San Marino Housing Report Card
Home Sales - 2003 through 2011
I've been providing monthly San Marino Statistics for awhile now. But, at the beginning of each year, time permitting, I try to take a look at historical real estate data to see where the real estate market was and to try to identify some trends to see where it's heading.
Below, is home sales data for 2003 through 2011 as captured by the Pasadena Foothill Association of Realtors. Every time a house in San Marino is sold, the selling real estate agent is responsible for updating the home sales price, date of sale, type of financing and more to allow for appropriate pricing and trending by realtors and appraisers alike.
San Marino Home Sales Volume:
As you can see the volume of available homes for sale has dropped significantly from 2003. There's less available inventory, but home buyers, both local and international, are drawn to San Marino due to its prestigious reputation amongst the Chinese buyers and the #1 rated school district that attracts local move-up families.
San Marino Average Sold Prices:
As you can see the prices of homes sold have been on the rise since 2003. We have seen a dip from 2010 to 2011 of almost 8%, but given the surrounding real estate market activity in neighboring cities, San Marino is certainly continues to stay strong and provide a good investment for home owners.
Interestingly enough, San Marino home buyers are feeling so confident that last year 38% of all sales - that is 49 out of 128 homes sold - were purchased for all cash!
We are also not seeing distressed sales partly because the homes in San Marino are holding value and due to the large down payments and all cash purchases of the affluent home buyers who end up holding quite a bit of equity.
San Marino Price Per Square Foot:
The home owners that purchased their homes in 2003 or prior have ended up gaining quite a bit of equity since price per square foot increased from $375 to $571 in 2011. That's an increase of almost 35%! 2007 saw a high of $611 per square foot and then moved down to $582 in 2008, saw a bit of a bump again to over $600 in 2010 and then settled back down to the high $500s last year.
San Marino homes are selling close to list price on average 2011 saw a 97% ratio. However, there have been quite a few properties that sold significantly over asking with multiple offers.
San Marino is your ultimate micro-market that doesn't seem to be subjected to the nuances of economy and surrounding real estate market activity.
Learn More: San Marino City Guide
Irina is a Top Realtor and the founder and President of Pasadena Views Real Estate Team™. She is available to assist you in all of your Real Estate transactions. Email or call her today at (626)629-8439.
Interested in seeing what available for sale? Click on the form below to search for full access to the Multiple Listing Service.
READ MORE: Pasadena real estate update 2012 – see luxury home sales.
Interested in seeing what available for sale? Take a look at the home listings below. The information is updated real-time as new homes are entered into the Multiple listings service:
