Welcome home to San Marino's real estate market report. I've been asked several times over the last several weeks of what's happening in San Marino, and how's the market coming along? For curious minds I have put the following information together and hopefully it can help answer any question you may have. And if you have any additional questions, feel free to reach out as every scenario is different. Here is San Marino Real Estate market by the numbers per MLS. 2022 started strong and ended quietly as there was much turbulence in the in the year with interest rates going up to 20-year highs. The year with interest rate above 7%. The 4th quarter of 2022 was very flat with a lot of talk of rates increase and inflation going up. How does 2022 compare to 2021? 1. 2022 there were 127 homes sold versus 160. 2. 2022 the average price per square foot was $985 approx. 8% higher than 2021 $909 and approx. 18% higher than pre-Covid 2020 $808 3. 2022 The average home price in San Marino was ($3,054,651) approx. a little lower than 2021. 4. 2022 the average size home was 3,114 and the average size lot 14,633 with 4 bedrooms 3bath 2022 is the list price to sale price was 105%, meaning that if your house was listed for $2 million. You're final price would have increased by 5% above to 2,100,000 approximately 2022 The average days on the market was 39 days. Lower than the 51 days in 2021 How does it compare to pre COVID numbers? So let's go back to 2020. In 2022 there were 127 homes sold, in 2020 there 108 homes sold in 2022 the cost per square foot was approx. $985 and in 2020 The cost per square foot approx. $808 we are still approx. 18% higher than 2020, San Marino is still very substantially higher than what we were before. As well as the average price in 2022 at $3,054,651 compared to 2020 $2,443182 is still much higher. Another item to point out is that the listing price of sales price in 2020 was 99% where currently we are around 105% as demand still remains high for good homes in good areas when home are priced well. This is the market by its numbers. How has the market started off this year January 2023? The demand has started high as buyers are coming the rationalization the market is not correcting as much as they anticipated, and rates have come down to the mid 5’s low 6’s and home inventory has remained low as many owners who refinanced to lower rates are staying put. In turn has created a active market, and buyers don’t seem to be waiting on the side lines, and anybody who's looking for a big drop off in the market. We are definitely not seeing that at the moment and don't foresee that either coming along in the near future because of the inventory levels being low currently here in January, San Marino has 23 active listing, still low historically, compared to other years. If you have any other questions that we can help answer, please reach out. We will put some additional information and numbers below, and you can see and compare with other years to determine if this is a good time for you as still a strong market for sellers that price and show well. Thank you for listening.
