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San Marino California Real Estate and Housing Report for November 2008

San Marino housing report for the month of November 2008

Even though San Marino has not escaped the touch of foreclosures, overall, real estate market is holding very well. Inventory is relatively unchanged with approximately 30 homes available for sale each month over the last couple of months and homes are selling on average at 1.67% over asking price.

The home on Charleton had multiple offers immediately after going on the market at a premium of $625 per square foot and is now in escrow.

Three out of four homes currently in escrow are over $2 million. Every Thursday broker open house I attend is busy with both real estate agents attending and buyers stopping by.

The lowest priced home in San Marino right now is at 1615 South Los Robles Avenue - a 3 bedroom, 3 bath priced at $989,500.

The highest priced home in San Marino is still the $7.9 million Old Mill Road estate. This luxury property sits on over 82,000 sq. ft. lot and has 8 bedrooms and 7 baths.

There is also one home for sale in unincorporated San Gabriel, but with coveted San Marino school district option. That home is at 7023 La Presa Drive and is listed for sale at $785,000. With 3 bedrooms and 2 baths, it's a nice starter home for families looking to get their kids into San Marino schools.

San Marino real estate market statistics for September through November 2008:

Single Family Residence	Sep-08	Oct-08	Nov-08
New Listings	11	12	7
Total Listings	32	33	31
Sales Pending	6	8	4
Homes Sold	8	7	7
Listings Expired	7	3	5
Average Days on the Market	48	47	38
Average Price Per Sq. Ft.	$625	$578	$597
Median Selling Price	$1,714,526	$1,480,000	$1,220,000
Average Selling Price	$1,584,600	$1,681,478	$1,230,714
Absorption Rate (# of weeks to sell current inventory at present rate of sales)	17.3	20.4	19.2