Blog: San Marino real estate report..breaking $2M

This week’s San Marino real estate report shows that the market has broken $2 million for its median listing price. Prices continue to move ever upward, even as the rest of the market trends tell us San Marino is cooling a bit. It could be that newer, higher-value property joining the market – rather than demand – is driving the prices up. Whatever the reason, San Marino sellers are pulling in the rewards for now.

Should the trends continue, we may see the prices slip. For now, I say, enjoy it!

If you’d like to get an idea of what price your San Marino real estate might bring, visit my Home Values page. Or, if you’re a buyer, search for San Marino real estate to see some current listings on the market.

There’s also a great feature called  Market Map. I encourage you to check it out if you’d like to compare median prices in other areas of San Gabriel Valley.

San Marino real estate by the numbers

As of this week, properties are staying on the market an average of 92 days. The asking price per square foot is standing at $771.. The main reason San Marino’s market is cooling is because in terms of supply and demand, more new listings are coming on the market than there is demand for homes.

San Marino’s market action index score – which measures supply and demand – is still at a very healthy 39.8, though it has slipped in a bit in the past weeks. San Marino technically remains in a seller’s market.. This typically gives more negotiating power to sellers, though if inventory continues to outpace demand that could change.

The trends are based on data from Altos Research Real-Time Real Estate numbers. To see a more complete breakdown of market numbers for San Marino real estate and the rest of San Gabriel Valley, read my article  "San Gabriel Valley real esate trends."

Watch our Classic Pasadena Homes blog for updates on the San Marino real estate market – as well as the other markets in San Gabriel Valley -- each week.