Even though, the inventory of homes in San Marino is fairly stable and is not increasing the number of San Marino homes sold is almost 50% less in September compared to August. October will not look much better since only six San Marino homes are in escrow right now, but new home listings are holding steady at about 11 to 13 homes a month - double the buyers' demand. This can potentially lead to an overabundance of homes on the market and reduction of prices especially going into the slowest season of the real estate cycle - winter.
San Marino listings are also being priced higher than the average selling price over the last several months. The average price per sq. ft. for active San Marino homes in the MLS is $653. The sold price per sq. ft. is listed below - September closed at $625. It's also interesting to note that the 6 San Marino homes currently under contract average out at $598 a sq. ft.
Of the eight San Marino home sales last month, three of these homes sold over asking price, with the highest priced sale for the month at $2,580,000 for 20 Mill Canyon Road. This home was originally listed for sale at $2,888,888.
The lowest priced San Marino home on the market is $875,000 at 1913 S Los Robles.
The highest prices San Marino home on the market is $8,900,000 at 1385 Old Mill Road.
San Marino Real Estate Statistics for June 2008 to September 2008:
|Single Family Residence||Jun-08||Jul-08||Aug-08||Sep-08|
|Average Days on the Market||77||60||51||48|
|Average Price Per Sq. Ft.||$552||$601||$589||$625|
|Average Selling Price||$1,638,045||$1,461,150||$1,416,600||$1,584,600|
|Absorption Rate (# of weeks to sell current inventory at present rate of sales)||11.8||14.8||9.0||17.3|
To give you a better understanding of what is happening in the San Marino real estate market, the graph below shows how the homes are selling in each quartile. A quartile is 25% of the total San Marino homes listed. The quartiles have been broken out as follows:
Quartile #1 - 25% of most expensive San Marino homes
Quartile #2 - 25% of upper middle priced San Marino homes
Quartile #3 - 25% of lower middle priced San Marino homes
Quartile #4 - 25% of least expensive San Marino homes
In reviewing the above graph, we can see that home prices in most of San Marino quartiles have been trending higher in recent weeks except for the high-end of the real estate market, which has been essentially flat.
Posted by Irina Netchaev, San Marino Luxury Home Real Estate Specialist