San Marino’s real estate market is healthy, if not exuberant. Prices in San Marino have generally been on an upward trend, but this week shows a slight fall-off. It’s too soon to say whether this will turn into a downward trend or is just a blip.
I’m making this judgment based on Altos Research Real-Time Real Estate Data. Here is what else the data tells us:
The average number of days homes spend on the market (88) and the volume of homes on the market have been going up. The longer homes are on the market, the more price reductions we usually see. As of now, the percentage of properties with a price decrease is 19 percent.
Supply and demand is a critical factor in any real estate market. When supply is too high and demand too low, you end up with houses lingering on the market and price reductions to move them. When demand rises, sellers have more room to negotiate for more money and to sell their homes more quickly.
In real estate, we have a market action index, which measures the number of sales vs. the amount of inventory and provides a score. A score of 30 or higher means it’s a seller’s market, which of course, means properties are moving more quickly. A score under 30 puts the advantage in the buyer’s corner. Right now, San Marino is scoring a 26.2.
The index score is flat right now, meaning it has not gone up or down in the past week. Trends are currently pointing to a weakening market. If the market cools any further, we could begin to see prices headed for a slump. Again, it’s too soon to tell if that is inevitable; it could well be that the market will pick up again.
This data will fluctuate from week to week. But it’s a great way to keep our finger on the pulse of the housing market in San Marino, and I wanted to share with you this valuable information that you may find especially useful if you’re considering buying or selling a property here.