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San Marino Real Estate Market Report – May 2008 to July 2008

San Marino Real Estate Market Report – May 2008 to July 2008

San Marino’s real estate activity has been holding steady in the month of August. We actuallly saw an increase in the number of San Marino homes that opened escrow, from 8 in June to 13 in July.

The number of homes on the market in July remained at 41 with 14 new San Marino listings coming on the market.

Looking at the 12 San Marino homes that actually closed escrow in July, the sales price to listing price ratio is pretty close – 98.23% – meaning that most homes sold close to asking price. Interestingly enough, we’re still seeing multiple offers in San Marino. Three of the 12 homes sold OVER asking:

Address Asking Price Selling Price $/Sq.Ft. % of Sold/Asking
1755 Sharon Place $950,876 $1,028,000 $671.46 108.1%
2270 Huntley Circle $1,050,000 $1,100,000 $541.61 104.8%
1522 Wembley Road $1,598,000 $1,668,000 $725.85 104.4%
1740 Hilliard*1846 Lorain Road* $1,050,000$1,950,000 $1,050,000$1,950,000 $496.45$596.70 100%100%

Both 1740 Hilliard and 1846 Lorain Road were sold after a price adjustment and being on the mrket for several months. Once the prices were adjusted, both homes pretty quickly at full asking price. A lot to be said for correctly pricing your home.

May 2008 to July 2008 San Marino Housing Statistics:

Single Family Residence May-08 Jun-08 Jul-08
New Listings 14 13 14
Total Listings 39 41 41
Sales Pending 15 8 13
Homes Sold 10 15 12
Listings Expired 4 4 4
Average Days on the Market 40 77 60
Average Price Per Sq. Ft. $552 $601
Average Selling Price $1,807,900 $1,638,045 $1,461,150
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 17.8 11.8

Data taken from ITEC (Pasadena Foothills Association MLS service)

READ MORE: San Marino Real Estate Market Housing Report for August 2008

If you are interested in beginning your search for a San Marino home, please click on the search home link here.

For weekly updates on San Marino real estate market activity, please feel free to request market analysis reports with detailed information by clicking on the Real Estate Market Reports here. These reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

Posted by Irina Netchaev (626-629-8439 or email me)

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