San Marino Real Estate - Broker's Open House and Market Update

San Marino Home Sellers and Home Buyers have different views of San Marino's real estate market.

Every Thursday is a Broker's Open House day in San Marino. This is an opportunity for San Marino real estate agents to preview all the homes that were listed in San Marino for the week. This also gives an opportunity for San Marino sellers to showcase their homes and make sure that they are well presented to potential buyers and real estate agents.

Today, San Marino had a record 7 homes for sale open for broker's preview (2 homes were price reductions):

Address	BR/BA	Price	Prce/Sq.Ft
2045 Sherwood Road, San Marino	3/2	$1,460,000	$803
2070 Lorain Road, San Marino	3/2	$1,285,000	$740
1870 Carlisle Drive, San Marino	2/1	$1,175,000	$698
2769 Gainsborough Drive, San Marino	4/5	$2,399,000	$664
2804 Carlaris Road, San Marino	5/3	$1,699,000	$568
2734 Monterey Road, San Marino	4/3	$1,298,800	$566	Price Reduced
1479 Vandyke Road	3/3	$1,350,000	$546	Price Reduced

A San Marino Real Estate Market Snapshot:

San Marino Homes for Sale 47 at $649/sq. ft. on average

San Marino Homes Under Contract 26 at $572/sq. ft. on average

San Marino Homes Already Purchased by San Marino Home Buyers:

Month	# of Homes Sold	Price Per Sq. Ft.	% of Sales Price to List Price
January-08	5	$612	101.86
February-08	6	$479	91.45
March-08	6	$668	107.03
April-08	7	$578	98.93
May-08	10	$589	102.35
June-08	11	$576	99.77
YTD	42	$582	100.51

Sellers, if these numbers

do not speak to you, let

me. You are OVERPRICING

YOUR HOMES!!!

The data is clear, San Marino Homes have been selling in the high $500s per sq.ft.
Current homes on the market are averaging almost $650 per square foot.
4 out of 5 new listings this week are over $660 per square foot.
Inventory is INCREASING
San Marino's Real Estate market absorbs approximately 7 homes per month.
There are 47 homes on the market for sale.
This means that we have more than 6.5 months of inventory!

San Marino sellers, please understand San Marino buyers are looking at hard data. This information is being provided to them by their San Marino Realtors.

For those of you that love charts, here're a couple from Altos Research, an independent real estate market statistics company.

Inventory of homes in San Marino

San Marino Home prices

These reports are updated weekly by Altos Research and I am offering them at no cost to my readers. A copy of this week's San Marino report is available by clicking here - SAN MARINO REAL ESTATE MARKET REPORT If you would like to receive this report every week as it is updated, please email me at Irina@Irina4RealEstate.com.

San Marino: Dusty Deals
San Marino California Homes for Sale: $1.2 Million to $1.4 Million
San Marino California Homes for Sale: $1 Million to $1.2 Million
San Marino California Homes for Sale between $500K to $750K

http://www.pasadenacarealestatehomes.com/003C86

Posted on June 26, 2008 14:39:01

Posted in San Marino, Behind Closed Doors, Homes for Sale

Posted by: irina.netchaev

Comment from: Nickie [Visitor]

· http://www.getstaged2sell.com/stageblog/

Irina, you are so right!

Sellers that don't get that they need to price their home correctly at the beginning of their listing are really missing out. Chances are greater during the first couple weeks on market of finding the best buyer, so if the is priced right to start with, more buyers will show up to see the property while it is a fresh listing and there is still excitement around it.

It is sad to see folks "test" the market and then end up reducing, reducing, reducing and then buyers assume something must be wrong with the property.

Good advice Irina. Great reports your provide!

Permalink July 09, 2008 01:03:14