San Marino Real Estate Housing Analysis – Five Years in Review

Pasadena real estate blog just posted San Marino Real Estate market housing and analyiss update for December 2008.

I wanted to focus on a historical look at San Marino’s home prices over the last five years.    A couple of items jump out at me:

  • The volume of San Marino homes sold in 2008 is three times less than 2003 – 110 compared to 304 San Marino home sales, respectively.
  • San Marino price per square foot peaked in 2007 at $611 per sq. ft. of  living space and didn’t really come down significantly in 2008.  The year ended with an average price per square foot of $582.  That’s only a 4.8% decrease off of “peak” levels.
  • Average sales price for San Marino homes came down a bit from 2007 levels.  San Marino home buyers purchased smaller homes in 2008 vs. 2007.
  • San Marino home sellers are having a hard time accepting that San Marino home prices came down even a little bit and are still pricing homes a little higher than the real estate market can currently bear in San Marino.
  • San Marino homes are still quite in demand with the marketing time being less than 2 months and matching 2007 levels.
  • Buyers purchasing homes in 2003 or before have gained quite a bit of equity given San Marino’s home price appreciation over the last five years.

San Marino Real Estate Market Home Sales Analysis 2003-2008:

San Marino 2003 2004 2005 2006 2007 2008
             
# of Units Sold 304 303 203 192 169 110
Ave List Price/Sq.Ft. $399 $470 $529 $579 $617 $595
Ave Sold Price/Sq.Ft. $375 $454 $526 $569 $611 $582
Ave List Price $1,189,954 $1,363,619 $1,500,824 $1,588,317 $1,802,251 $1,684,134
Ave Sales Price $1,094,214 $1,291,828 $1,438,804 $1,519,560 $1,729,589 $1,562,207
% of Sold to List 92.0% 94.7% 95.9% 95.7% 96.0% 92.8%
Ave # of Days on the Market 42 41 41 48 57 54

Compare San Marino five year historical data with Pasadena’s five year historical data by visiting: Pasadena Real Estate Housing Analysis – Five Years in Review

So… what is keeping San Marino home prices up while other neighborhood cities like Pasadena are experiencing a down turn.   Most of the existing San Marino residents will cite the following:

  1. Award winning and top rated San Marino School District. 
    Many home buyers thinking of relocating to San Marino look at how well San Marino schools are performing and decide to invest their money into their home vs. paying for a private school.  Not only are San Marino schools excelling in academics, but they also offer a lot of extra-curricular activities like sports and drama among others
  2. Small town, family atmosphere.  As you walk through Lacy Park or go into any of the San Marino restaurants and boutiques, you are sure to run into a friend of a neighbor.  People know one another and look out for each other.  San Marino has its own library, fire and police departments.  Huntington Library and Lacy Park, and of course, it’s next to Pasadena with its entertainment and museums and is located just minutes from downtown LA.

Learn more about San Marino by visiting San Marino City Guide.

If you are interested in starting a search for your San Marino homes or are just curious to see what is on the real estate market in San Marino, a list of all San Marino homes available can be found below:

 

SUBSCRIBE TO WEEKLY SAN MARINO REAL ESTATE MARKET REPORT BY THE PREMIER REAL ESTATE REPORTING ANALYSIS FIRM, ALTOS RESEARCH

Posted by Irina Netchaev, San Marino Luxury Home Real Estate Specialist

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