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San Marino Real Estate Market Housing Report – August 2008

San Marino Real Estate Market Housing Report – August 2008

San Marino real estate housing status has remained pretty stable in August 2008.  We did see an increased number of homes listed by real estate agents that have expired – meaning the sellers decided to take these homes off the real estate market.  Both June and July of this year had an average of 4 San Marino homes expire, but in August we saw 11 homes that were taken off the market.

The number of San Marino homes that were newly listed is about the same as in previous months.  The number of San Marino home sales for August is also running pretty close as the rest of the summer months.  The chart below gives the specific for the last three months.

Least expensive San Marino home in August was $899,999.

Most expensive San Marino home listing in August was selling for $8,900,000.

Inventory has been decreasing lately but the Market Action Index is falling also. With days-on-market climbing, these are relatively negative implications for the San Marino real estate market.

 

Single Family Residence Jun-08 Jul-08 Aug-08
New Listings 13 14 12
Total Listings 41 41 31
Sales Pending 8 13 8
Homes Sold  15 12 15
Listings Expired 4 4 11
Average Days on the Market  77 60 51
Average Price Per Sq. Ft. $552 $601 $589
Average Selling Price $1,638,045 $1,461,150 $1,416,600
Absorption Rate (# of weeks to sell current inventory at present rate of sales) 17.8 11.8 11.2

Read More:  Buyers’ Market or Sellers’ Market – understanding the Market Action Index

San Marino Real Estate Market Action Index

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

READ MORE:  San Marino Real Estate Market Report for September 2008

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

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

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Posted on September 21st, 2008
Posted by: Irina Netchaev

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