % Change 78% / 20% Condo & Townhome sales have lagged Single Family in all markets

8. up 2 date realestate.com Current Inventory Of Townhomes & Condominiums Number Median Price Days/Mkt Active 18 $478,750 79 / 94 Contingent 4 $649,450 75 / 120 Pending 2 n /a The Median Price for “Contingent” properties may indicate that prices will begin to solidify

9. up 2 date realestate.com Summary & Outlook for the South Pasadena Real Estate Market -The South Pasadena market has shown less pricing volatility due to a small number of homes in foreclosure and high demand for homes over $1MM -Current “pending” and “contingent” home sales are trending higher than 9 month averages as sales of homes in the back half of ’08 are expected to be higher than the first half -Current inventory levels indicate about a 10 month supply of Single Family homes, however expect inventory levels to drop as the number of homes in escrow are three times higher than houses sold in Sept -I don’t think we will see future price erosion in the Town/Condo market due to much less available inventory (4 month supply) .