The San Marino housing market may have some home sellers frustrated. Pricing has been weak in recent weeks and is well below high points in pre-recession years. However, it’s not all bad news. There are some signs that the market may soon start improving. Here is a look at this week’s market conditions, based on Altos Research Real-Time Real Estate data.
The median list price in San Marino this week is $1.757 million. Although prices are still on a downward trend, home sales have been exceeding the number of new listings on the market. If this trend continues, prices are likely to level off and begin climbing. That has not happened yet because buyers are still finding plenty of options in the properties that have been lingering on the market for some time. Once that excess inventory is gone, we’ll begin to see a seller’s market take shape.
In real estate, we often refer to a “buyer’s market” or a “seller’s market.” This simply indicates who has the most advantage based the rate of sales vs. the amount of properties on the market. We use a Market Action Index score to help us define the market. A score above 30 indicates seller’s market conditions, and a score below 30 tends to favor the buyer. In San Marino, the score is 25.6, and that score is on a strong upward trend, which is an optimistic sign for San Marino’s prices.
Another good sign is that the average number of days on the market that homes are lingering (110) is going down.
All of this information, collectively, indicates bullish signs for the San Marino market and better days to come for sellers should the trends continue.
On the other hand, if you are considering buying a home in San Marino, I'd advise you review home listings and act before prices begin to move upward.
If you live in San Marino and you’re interested in determining what price you could get for your home, visit www.homevaluesca.com to get a market analysis report.