I had the urge today to take a closer look at San Marino Real Estate prices over the past decade, to get a firmer grasp of how San Marino has weathered the economic storm. I was so encouraged and amazed at what I saw. San Marino Real Estate prices increased solidly through 2007, and then have taken a small dip in the past two years. Compared to the figures that I have heard in other areas, our 7% drop is minimal. As is obvious from these figures, we are selling far fewer homes since the peak in the mid 2000’s. This tells me that our residents our wealthy enough to postpone the sale of their homes and wise enough to see that this isn’t the optimal time in history to sell a home. This idea is supported by the large number of lease listings in San Marino. As of today’s date, there are 26 homes for lease in San Marino, and a month ago there were over 40. So, I say bravo to San Marino!
| San Marino Home Price Study | ||||
| Year | # | Avg | Avg | Price/Sq ft |
| Ended | Houses | Sales | Price/ | % |
| 9/30 | Sold | Price | Sq Ft | Change |
| 2009 | 88 | $1,719,303 | $573 | -2% |
| 2008 | 87 | $1,549,959 | $582 | -5% |
| 2007 | 144 | $1,722,588 | $609 | 5% |
| 2006 | 153 | $1,522,390 | $579 | 11% |
| 2005 | 174 | $1,441,312 | $517 | 12% |
| 2004 | 224 | $1,288,368 | $455 | 20% |
| 2003 | 237 | $1,084,996 | $366 | 7% |
| 2002 | 227 | $900,804 | $340 | 7% |
| 2001 | 153 | $894,354 | $317 | 6% |
| 2000 | 156 | $854,742 | ||
| ** Data taken from Multiple Listing Service | ||||
Blogging has definitely been taking a back seat to all other areas in my life. Business is good, kids are busy, home is being renovated. Yikes! But, I am really enjoying the whole blogging thing and want to make sure that I make it a part of my business, keeping people informed on San Marino Real Estate. I went onto the Multiple Listing Service in hopes that I could come up with some exciting trend to tell you about. Of course, people are still always asking the question, “How is San Marino Real Estate doing?” My answer would have to be a bit hedgy. The number of houses sold so far this year is about the same as last year and yet definitely down from previous years. People are being careful about putting their homes on the market, wisely analyzing whether they have to sell. The average home price is up from last year by over $100,000 but the price per square foot is down by about $10 per square foot. I guess that we are just selling more larger homes this year rather than overall prices increasing. I still see the importance of establishing a realistic and appropriate price on your home if you are looking to sell. In this financial environment everyone is looking for a bargain and it is unwise to overprice your home and then watch it sit on the market unsold. My faith in San Marino Real Estate remains strong and my belief that it is an incredible investment in your future. Its award winning schools, great community pride and spirit, close proximity to downtown LA and amazing architecture and homes make San Marino a great place to live.
