Analysis:

The home sales statistics through the end of the second quarter of 2010 for the City of San Marino give us quite a bit to celebrate. First and foremost, our sales volume has increased from 48 homes sold in 2009 to 64 homes sold in 2010. This is an important figure, because even though our home prices did not dip substantially through the economic downturn, our sales volume plummeted. This 25% increase in volume shows a sign of recovery. Another encouraging trend is the increase in sales price to listing price ratio from 93.9% in 2009 to 98.1% in 2010. This tells us that homes are being priced appropriately and that there is healthy competition in the sales process, which ultimately leads to homes being sold at close to asking. Our price per square foot for sold listings was $562 in 2009 and $591 in 2010, however the average lot size in 2010 is also quite a bit larger.

From a neighborhood perspective, the Mission District has really done well during the first two quarters of 2010, with 16 listings sold in 2010 (up from only 6 in 2009). Another bright spot is the Upper East Side, which churned out 14 sold listing in 2010 (up from only 5 in 2009). Both of these areas also have a low inventory of active listings, leading me to believe that owners and their agents are pricing their homes well and that there is healthy buyer demand. San Marino currently has a large amount of high-end properties on the market in the Lacy Estates and Poet’s Quarter areas, which would account for the high average list price of $3,281,534 of active listings currently on the market.

Carrie Benuska, Coldwell Banker Pasadena, www.carriebenuska.com, carrie.benuska@gmail.com