San Marino California is a bit of a "humpty dumpty" - up again and then down again! What's going on?
Last month, San Marino real estate saw more inventory, but home sales prices and price per square foot dropped to the low $500s. Of course, this has to do with the fact that there was only 1 sale in the month of March. Just one home sold in a neighborhood with over 4,400 properties!
I also find it fascinating to see that the median price of San Marino homes in 2009 year to date is way higher, yes... I said higher, than in 2008. Take a look at the graph below:
April is going to be much more telling since there are 9 San Marino homes in escrow right now. Once these homes officially close escrow, we will see whether or not San Marino's real estate market is in step with Pasadena real estate and South Pasadena real estate.
READ MORE: Pasadena real estate is on the rebound and South Pasadena Real Estate statistics for March 2009
San Marino is also in the process of voting for Measure E, the parcel tax initiative to support San Marino schools during the California budget crisis. If you are interested in buying a San Marino home, you might want to learn more about Measure E.
READ MORE: Measure E for Excellence in Education in San Marino schools
San Marino Real Estate statistics for January through March 2009:
| Single Family Residence | Jan-09 | Feb-09 | Mar-09 |
| New Listings | 9 | 13 | 18 |
| Total Listings | 24 | 30 | 38 |
| Sales Pending | 4 | 4 | 9 |
| Homes Sold | 3 | 4 | 1 |
| Listings Expired | 6 | 1 | 6 |
| Average Days on the Market | 43 | 126 | 29 |
| Average Price Per Sq. Ft. | $513 | $631 | $521 |
| Median Selling Price | $1,780,000 | $2,049,000 | $1,738,000 |
| Average Selling Price | $1,736,667 | $2,147,333 | $1,738,000 |
| Absorption Rate (# of weeks to sell current inventory at present rate of sales) | 34.7 | 32.5 | 164.7 |
To see San Marino property details, please visit San Marino homes for sale.
If you are thinking of buying a San Marino home or are interested in looking at neighboring Pasadena property, please give us a call for a comprehensive and free consultation. We can be reached at 626-629-8439.
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