San Marino Real Estate Market and Housing Report – October 2008

San Marino California’s real estate inventory remains pretty stable for October. The number of new homes listed for sale remains at 12 with no change from August and the overall number of available homes is still in the low 30s.

On average, it is taking a little over a month to market and sell a home in San Marino and the homes are still selling in the mid $1 million dollar range.

San Marino homes that sold in October sold on average OVER their asking price at 102.43%. The average home sold was 2,868 sq. ft. and had 4 bedrooms and 3 baths.

Highest sold home in San Marino for October was at 913 Winston Avenue and sold for $2,600,000 ($112,000 more than the original asking price!)

Least expensive home sold in San Marino was at 2530 Sycamore Drive and was a 3 bedroom, 2 bath home that was original listed at $980,000. It closed escrow at 970,300.

Begining this month, I will be including the median selling price statistics for San Marino home sales. The median sales price will provide us with a better picture since 50% of homes sell above the median and 50% sell below.

Market Action Index for San Marino real estate market is currently in the Buyer’s Market zone (below 30). See graph below. The 90-day Market Action Index stands at 18. Despite the fact that there is a relatively high amount of available inventory, this Buyer’s market is still seeing prices move higher. This is due to the strong family atmosphere and outstanding San Marino public schools.

San Marino real estate market statistics for August 2008 through October 2008:

Single Family Residence Aug-08 Sep-08 Oct-08
New Listings 12 11 12
Total Listings 31 32 33
Sales Pending 8 6 8
Homes Sold 15 8 7
Listings Expired 11 7 3
Average Days on the Market 51 48 47
Average Price Per Sq. Ft. $589 $625 $578
Median Selling Price $1,380,000 $1,714,526 $1,480,000
Average Selling Price $1,416,600 $1,584,600 $1,681,478
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 9.0 17.3 20.4

Data of San Marino homes for sale and San Marino solds was taken directly from ITEC (Pasadena Foothill MLS)

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

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