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San Marino Real Estate Market Report - May 2008 to July 2008

San Marino California real estate market is still seeing multiple offers.

San Marino's real estate activity has been holding steady in the month of August. We actuallly saw an increase in the number of San Marino homes that opened escrow, from 8 in June to 13 in July.

The number of homes on the market in July remained at 41 with 14 new San Marino listings coming on the market.

Looking at the 12 San Marino homes that actually closed escrow in July, the sales price to listing price ratio is pretty close - 98.23% - meaning that most homes sold close to asking price. Interestingly enough, we're still seeing multiple offers in San Marino. Three of the 12 homes sold OVER asking:

Address	Asking Price	Selling Price	$/Sq.Ft.	% of Sold/Asking
1755 Sharon Place	$950,876	$1,028,000	$671.46	108.1%
2270 Huntley Circle	$1,050,000	$1,100,000	$541.61	104.8%
1522 Wembley Road	$1,598,000	$1,668,000	$725.85	104.4%
1740 Hilliard* 1846 Lorain Road*	$1,050,000 $1,950,000	$1,050,000 $1,950,000	$496.45 $596.70	100% 100%

Both 1740 Hilliard and 1846 Lorain Road were sold after a price adjustment and being on the mrket for several months. Once the prices were adjusted, both homes pretty quickly at full asking price. A lot to be said for correctly pricing your home.

May 2008 to July 2008 San Marino Housing Statistics:

Single Family Residence	May-08	Jun-08	Jul-08
New Listings	14	13	14
Total Listings	39	41	41
Sales Pending	15	8	13
Homes Sold	10	15	12
Listings Expired	4	4	4
Average Days on the Market	40	77	60
Average Price Per Sq. Ft.		$552	$601
Average Selling Price	$1,807,900	$1,638,045	$1,461,150
Absorption Rate (# of weeks to sell current inventory at present rate of sales)		17.8	11.8

Data taken from ITEC (Pasadena Foothills Association MLS service)

If you are interested in beginning your search for a San Marino home, please click on the search home link here.

For weekly updates on San Marino real estate market activity, please feel free to request market analysis reports with detailed information by clicking on the Real Estate Market Reports here. These reports are gathered and updated by Altos Research and will be emailed to you with my compliments.

Posted by Irina Netchaev 626-627-7107

http://www.pasadenacarealestatehomes.com/007744