Local realtor Lynette Sohl shares this week's real estate statistics for the City of San Marino:
The median list price in San Marino this week is $1,573,000.
On the market: 42 properties have been on the market for an average of 95 days, with half of the listings newly on the market in the past 35 or so days.
Market trend: We're seeing fairly unusual market conditions as prices have been in a downward trend but price per square foot is actually increasing. (Buyers are paying less and getting less home for their money.) Anomalies like these can be attributed to microlocation variables.
Inventory has been climbing lately. Note that rising inventory alone does not signal a weakening market and the San Marino market is currently strong.
Residential house prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors.