Reported by David Price, Realtor, MBA, Certified in Seniors Real Estate
Updated December 13, 2011.
Current Market Rating: 3
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Current Price Trend: 3
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David's color intro: If Pasadena is the Crown of the San Gabriel Valley, then San Marino is a Crown Jewel. Public schools here have exhibited test scores in the top five percent in California, high parental involvement, and close to 100% rates of graduates proceeding to college/university. Character homes abound, although styles and vintages vary. Trees are said to outnumber the some 13,000 human population, and yards and streets are mostly lush and tidy. Old-fashioned community activities are cherished. San Marino residents commonly enjoy work, shopping, recreation, nightlife, culture, and higher education in neighboring centers such as Downtown Los Angeles, Old Pasadena, Norton Simon Museum, Caltech, Occidental College, U.S.C., several country clubs, and Santa Anita Park race track. (See my Pasadena reports on location characteristics and market conditions there.) The renowned Huntington Library, Art Collections, and Botanical Gardens is right in town, as have been a few, surprisingly-delightful restaurants. Nearby San Gabriel Mountains beckon with skiing and miles of scenic hiking trails. (Disclaimer: San Marino's qualities transcend my bias as a homeowner here.) Lesser-known facts: portions of two adjacent, unincorporated areas which have either San Gabriel or Pasadena addresses are in the San Marino School District, and typically have home prices (included are a few townhouses) lower than those in the city of San Marino.
SNAPSHOTS:
Actives-As of 9-8-11, some 44 houses showed as actively listed for sale here, with a minimum price of $968k., a maximum of $5.998mil, a median midpoint of some $1,643,500. Median days-on-market among Actives stood at 46.
Pendings numbered 13.
Solds-Some seven houses were reported (as of 9-8-11) as having closed sale here in August, with a minimum selling price posted at $1.26 mil., a maximum of $3.29 mil., and a median of $1.698 mil. We then would have some 6.3 months of inventory. Median days-on-market of Solds stood at 20.
[David has assembled his "Snapshots" from itech(TM) data. This information should not be relied upon as exhaustive, but rather should be viewed as a summary of real estate activities reported to itech(TM) as of the stated date(s).] ______________________________________________________
DAVID'S COMMENTARY:
One summarizing market measure is that of "months of inventory" of real estate we find for sale at a given time. Supplies in local areas I've checked on 9-8-11 range from some 1.8 months of South Pasadena "condo/townhouse" types, to some 6.3 months of San Marino SFRs. Conditions in specific market segments vary widely.
A factor remaining constant, though, is that the Market favors The Prepared. Being prepared, in turn, inextricably involves knowing/examining one's values in terms of "Where do I realistically want to be and when and with whom and doing what?". In short, "What is my larger picture?" Address these issues, and the other real estate factors will fall more easily into place. Focusing too much on trying to "time the market" can not only lead to "missing the market," but also to missing one's most important other life values!
In the long run, our area has a relatively fixed supply of housing, and I reckon faces prospects of growing demand.
However, residential real estate "patches," programs and policies regarding legal, finance, and tax-credit matters, etc. have been newly introduced and/or influenced by government, and more changes appear to loom ahead; these changing programs and policies inject a great deal of uncertainty and added costs into real estate markets, and thus have reduced the possibility of making valid projections - except for the stark observation that, e.g., real estate transaction costs, goods and services price inflation/some relative shortages thereof, and overall tax rates will strongly tend to increase as a result. If such government influence in real estate matters continues to increase, so too will the costs and consequences.
To search for properties offered through MLS Alliance (copyright) system, click on "Visit My Website" below, then click on "Treasure-Consumer," and finally click on "David's Free, Self-Directed Search Of Regional Real Estate Available."
Buyer or seller, the Prepared are favored by the market. If you'd like general help in being prepared, see my website and newsletter. If you'd like to have personal help tailored to your situation and preferences, contact me by email or phone via clicking on "Ask Me A Question" below. My home office phone is 626-796-1239.
ZIP Code: 91108 Approximate Location Boundaries: Just south of Pasadena, within 10-15 miles of Downtown Los Angeles. (Commute to L.A. workable by freeway or by, e.g., the Huntington Drive surface route.)
Location Characteristics: (please see my narrative above!)
