Preservation Realtor, Community minded individual
Consistent San Marino Residential Real Estate MarketPosted on December 3, 2012 at 2:17 am
San Marino Home sales and listing activity has remained consistent over the last 2 quarters as we have had a steady growth across the country for many months, even with the drop of inventory as much as 13%, from Realtor.com 3rd QTR Report. In San Marino the inventory, reported from iTech MLS has remained the same; 12 active on the market, another dozen in back-up position or in escrow and guess what? more sold inventory than both active & in escrow combined (26 closed) since June 2012. What’s interesting is active inventory is over $700 per sq ft and what has sold is consistent with pending status sales close to $590 per sq ft. That’s ½ the sold inventory selling at above and below list price, so the average is about 98% sold to list price, not bad. A strong market for San Marino.
Here is what is listed for San Marino in the LA Time Data Quick News:
San Marino 91108 October 2012 Sales 17 Median $1,700,000 from 10/2011 21.4% Med. Home $612/sq ft
Compare that to the rest of LA County where homes are up 13.3%, it may appear to be weak, but remember, San Marino has no Foreclosure sales since June and only 1 home in escrow that is reported as a “short sale”, no bank owned properties. According to Foreclosure Radar, there’s only 3 pre Foreclosures and 2 homes slated for auction, which is ½ the activity that usually is reported. That means
The economy is improving. However, unemployment is still high, where according to Realtor.com, the highest in Fresno is 14% and the lowest reported in the state of California is as low as 8.2% in Oakland and San Francisco, where the change in Housing Inventory dropped to 40 and as much as 58% for the 3 QTR compared to last year. That spells “turnaround” when people want to buy with tight inventory. What we need to keep watch for is the Fiscal Cliff. Homeowners cannot afford to have caps or closed “loopholes” for Mortgage Interest Deductions or Capital Gains, that is not good for consumer confidence or home buying. Protect the MID from Congress if you can.