How's the Real estate market for San Marino Homes for the week of 6/18/18?
San Marino Real Estate is a Buyer’s Market. Here's why:
· 7.2 months supply of homes trending!
· 62 Homes available (5 New this week)
The 6 month numbers are as follows:
Average Sale Price: $2,739,898
Median Sale Price: $1,972,500
Average Days on Market: 69.84
Average Sale Price to List Price Ratio: 99.24%
Of Special Note this week: The San Marino real estate market has been a seller’s market for as long as I can remember, even through the Great Recession, when the foreign infusion of cash supported the market, however, the numbers seem to show that the tied has turned. Although there are still some indicators that seller’s retain some power in the marketplace, such as 50% of the homes selling at or above list, pricing appears to be flat or just a bit higher than 2015 or as far back as 2013 before some influential foreign monetary policy change. With this many properties on the market, 4 of which are over $10,000,000, and only 11 in escrow, it’s clear as to why less than 50% were sold in less than a month and there are so many on the market compared to years past. There are have been no sales over $10,000,000 in the last 6 months and those homes that are listed over that have been on the market between 41 and over 1000 days, indicating that the very high end has really stalled. Is now the time to buy in San Marino? One could likely argue that successfully, however, with that 50% number noted above, it will clearly depend upon which property is targeted by the “bargain” hunter. As these numbers cover the time period that is supposed to be most active, it will be interesting to see what the latter part of the year shows. In the meantime, check back in 30 days or so for another update and see if any further erosion in price or other data occurs.
That’s the market for San Marino homes for salefor the week of 6/18/18.